Business Process Management (BPM)

The insurance industry is focused on Operational Transformation to: reduce complexity, costs, risk, and drive revenue through sales and distribution effectiveness. Insurers are taking a hard look at their global enterprise as an ‘ecosystem’, a value chain that has both internal and external business processes comprehensive of: risk, finance, policy admin through to sales and distribution. This is driving a need for a solution and highly specialized insurance consulting expertise to pull these disconnected systems, processes and stakeholders together into an efficient and effective cohesive network and insurance ecosystem. iWorks BPM is a business process management and enterprise content management solution, combined with dedicated insurance consulting services, that helps Insurers evaluate their global enterprise operations and processes and indentify opportunities, throughout their entire insurance value chain, to: integrate, streamline and transform. iWorks BPM help insurers gain Transparency, Efficiency and a cohesive Network of all stakeholders in their value chain.

Features

  • Internet-friendly architecture using SOAP, XML, Web services and message queuing technologies
  • Java and .NET architectures with popular databases insure long term platform viability
  • Integration with popular office software adds value to products user already know
  • Graphical process maps document and enforce best practices
  • Business friendly rules  guide workflow decisions, retrieve data and trigger actions in appropriate applications
  • Centralized content management repository for all incoming data, regardless of file format
  • Transforms paper documents and manual processes into digital data and automated streamlined processes
  • Customizable Web Forms match specific work procedures and related reporting
  • Fully integrated correspondence tools
  • Customizable Business Activity Monitoring Dashboard to manage and monitor processes across the organization
  • Measure current processes and establish processing benchmarks
  • Reporting tools including standard and customizable reports
  • Forms processing provides Optical Mark Recognition (OMR) and Optical Character Recognition (OCR)
  • Complete audit history
  • Six Sigma and Lean Principles used for process definition, modeling, automation and optimization

Benefits

  • Increase Efficiency -
    • Break down the walls between functional silos to create end-to-end efficiencies and access to standardized data.
    • Remove repetitive manual tasks, improve communication and collaboration and gather data on process performance to identify optimization possibilities
    • Optimize disparate business applications into a unified work flow solution
  • Improve Reporting - Through automation of operational, regulatory and management reports
  • Improve Transparency -
    • Gain end to end visibility across the organization and individual processes including but not limited to call centers, customer service, claim adjudication and case management, and policy/account administration, allowing management to monitor and improve all steps in each process 
    • Provide inherent process and compliance monitoring, audit trail visibility
  • Improve Decision Making - Put data at the fingertips of those who need it to make informed decisions
  • Save Costs – Process measurably higher volumes more accurately without increasing staff levels.  Decreased operating costs lead to a competitive advantage
  • Reduce Risk – Improve controls, reduce opportunities for introduction of manual errors, minimize missed deadlines and detect issues in time.
  • Improve Customer Service –
    • Gain 360 degree view of your customer giving you line of sight into products and services they need and how they want to purchase
    • Provide customers with web and mobile options for sales and service
    • Provide accurate and timely communication to customers
  • Improve Internal Customer Service –
    • Integrate emerging technologies for marketing and sales
    • Provide field force with mobile access to required information
  • Improve Agility –
    • Ability to scale to meet market demands dealing with spikes and peaks in processing volumes
    • Rapidly modify existing processes when underlying systems or requirements change

Related Products & Services

  • iWorks

    A suite of solutions for the global insurance industry, providing investment management, risk management and integrated core processing, and back-office solutions.

  • Archival & Storage

    A content management solution that can quickly and securely index, store and retrieve a report, document, file, record, transmission, or other content within an organization.

  • Centralization & Integration

    A set of solutions that can efficiently organize information from a range of disparate sources.

  • Document & Image Capture

    A solution to gather incoming data from virtually any source, provide preliminary categorization or data collection, and place it into a single repository for processing, research, review, distribution and storage.

  • Document & Records Management

    A solution for storing, referencing and retrieving documents and records.

  • Performance Management & Reporting

    Tools that monitor business activity and provide business-process information in various graphical views and reports to aid critical business decision making.

  • Workflow & Process Management

    A business process management system that supports process definition, versioning, automation, integration and optimization.