Many insurance providers are looking for opportunities to improve the
efficiency of processes critical to their business – from agent
communications to new product introductions, claims handling, policy
administration, and payment reconciliation. Compliance with federal, state and
other regulatory bodies requires the ability to evolve processes continuously
and still keep close control over how the processes are executed. With so much
invested in core systems, most providers also want process improvements to
leverage the capabilities of existing legacy applications wherever possible.
The Problem
Insurance companies often fall short when it comes to managing processes
efficiently for new business, customer service and operational transactions.
This release examines how insurance companies could benefit from implementing
business process management (BPM) solutions, with particular emphasis on where
and when these benefits can be achieved. The insurance sector faces many
ongoing business pressures, particularly to improve return on equity, retain
customers, improve profits, be regulatory compliant and enhance customer
service with a diversity of clients.
The Solution
Accpol Business Process Management for Insurance solution offers strategic
value to insurance companies. It helps insurers meet the challenge of
operational cost savings, while enabling them to exploit business expansion
opportunities. Accpol’s process-based integration technology helps
organizations model and automate business process workflows and integrate them
with applications, systems and partners. This leads to reduction in manual
steps, improvements in core processes and gain in competitive advantage. Accpol
Business Process Management (BPM) for Insurance solution has been developed to
offer strategic value to insurance companies:
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Improve business processes: Automate workflows that involve
lot of manual tasks. Many functions performed by business analysts such as data
entry, validations and corrections can be automated so the analysts are only
required to intervene for handling errors and exceptions.
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Agency Carrier interface: Make it easier and
more efficient for agents to work with the carrier by offering automated upload
and download of policy information in real-time. This simplifies the process of
working with new agents, enabling creation of new business opportunities.
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Connect back-end applications: Seamless
integration and data flows between policy management systems, rating packages,
claims applications and accounting leads to elimination of re-entering of data.
This reduces errors, improves data quality, enables up-to-date reporting and
provides a better view of the business.
Accpol BPM Challenge
Accpol Business process management (BPM) helps insurance organizations realize
new efficiencies that can increase profits and new levels of business
performance. Accpol BPM Solutions Optimizes the power and value of everyday
business processes and enables you to remain profitable in an environment of
increased competitive and regulatory pressures, while maintaining high levels
of customer satisfaction and reducing compliance and organizational risks.
Accpol BPM focuses on: