Signavio, a leading provider of business transformation solutions, today announced the release of the Signavio Business Transformation Suite for insurance industries, created to help insurance organizations transform their operations through modern process management.
The insurance industry is experiencing demanding customers, new competitors and a changing set of regulations that are transforming the marketplace. The industry is changing with a lack of information about existing processes killing 70 per cent of large transformation projects, and up to 50 per cent of RPA projects. Insurance organizations are working to keep pace with customer demands while streamlining business operations to reduce costs and increase efficiencies.
To help the insurance industry improve processes while meeting customer expectations, the Signavio Business Transformation Suite offers business process management and process mining to help organizations understand and redesign processes with a customer centric mindset.
The solution provides powerful insights that enable businesses to make process changes that streamline operations and improve the customer experience. To streamline insurance claims, the Signavio Workflow Accelerator implements a different approach to business process automation (BPA) that’s complemented by Robotic Process Automation (RPA). The Suite also provides a cloud-based collaborative environment, and integrates with other systems via web services, while RPA connects to existing desktop software.
Insurance organizations can leverage the Signavio Business Transformation Suite to transform their operations in a variety of business practices:
Increasing operational efficiency across the customer lifecycle
Signavio enables insurance branches to model their current processes, from new customer onboarding to payment and claims processing and discover a more efficient way of operating. Through harnessing the power of process management with dynamic, customizable dashboards, and process analysis and mining capabilities, insurance providers can improve the end-to-end transparency of business processes.
Taking control of risk and meeting compliance standards
Managing risk is fundamental to global insurance companies. Signavio helps build a stable and consistent process environment, meaning compliance violations can be detected, and risks addressed rapidly. Signavio allows organizations to simulate scenarios, test controls and improve organizational response times with fully automated conformance checks— removing manual reporting complexities.
Managing ERP Transformation
Signavio easily standardizes processes across the entire organization, including different business units and geographic locations. The Suite assesses the usefulness of a company’s legacy systems, updating where appropriate and discovering other opportunities to improve IT infrastructure and business-IT alignment. Insurance providers can search, create and share contract tasks with upgraded collaborative capabilities.
RPA at Scale
Signavio process automation helps businesses eliminate repetitive work, reduce human error and detect and eliminate incidences of non-compliant behaviour. By analyzing business processes, insurance companies can uncover automation tactics that optimize existing processes in preparation for RPA implementation at scale. Determining how humans can work with robotic technologies will lead to process excellence and transformation strategies.
Upgrading the customer journey
To meet customer expectations, organizations need to change operational perspectives by looking at their customer’s integrated 360-degree journey. Signavio’s journey mapping capabilities allow insurance companies to gain insights across all personas – not just their customer’s – including patients, citizens, employees, and the end user. Businesses can leverage process perspectives, identify contact points and drive process improvement when they learn how people truly engage with the business.
“In these times of uncertainty, the insurance sector is under the microscope to provide an improved customer experience which starts with businesses improving internal processes,” said Mark Elkin, Global Head of Solution Consulting, Signavio. “The industry is based on facts and data which means there is lots of information available to help make process improvements. Signavio helps uncover existing processes, make smart recommendations for improvements that drive value for the business while improving the customer experience.”
To learn more about how the Signavio Business Transformation Suite can improve processes within the insurance industry please click here.