As the economic downturn continues to challenge all sectors, insurers are under growing pressure to significantly reduce internal business costs and are looking for better management systems and this is where Business Process Management (BPM) software comes into its own.

BPM technology provides an independent process layer to the complexity that underpins a business procedure such as underwriting or managing an insurance agency. It also takes much of the complexity out of achieving a process-centric view of the organization and allows for new supporting applications to be introduced with minimal disruption to business processes.

BPM can increase operational efficiency, enable insurers to deliver greater cost transparency and greater quality by helping organizations track down and eliminate bottlenecks in the processing lifecycle. Overall this can lead to a decrease in costs and improvements in efficiency and quality, benefiting the whole insurance company, including agents, policyholders and shareholders.

This article highlights how an international insurance firm used BPM to develop its Commercial Underwriting Workstation Inventory Management System, which serves as a front end to a re-engineered Rate-Book-Issue process that maintains locally based underwriting and agency management while improving operational effectiveness and reducing costs. In this case BPM technology worked because it provides end to end visibility across the entire insurance organization. It also offers a single process platform for connecting existing point solutions, saving the firm investment for additional solutions for underwriting, claims, compliance etc. Other immediate benefits that the firm saw by adopting this new technology were greater cost transparency, delivery of higher degrees of throughput and ability to track down bottlenecks in their processing life cycle.

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