Given the current level of uncertainty more than ever, customers need to feel comfortable that their insurance provider will protect their health, wealth or business.
The best experiences, across areas such as customer onboarding, underwriting and claims management, are delivered when all areas of the organization are aligned and continuously optimized. Creating a customer-centric delivery model that aligns all aspect of your organization will allow you to captivate customers and achieve better results.
Efficiently Manage Claims
Seeking to transform its claims-handling processes, our client was looking for a platform that could support the multi-dimensional nature of its work; including process modeling, scenario comparisons, and version control.
Our client began by mapping its current processes, in order to identify areas for improvement. We also delivered future state illustrations, an analysis of process risk, end-user activity reporting, and training material to support the effective implementation of new processes.
Mitigating risk and meeting compliance obligations
Change is not always driven by internal factors. Following the publication of new financial industry regulations, our client was required to demonstrate the incorporation of the new regulations in standard working practices, in order to retain its license.
Using BusinessOptix, our client mapped the existing process and modelled the future desired state, the embedding of new regulations across various stages of the customer journey. The new processes also brought compliance and operations teams closer together, improving inter-departmental collaboration and speeding up the decision-making process.
Where do you begin?
It starts with an understanding of how your organization operates today, you then move onto discovering opportunities to improve and captivate your customers through delivering excellent service, at the right time, in the right channel.
Operating Model &
BusinessOptix Platform supports insurance firms in the areas of:
- Discovery: use process mining, crowdsourcing, and manual mapping to understand and visualize the DNA – people, process, technology, and data – of your operations to gain an accurate picture of how you operate today.
- Operating Models, Process, and Customer Experience Alignment: create, align and adapt operating model(s), customer journeys, and processes so the end-to-end flow of your services are connected and operating efficiently.
- Automation: identify opportunities to use automation and technologies such as RPA, DPA, Machine Learning, and Blockchain to eliminate manual front and back office tasks and improve customer service quality.
- Digital Twins: create and use digital twins to support the fast creation and testing of alternative ways of working before they are delivered in live environments.
Knowledge Work: use guided work instructions to support frontline employees to deliver high-value support to your customers.
- Compliance and Risk Management: embed and track internal and regulatory compliance requirements in the core of your processes and work instructions to ensure they are adhered to.
- Digital New Product Development: eliminate manual tasks and delays in delivering new products to market while giving operational teams the information they need to get ready for launch.
Industry Related Blogs
Achieving digital insurance excellence in a changing world
Your business’ ability to remain dynamic, move quickly on delivering change, and optimize processes on a continuous basis is what will see you through the next few years.
Operational Resilience: Living in a House of Cards
Don’t think of operational resilience as a box ticking exercise but as a way of doing business. BusinessOptix can help you understand where you’re vulnerable with an end-to-end view of your organization.
The Great Resignation: turning a business risk into a business asset
This blog explains how BusinessOptix can help you harvest the knowledge in your employees’ heads and turn a business risk into a business asset.