In a troubled economy, insurers that cut costs broadly and blindly without understanding whether those cuts further compromise their survival may face dire consequences. New research from Gartner, a Stamford, Conn., consultancy, presents some real-life examples in which business process management (BPM) has helped organizations survive by identifying ways to improve business processes and cut costs at the same time.
According to research author Elise Olding, BPM gives companies visibility into processes that are key to cost management. Companies that use BPM create business process models that identify process redundancies, hidden costs and avoidable risks. Insurers face a better chance of survival by using cost savings from BPM efforts to fund critical business operations.
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