Maintain Market Share and Profitability With a Staged Approach to BPM
Insurance companies have maintained a competitive edge by improving and optimizing their business processes without compromising efficiency, quality, and response time. While many industries have adopted BPM for core processes, the insurance industry has been reluctant to implement BPM in its core areas like underwriting and claims.
Lately, insurers have come to appreciate the advantages and successes of BPM, and are implementing it at a growing rate. In this paper we explore the BPM market and latest trends, and identify the advantages that BPM can provide to the insurance industry. We then take a look at the challenges that an insurer can face while implementing BPM and how they can achieve an effective BPM implementation.