Using BPM to Pass Insurance Industry Hurdles [Video]
Insurance companies often deal with siloed legacy underwriting and claims platforms, making it difficult to share data efficiently. However, through the introduction of Appian’s business process management software, the status quo can transform into a unified insurance platform ready for the industry’s challenges.
To start, modern BPM can provide the framework for more effective collaboration between underwriters and insurance agents. Appian’s BPM platform can transform ad hoc conversations between different parties into more effective social business collaborations. In the end, those collaborations speed processes and save time and money.
Appian BPM can also give underwriters greater visibility into the information they need to make the best decisions, instead of being forced to make approval decisions without a complete picture of the situation.
Poor information invites unnecessary risks and losses into the equation. Creating a custom set of guidelines and easy data access for underwriters can help ensure they are making the best decisions, which translates into fewer losses.
Insurance business process management software can also be used to revamp claims processing systems and avoid situations where claims take too long to settle. Appian’s BPM software can help deploy adjusters to review claims, and create a place for all parties involved to efficiently communicate on the best course of action for the claim. In addition, its mobile capabilities allow for effective collaboration between all involved – regardless of where they are.
When dealing with an insurance marketplace where new products or concepts are introduced regularly, a rigid system can become obsolete in the span of a few months. Appian’s BPM software allows companies to introduce the flexibility and collaboration capabilities of the most modern technology without requiring a full “rip and replace” of existing legacy systems. That promotes increased productivity throughout the company while continuing the mission of constant self-improvement.