5 years, 9 months ago

Injecting Some Youth in Aging Applications: Insurance Case Study

Link: http://feedproxy.google.com/~r/BecauseProcessMatters/~3/YrHnvBuAPxg/

As I engage more with customers in the FSI space, I realize that many lack a comprehensive view of business performance. Most have been dependent on aging legacy systems that don’t integrate information across their business operations. Consequently, these companies do not have an end-to-end view of their customers and aren’t truly customer-centric.

Fortunately if you’ve read my blog on “Putting the Super in QSuper”, you’ll know that Smart Process Applications exist not only to solve these types of problems, but to also modernize your application infrastructure with BPM solutions that can be up and running in as little as 30 days.

A recent case study we did with AIA Australia illustrates the capabilities of BPM and the potential it offers. AIA Australia is the largest group insurer in Australia, and operates in two business areas: superannuation and individual life insurance. They were reliant on disparate systems, including aging content management and work-flow systems across their policy administration, claims management, and new business underwriting processes. They grew quickly through acquisition, which resulted in many application silos that left management with a poor view into their business performance.

In need of a change, AIA decided to replace their lagging technology and migrate to a new platform, choosing the OpenText Smart Process Application for Insurance. The solution not only modernized their processes, but it also gave them the customer-centricity they were lacking. OpenText Client Management for Insurance now runs 100 percent of retail new business, policy services, and group-oriented tasks. Management can now view operational performance across the business in real-time with automated data collection, compilation, and reporting. Furthermore, AIA was able to improve their customer experience and retention by being able to prioritize processes and identify trends impacting service levels. Along with this, there have been significant cost and time reductions that burdened management in the past.

AIA Australia has not only been able to revitalize their business processes, but they’ve also been able to recognize value across all of their business operations. An injection of youth was all they needed to gain a 360-degree view of their business to enable growth. To learn more about AIA and OpenText’s Smart Process Applications built on BPM, visit us at Enterprise World in November.

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