Here's a new business phrase that you can chew on: corporate cholesterol. At first, I thought the phrase was invented to describe the cardiovascular diagnosis of senior executives at U.S. corporations, but on closer examination, it's being used to identify the symptoms of business process inefficiency.All joking aside, inefficient business processes are the bane of business executives, who have been led to believe that the implementation of technology can help reduce the inefficiencies and clear those corporate arteries. However, despite the fact that insurance companies will spend close to $27 billion on technology this year, according to Datamonitor, 90% of insurance executives polled at this year's ACORD LOMA conference replied that inefficient business processes are affecting their business.
Among the 85 executives surveyed by Exigen Group, the most common symptom of business process inefficiency is customer inquiries that result in numerous e-mails and phone calls internally until a solution in found. Two articles in this month's issue-"Amica Life's Remodeled Front End" and "Kaiser's Secret To Customer Satisfaction: It's People"-address the importance of business process management and, in the case of the latter article, the importance of getting customer information into the hands of CSRs.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access