Softening markets usually don’t portend lavish times in the IT departments at insurance companies. Yet, even as insurance companies are looking to tighten their belts, many are investing in business process management (BPM) solutions as a means to improve efficiency across the enterprise, and as a hedge against falling rates.
So what specific efficiencies can a carrier investing in BPM expect? Simply, as the name implies, more efficient processes. While insurance companies tend to pride themselves on the efficiencies of their processes, there is always room for improvement. So, somewhat perversely, the worse off an organization is prior to BPM implementation, the more it stands to gain.
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