Introducing new products and services without BPM means adding new rules and processes within the system. These additions take time and extra resources to implement. Decision making is put on hold, processes are slowed down, consistency is neglected and critical decisions are left to chance.
BPM aims to close the gap between strategic vision and operational execution, which improves visibility in key enterprise processes. It enables organizations to quickly address business needs while complying with regulations and standards. This can help save time and money from manual interventions or having to bring in an IT expert to alter the system. The organization can improve its work efficiency and adapt to market changes swiftly.
Current market conditions are pressuring insurance organizations to be more agile and efficient, and BPM can help in areas such as claims adjudication, regulatory compliance, and fraud detection. With BPM, organizations can improve the visibility of business practices and make them easier to understand, monitor, and modify. Processes, rules and complex changes to the IT systems are brought together more cohesively in a single flexible and reliable platform, enabling the insurance experts to define and deploy a more streamlined system with greater ease and efficiency, while at the same time maximizing business agility.
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