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.
UPDATE: On March 21, 2021, the FCA, the PRA and the Bank of England published their final rules and guidance on operational resilience. This means firms within the UK financial sector, such as banks, building societies, designated investment firms, insurance firms, e-money and payment services firms will be expected to take steps to ensure their operational resilience. If you do business in the UK you may want to read our latest blog – ‘Are you ready for the new operational resilience regulations?’
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 & Business Processes
BusinessOptix Platform supports insurance firms in the areas of:
- Discovery: use process mining, crowd sourcing 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 eliminate manual front and back office tasks and improve customer service quality.
- Digital Twins: create and use digital twins to support 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.