Smarter Insurance Processes in 2010: Streamline Insurance Processes with Business Rules

Smarter Insurance Processes in 2010
Imagine if
Smarter Insurance Processes in 2010
Streamline Insurance Processes with Business Rules
to Cut Costs, Speed Operations and Respond
Dynamically to ChangeImagine if you could increase pass-through rate to over 80% and new business flow by 50%. Imagine if you could introduce new products faster and implement rule changes in days or real-time versus several months, while consistently enforcing your underwriting, claims or corporate guidelines across processes and channels with the utmost of transparency and comprehensive audit trails.
The challengeIn today's marketplace, the insurance industry must work and errors-it also delivers the right answer to the right against relentless change. Carriers of all types and sizes person at the right time. These processes allow you to must respond to a changing regulatory environment, adapt to regulatory and market changes in real-time or introduce new products quickly and grow market share in a days versus months. With smarter insurance processes in highly competitive market while reducing their operational place, operational risks and costs are significantly lowered, costs and risks. Achieving this objective is no small feat clients, staff, agents and brokers are more satisfied, and considering that most carriers must operate with multiple higher revenue is supported with tools for growth through legacy systems in place where rules are either hard-coded better information and change management. or decentralized resulting in lengthy implementation cycles. This is combined with disjointed processes and paper- These processes can help you deliver optimal outcomes intensive practices that have an adverse impact on speed such as assigning claims based on adjuster skill sets, to market, cost reduction, transparency and efficiency automating 'best practices' across your insurance operations objectives. for greater consistency and accuracy, effectively up-selling and cross-selling while dynamically guiding your agents and Smarter is . customers online as well as creating flexible risk and rate Smarter insurance processes go beyond basic automation tiers that support your customer segmentation strategies at a by adding intelligent decisioning capabilities for greater granular level. You begin to see a return on investment (ROI) agility, speed and transparency. This automation not in no time, from driving a profitable book of business and cost only cuts costs by reducing manual tasks, bottlenecks savings to productivity and speed to market gains.
Building smarter insurance processes with Business Rule Management Systems
CASE STUDYTravelers streamlines underwriting with BRMS for greater profitabilityImagine if you could dramatically improve your pass-through have empowered both business and IT users with the ability Ūrate for small business commercial lines, increase new to easily test, create and maintain rules. IBM WebSphere business quotes and achieve significant speed to market ILOG Business Rule Management System (ILOG BRMS) gains. Imagine empowering your underwriters, actuaries and is used throughout the process to automate such functions IT staff, enabling greater collaboration between groups and as eligibility determination, risk assessment, pricing and ensuring transparency throughout the process. referrals.
Prior to creating a streamlined business rule management The underpinnings of the successful deployment of the system-based underwriting system, business rules were underwriting system at Travelers include automated product dispersed among a variety of applications, making control and underwriting positions and guidelines, a sophisticated and maintenance very difficult. This was having an adverse pricing model which aligns price with risk, a high degree impact on speed to market, growth and efficiency objectives. of straight-through processing (STP) to enable ease and speed for agents and customers, and a powerful and flexible Today, a fully automated rules-based underwriting process BRMS to manage the rules that govern product, underwriting has enabled Travelers to increase its new business flow and pricing guidelines (Business Rules and Underwriting significantly. Moreover, business rules are centrally Automation at Travelers, Celent, 2008).maintained and advanced rule management capabilities 2 Business rule management systems dramatica... [download for more]