Six Keys to Claims Optimization
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How does an insurer strike a cost-effective balance between claims efficiency and policyholder service? Insurers can start by optimizing their claims value chain – the people, processes and resources required to achieve the optimal claim outcome – to improve the efficiency and effectiveness of claims operations.
Business process management (BPM) has proven to be a far more effective solution for enhancing claims operations than inflexible packaged applications because it delivers the strategic capabilities insurers need to enable an optimized claims-processing environment. Using BPM, insurers can:
- Ensure the application of best practices with rules-driven processes applied across lines of business (LOBs), products and geographies.
- Automate core claim processes with intelligent case management so that claims operations function at the highest level of efficiency.
- Drive policyholder retention through intent-driven processes that adapt and respond dynamically to each claimant interaction to deliver the best outcome.
With BPM, insurers can unlock the business value of the claims process to substantially improve productivity, drive brand commitment, minimize risk and loss exposure and improve the insurer’s competitive position.
This white paper discusses how BPM can revolutionize the way claim organizations drive claims strategy in the 21st century. It introduces six key advantages of BPM that insurers can leverage to transform and optimize claims management.