Already widely adopted throughout the financial sector, Business Process Management (BPM) has become invaluable technology for helping organisations to implement process standards and gain visibility. With increasing compliance, visibility and efficiency pressures, Lloyd's Brokers are naturally turning to this versatile and established technology to assist in day-to-day operation.
Processes such as on-boarding, underwriting, premium collection and claims management are all client-focussed and highlight the efficiency and effectiveness of the Broker, yet generally these processes remain intensely manual, paper-based and are plagued by interdepartmental delay, lack of visibility and minimal controls. BPM provides a platform for process automation and can enable Brokers to benefit in vital key areas :-
- Efficiency - automating mundane low-value tasks and routing work for skilled staff to undertake value-added tasks.
- Productivity - achieving more with fewer resources.
- Control - enforcing best practices to automatically comply with Lloyd’s standards and regulations
- Visibility - providing users, managers and clients real-time end-to-end process monitoring.
- Agility - flexibility to adapt processes to meet future business change
Return on Investment for well specified, focussed BPM projects are amazingly rapid, and that is precisely what IDT provides - Feel free to download the BPM Institute's research briefing 'BPM and Insurance' here.
To begin realising increased profits by simply working smarter, contact a Solution Consultant here.
Telephone us on 0800 622 6530 or complete the form found here.