Lifecycle management is a critical part of success in the insurance industry. Yet not all firms are optimizing their efforts to enhance their employee's training, performance and overall skill levels. This is particularly important in sales, with firms trying to recruit and get new personnel up to speed as quickly as possible to start landing more clients through them.
Recruiting, onboarding and training are just advanced parts of operations that companies can further with high-quality business process management solutions. Investing the time and resources into optimizing these areas is important, but utilizing high-quality BPM software can simplify these processes and help ensure success. Firms may spend anywhere from $300 to $1,000 on recruiting and onboarding new agents, but if those agents aren't the best picks, or drop out early during training or shortly after, those are wasted funds and efforts.
In fact, many cost models are based off of new employee recruiting and onboarding processes, in multiple industries. Business leaders and managers go recruiting, interview prospects and perform many processes before even offering a candidate a position. Significant amounts of information are passed back and forth, and this aspect of hiring and onboarding can takes weeks. This is troublesome for firms that need to see results quickly, and can be made worse if processes aren't optimized and information is lost. By investing in business process management solutions for insurance, firms can minimize risks and expedite these efforts to get the right candidates selected and hired faster.
By utilizing a BPM suite to handle lifecycle management, firms can optimize the gathering of prospect data, automate applications and other documents and set alerts for specific parts of the process that require additional personnel getting involved, such as HR or the home office. This helps speed up overall onboarding operations and helps get new sales team members hired and in training sooner.
The key to achieving all of these benefits is to leverage real-time reporting and data usage throughout the processes, harnessing the power of technology to expedite non-critical aspects of hiring in order to free up recruiter and management time to focus on the interview and other more essential points. Ultimately, this will result in faster onboarding and more successful hiring practices.
Appian BPM provides the key support needed in the insurance industry need for lifecycle management and other areas of operations.
Ben Farrell
Director of Corporate Communications
