Download Whitepaper:
Automating Insurance Processes with BPM
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Capitalizing on its core competence in business process management (BPM) technology, and experience in deployment of BPM to optimize crucial business processes common to the insurance industry, Adeptia has developed "BPM for Insurance" solution that magnifies the benefits of BPM even further for insurance companies
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Insurance industry is observing a revolution that will favor the king called customer and keep the industry on its toes. For the reason that competition has led to thinning of the profit margins and commoditization of insurance has put pressure
on companies to distinguish their service capabilities. On one hand is the necessity to package insurance as a commodity to offer high value low price solutions. On the other hand is the challenge to face financial repercussions of low returns on equities, and side affects of 9/11.
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In the current scenario, the equation of success involves polar opposite actions: reduce costs drastically, but deliver better products and services. |
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Although increasing the premium rates has been a common relief strategy in the 'ground zero' era, but there is an invisible limit to it--implicitly imposed by competition. Thus, the better and enduring way to stay in money is to constantly improve the customer experience. Even as the industry knows the fact that customers should be provided with much better services, many Insurance companies are struggling with the challenge of 'how to' do it without investing their fortune in popular solutions.
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To serve their customers better, insurance companies need agile and umbrella business process solutions those are affordable too. |
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What the Insurance industry is looking for
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Insurance industry like many other industries has gone through the times when high operational expenses used to be a sign of good customer care. Now, contrary to its old belief the industry understands that there is an inverse relationship between the back office expenses and customer satisfaction level. Better the back office operations (automated, error-free, agile), minimum are the expenses (no recurring investment on resources) and maximum is the satisfaction level of customers (decrease in policies issuance and claims settlement time). Collectively these factors result in higher profitability.
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Adeptia improves operational efficiencies, thus profitability. Adeptia helps Insurance companies differentiate themselves and develop competitive advantage versus their competitors |
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- Decrease in back office expenses so as to increase profit margins
- Rapid and error free policies management to reduce cycle time
- A single and transparent view of customer information to offer her customized insurance package
- Well-connected enterprise to deal with global commoditization of insurance
- Improvement in claims settlement processes and agile claims management
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How Adeptia BPM for Insurance solution can help
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Adeptia BPM for Insurance solution helps manage, automate and optimize crucial and routine business processes, thus reduces operative cost and improves profit margins:
| Industry Issues | Adeptia Solution |
| Manual transfer of millions of policies records, which is human-intensive and error-prone
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Automated Book of Business Transfer |
| Diverse requirements of independent agents serving millions of customers |
Agency-Carrier Interface |
| Lengthy and scam-prone claims procedures |
Claims Management |
Book of Business Transfer: It enables automated rolling of book of business and rapid transfer of underwritten policies from ceding companies to reinsurers. Adeptia solution also facilitates automated update of policies records as required at the time of policy endorsement, renewals etc. To safeguard premium figures, and to bring agility and accuracy to business transactions, Adeptia completely eliminates manual processing.
The Book of Business Transfer solution is based on data transformation technology and could be used for other situations that require conversion of multi-formatted data into a standard format. The common benefits of data transformation based solutions are reduced manual work associated with data-re-keying, translation of data formats as well as rapid and error free execution of tasks.
| Qualitative Business Value | Measurable Business Value |
| Paperless and error-free policies management
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Deploy portfolio 75% faster |
| Improved ability to expand and diversify business |
Save 40% to 60% of IT cost |
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Improve Margins by 5% to 10% |
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Decrease in ceding commission |
Agency-Carrier Interface: It is an interface between independent agents and insurers that ensures carriers and agents can quickly roll out real-time transactions. These transactions include inquiry, first notice of loss and request for quote, which can be provided seamlessly to agency systems.
Agency-Carrier Interface helps establish better connectivity and communication between agents and carrier; therefore allows agents to serve their customers better. Improved claims management process is a by-product of this solution.
| Qualitative Business Value | Measurable Business Value |
| Streamlined key agency processes
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Increase revenues by 10% or more per agency |
| Visibility through the policy life cycle |
Shorten policy issuance time and minimum possible administrative expenses |
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Easy to produce packaged solution for every customer as a single and transparent view of customer is provided |
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Claims Management: Adeptia solution automates and controls the processing and management of a claim from first notice of loss through to settlement and finalization.
Insurance standards based claims management helps develop paper-less office and brings agility to claims settlement process. Moreover, automation of claims procedures reduces capacity constraint therefore higher number of claims can be settled in due time.
| Qualitative Business Value | Measurable Business Value |
| Error-free and faster claims processing. Minimum claims leakage / fraudulent claims
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Reduce cost of managing automation of claims process by 30% to 50% |
| Easy to retain existing customers and bring in new customers through 'word of mouth' that happy customers spread |
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Adeptia BPM for Insurance delivers significantly high value than any custom-coded solutions, Adeptia is also scalable, thus a best-fit for dynamic business environment.
