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.

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