While it may seem an unusual benefit of investing in high-quality business process management solutions, many firms are finding that such efforts can improve their ability to attract and hire top talent in their industry. Attracting the best agents and optimizing workflow will go hand in hand to boost profits and ensure a stronger future for enterprises.
In the insurance industry in particular, BPM software has been instrumental in modernizing processes. From boosting cloud and mobile adoption to providing the support firms need to optimize critical areas like claims management and underwriting, insurance business process management lends itself to the initiatives insurers need to move successfully into the 21st century. So much so that many firms seeing high turnover are beginning to embrace these solutions.
Turnover and hiring
Recruiting in the insurance industry can cost as much as $1,000 and take six months or longer. On top of this, many firms start the hiring process only to abandon it and start over due to a myriad of potential complications. This can result in significant losses and wasted time. BPM solutions can help focus efforts and minimize secondary processes such as application gathering, review and processing, freeing up critical time to spend actually interacting with potential hires.
Customer retention
Of course, having top talent is only one piece of the success puzzle for insurers. Customer retention is another, and they go hand in hand. Firms that invest to improve the talent pool of their sales, claims assessors and other teams will be able to optimize client relationships. With retention rates being as low as 82 percent across the industry, insurers have to refocus their efforts or they will continue losing revenue, hurting every area of operations.
BPM solutions deliver improved CRM and overall service opportunities that will help talented insurance professionals optimize customer relationships and turn process improvements into quality service that current and potential clients can appreciate.
By investing in an enhanced BPM solution, insurance firms can bring their operations into the modern age with a bang and demonstrate their competitive edge clearly to potential hires and customers, focusing on growth and improvement, rather than simply trying to keep up in an industry that grows more competitive every year. This includes embracing the cloud, mobility and social BPM initiatives, as well.
Ben Farrell
Director of Corporate Communications
