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Many insurance organizations are grappling with an uncertain economic and investment environment, changing customer needs, and increasing regulatory scrutiny. They are seeking new ways to improve revenue, capital utilization, risk profile, and ultimately profitability all while controlling costs.
Global Business Services (GBS) is a more "industrialized" target operating model that many insurers are turning towards. This evolution of shared services with a larger global footprint serving multiple functions, helps streamline processes by leveraging ...
April 2014- Discover how improved processes and better information access impact on your profits. 5 Ways Process and Content Management Helps Insurers Increase Profitability highlights how to get a handle on the complex, document-intensive processes that drive your business.
August 2013- Innovative Canadian IT executives are becoming "service brokers" rather than "service providers" to drive productivity and competitive advantage. Managed hosting is a key part of their sourcing strategy, offering enterprise-class datacentres that can support today's business requirements of performance, security, and resiliency. The following questions were posed to Mark Schrutt, Director of IDC's Service and Enterprise Applications research regarding the role of managed hosting in supporting leading Canadian executives and what to look for in ...
August 2013- The sheer volume of data, the speed at which it is growing and the increasing variety of types of data have given rise to the term big data - data sets whose size or type is beyond the ability of traditional relational databases to capture, manage and process the data quickly and efficiently. Yet it's precisely this type of data that is so important to government today. Big data, mined and analyzed effectively, offers government ...
In the past, one- or two-day outages were trouble. Today, a few hours downtime can cripple your organization. It's not just employees who are affected; partners and customers also link to your IT through email and database applications. Losing your data or critical systems can mean:
• Revenue loss from the inability to conduct business
• Lost customer trust or confidence
• Financial penalties for violated SLAs
• Legal or financial penalties for compliance ...
November 2012- This brief helps IT influencers quickly identify how they can best support their business users, and remove typical IT pushback hot buttons like “we can build it ourselves” and “this is yet another add-on system that’s going to take way too much of our time and money to support”, by making the case for SaaS-based, automated PLM application that seamlessly integrates with and breathes new life and up-to-date producer data into entrenched legacy systems
This ESG Lab Validation documents the hands-on testing of HP VirtualSystem for VMware 2.0, optimized for VMware vSphere 5. HP VirtualSystem is designed to provide holistic management for both physical components and virtual environments. ESG Lab tested with a goal of validating virtualization of business-critical workloads, providing businesses a fast, simple path to virtualization as well as a cloud-ready platform.
HP VirtualSystem architecture, optimized for mixed workloads and highly scalable in multiple dimensions (compute, network, ...
The "Company" examined in this White Paper is a major financial services firm offering Variable and Fixed Annuity products through six insurance manufacturers, including its own. The Company recognized
the need to improve the services they provide to their advisors to spur continued growth, increase annuity product offerings, and simplify the sales process.
The distributor and their insurance partners made a commitment to move toward an automated environment. Together, they improved operations without ...
This paper will describe four trends influencing EDA that help improve customer satisfaction, reduce cost and drive efficiency:
1. Empowerment: Giving customers real time web and mobile self-service options, while enabling business users to create dynamic communications
2. Leveraging analytics and business intelligence to improve efficiency and speed to market
3. Automating the document lifecycle to optimize processing and support high-volume printing
4. Consolidating EDA systems with the goal of reducing costs and centralizing ...
Delivering outstanding claims service centered on policyholders' needs changes customer perceptions in a positive way and boosts the brand. While claims is a "people" business, technology plays a key role in achieving this coveted objective.
Customer-centric claims service can grow your company image with every fulfillment of the promise you made when you wrote the policy. Growing the image also grows the business by retaining good customers and attracting new customers who demand ...
The insurance industry sells promises - promises that are fulfilled by people. Unlike other industries that manufacture and deliver physical products, the value experienced by an insurance customer is a result of the interaction they have with the insurer, and the perception of how well the insurer has delivered on the promise of the insurance contract. For insurance companies, customer communications play a key role in shaping value.
The quality of customer communications ...
June 2011- This white paper outlines the eight steps and explains how they are being applied by P&C insurance carriers to meet today's difficult customer-experience challenges. By adapting these best practices to their own specific situations, insurers can fulfill rising customer expectations, comply with internal mandates, improve staff morale and gain deeper insight into conditions that impact the insurer's mission-as they increase revenues and reduce costs.
May 2011- In this eBook, Verint Systems takes a closer look at the opportunities for improved efficiencies left on the table by current technology and practices. Verint explains workforce optimization- a software solution for improving staff productivity and performance in the back office, as well as in other parts of the organization. Back-office workforce optimization solutions are now available to help insurers process more customer transactions with fewer resources, reduce turnaround times and costs, improve bottom-line profitability ...
In the highly competitive insurance industry, customers are less loyal, more price conscious and have higher service expectations. For insurers and producers to retain customers, attract new ones and offer differentiated service - they need to understand customer needs, behaviors and preferences. But how do you know what customers want?
IBM Business Analytics can help you combine the power of business intelligence, predictive analytics and decision optimization to improve customer retention and wallet ...
Growth and profitability in the insurance business means delivering the right products and services to your customers at the right time and at the right price. But how do you understand what is ‘right’?
Customer analytics help mine your huge stores of data for useful insight, predict customer behavior and responses to marketing offers and enable you to easily visualize and analyze customer information to gain trustworthy, actionable insight.
Read this ...
June 2010- Systems for monitoring, managing, and reporting on financial assets are mission-critical particularly in such a volatile investment environment. Yet, far too many insurers today rely on legacy systems that are outdated, expensive to maintain, offer limited portfolio visibility, do not effectively assess risk exposure in a timely fashion, and are heavily reliant on time-consuming, error-prone manual reconciliation.
Savvion’s performance in the BPM Decision Matrix benchmarking proves that small, specialist vendors can excel in this format. Founded in 1994, Savvion was privately-held until January 2010, when it was acquired by Progress Software.
Over the last decade and a half, Savvion has garnered a reputation for innovation, embracing all process patterns, regardless of whether they are centred on documents, systems, human interactions, projects, decisions, cases or events.
Today, Savvion’s BPM ...
June 2010- Systems for monitoring, managing, and reporting on financial assets are mission-critical, particularly in such a volatile investment environment. Yet, far too many insurers today rely on legacy systems that are outdated, expensive to maintain, offer limited portfolio visibility, do not effectively assess risk exposure in a timely fashion, and are heavily reliant on time-consuming, error-prone manual reconciliation.
April 2010- Insurance is the one of the oldest recognized industries in the world because from the very early times it has been the bedrock of human beings’ inherent need to explore trade, consume goods and establish relationships. Over the years, this industry has grown significantly, with technology playing a key role in this growth. In 2008, the Insurance Industry accounted for 7% of the world’s GDP and according to estimates by leading industry player, Munich Re, it ...
April 2010- This whitepaper examines how the recent financial crisis has impacted the Insurance Industry. It also explores how the very building blocks of the industry or what it chooses to influence -- savings, consumptions, trade and relationships -- are changing. However, it is important to note that while some of the trends we will discuss may have started much earlier, the impact has become sharply visible as a consequence of the recent recession.
The challenge for most insurance organizations lies in simplifying the complexities involved in harnessing content generated by claims processes. Non-technical resources—not just IT personnel—must be able to apply formatting and business logic to that content and easily assemble, generate and deliver claims correspondence that is accurate, timely and personalized to each policyholder.
So where do you stand? Are your claims correspondence processes showing signs of needing improvement?
Here are ...
September 2009- Business Intelligence is not a “one-size-fits-all” category. Different approaches, including reporting, modeling and dashboarding, have been used to address the various challenges that exist across large organizations. Reporting-based technology was originally intended to answer questions that are known in advance — in a predictive fashion — with predefined views of information. But over time, a gap has emerged in addressing questions that are hard to predict and ad hoc in nature. And this is an area that ...
March 2009- In the wake of IndyMac and many others, and the failures of both Freddie Mac and Fannie Mae, banks are worrying more and more about tracking their spending and making ends meet, trying to achieve profitable accounts while at the same time turning around riskier customer ventures. The nation’s banks are increasingly facing the credit crunch due to the sub-prime loan debacle. While financial stability and a surplus economy might be a mere vision ...
May 2008- Businesses suffer when their people are unable to make effective use of the data in their Process Support systems. This is a common challenge for firms since their existing BI tools are unable to provide executives and line managers with the ability to comprehend the big picture, identify problem areas, and then drill down into the details in a reasonabale amount of time. Corporations have spent enormous amounts of money over the past 15 years implementing ...
August 2008- The fiercely competitive insurance industry faces spiraling operational costs, increasing regulatory pressures and rising claim settlement costs against a background of economic uncertainty. This white paper explores how SAS Analytics can help insurance companies use their data proactively to better understand their businesses, detect areas for improvement and take remedial action, as well as forecast ahead and plan more proactively for the future in order to protect and grow their market share, despite difficult conditions.
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INSURANCE: Architecture/Infrastructure, Claims, Customer Insight/Business Intelligence, Distribution, Management Strategies, Policy Administration & Management, Regulation/Financial Systems, Security/Risk Management