AdWISE Assure helps in streamlining processes through BPR in the insurance industry in India. BPR can bring in significant levels of operational efficiency and cost control across the entire insurance value chain. Ease of red tape processes, paperless transactions, by automating case management support to lessen the cost and settlement timelines within the claims life cycle is possible through BPR in the insurance industry. It helps the insurers maintain high standards in customer service.
Re-engineering processes and services face various challenges such as the lack of appropriate knowledge, irregularity in implementation, lack of essential resources and unsound analysis. It’s important to identify an appropriate reference model to successfully implement BPR.
Business models today are transforming quickly to cater to the evolving needs of customers. Business Process Reengineering (BPR) plays a vital role therein by enabling efficiency and effectiveness within the existing processes within the organization to stay relevant. BPR aligns company values to the needs of customers and leverages technology to redesign core processes thereby improving efficiency across the organization.
What is Business Process Reengineering?
Business Process (BPR) allows changes in the present guidelines to attain maximum operational efficiency and internal controls. Proliferations in banking industrial products are becoming the need of the hour. The purpose is to bring in tune with automation and the ‘best practices’. The process is a regular screening which involves modifications in order to excel in serving the stakeholders.
- BPR brings improvement in the business performance through restructuring and redesigning the business procedures.
- It helps in tactical scrutiny of business procedures for better implementation of business developments which involves multidisciplinary approach.
BPR In Insurance Sector
The growth of the insurance industry witnessed many modernizations and improvements to face the competition. Many insurance companies are strengthening business competitive power by increasing work efficiency and productivity. The Business Process converged in the insurance industry brings organizational change for which new approach and management techniques becomes important. The implementation of initiatives under the purview of BPR and Core Banking Solution (CBS) brought changes in the working of insurance companies which provided competitive edge. With the advent of sophisticated technology used in the business and insurance sector the information security system increased to provide appropriate support for success. Therefore, change management being emphasized the restructuring of the insurance process is vital for improving its performance in services to enhance profitability.
What are the advantages of Business Process Management?
Business process management provides numerous benefits to financial services related to operational efficiency and business innovation. It’s been observed that firms have been achieving a more than 100% rate of return on their BPM implementations. Every firm has its own methods to measure rate of return. The most widely used method for measuring ROR among firms is ‘cost savings per transaction’.
- Boost employee productivity – BPR will help in automation of manual tasks that releases employees from such tasks so that they can focus on main activities.
- Speed-up processes – With the help of BPM, organisations can improve the operation processes of businesses and enable faster decision-making.
- Increase partner responsiveness – Onboarding of partners is made with ease and pace through BPM tools.
- Better manage inventory – BPM helps in managing inventory effectively along with improvement in processes.