Dynamic Product Management Processes for the Insurance Industry

Speed up time-to-market and rely on a dynamic product management process that adapts its flow to match fluctuating opportunities and demands.

To take advantage of changing customer and market demands and to swiftly target specific micro-segments, insurance carriers need to considerably accelerate the time-to-market for innovative insurance products.

The opportunity of Goal-Oriented BPM in the insurance industry, however, goes beyond automating the traditionally manual, inefficient and, therefore, expensive product management process.

Living Systems Process Suite solutions for the insurance industry add unique value. They link operations to strategic business goals by aligning the creation, deployment, and maintenance of insurance products toward the achievement of higher-ranking commercial objectives.

This enables carriers to deliver not just a high-quality, customized offering to brokers, agents, and policyholders, but to also rely on a dynamic product management process that is capable of continuously monitoring key variables and events and to autonomously adapt its flow to match fluctuating opportunities and demands.

Benefits

• Align product management operations with strategic business goals. Factor the bigger picture into the insurance product management process' DNA with goal-oriented BPM which lets you model a process that strives to fulfill its objectives in variable conditions.
• Promote collaboration within and beyond organizational units. Automated routing of tasks and messages ensures swift and compliant product management processes.
• Reduce manual efforts. Goal-oriented processes automate the composition and execution of the process path to limit the amount of human intervention.
• Get real-time actionability. Make and immediately deploy process improvements in-flight when the necessity or opportunity arises.
• Reconcile business goals and regulations. Goal-oriented processes use software agents to autonomously optimize the achievement of process goals while always respecting the modeled boundary conditions.
• Seamlessly integrate external systems and services. Set-up goal-oriented processes to coordinate among each other or to leverage existing applications and services within one dynamically generated user interface.