Insurance is a process, rules, and data business. Competitive success depends on making processes more efficient, consistent, and agile. For many insurers, large portions of their business processes are still ill defined, poorly documented (or not documented), and labor-intensive.
The business process management (BPM) cycle begins with modeling the business processes, designing and implementing an automated solution; monitoring the predefined SLAs; monitoring business value and IT value metrics; and feeding the data into an analytics and optimization tool to make the original model more efficient. This may sound simple enough, but many companies have had their BPM projects either fail or simply not meet expectations.
In a new report, Creating Business Value from Business Process Management: Solutions in Insurance, Celent provides 10 BPM recommendations at the enterprise governance level and project level to enable insurers to maximize their BPM investment.
“BPM has reached a level of maturity where the insurance industry has learned enough lessons to avoid the most common failure points of the past 10 years,” says Donald Light, Senior Analyst with Celent’s Insurance Group and coauthor of the report. “Insurers now have the BPM roadmap to be successful.”
“In this competitive environment, insurers either select, or are selected against,” adds Benjamin Moreland, Senior Analyst with Celent’s Insurance Group and coauthor of the report. “Insurers that do achieve maturity in their use of BPM, meaning both business modeling and business processing, will not have the tools to compete.”
This report provides recommendations for both BPM governance and BPM project execution. It aims to help insurers be as successful as possible in reaching their business goals.
