Introduction to Automate Insurance Company Process Advantages

Introduction to Automate Insurance Company Process

Advantages of Insurance Process Automation n n n The Work processes become more controlled and measurable through automation. Managers can focus more on managing anticipated workloads and on measuring and improving the overall processes. Greater manageability of data. Automate manual processes and eliminate the armies of people that had to do routine and mundane tasks Business process can be managed effectively and in optimized manner Automated decision-making applications are helping companies accelerate how they turn insight into action Reduce Operation cost 2

Business Operation n A Business Operation can be • Manual: performed by human(s) • Semi-automatic: involves both human and system • Automatic: performed autonomously by a system 3

Relationship among Concepts Business Process Is defined in a Is Managed by Process Definition (A representation of what is intended to happen) Sub Processes Which may be Composed of Workflow Management System (Controls automated aspects of the business process) Used to manage and create Process Instances (A representation of what is actually happening) Activities or Manual Activity (i. e. what is intended to happen ) During execution are represented by Include one or more Activity Instances Automated Activities (Which are not managed as part of the workflow system) Which Include And/Or Work Items (Tasks allocated to a workflow participant) Invoked Applications (Computer tools/applications used to support an activity) 4

Automated Activities include: n Sales & Marketing activities n n Insurance Order Processing n n n Verification and Validation of Application Nos and Aspirants details Assigning a unique Application No. to Insurance aspirants Punching of orders Calculating Premium amount Insurance Maintenance n n n n Campaign Brochure download Feedback forms Tracking Policies status Maintaining individual Agent records Claims Management and Policy Servicing Commission Payment Processing History and audit trail Keeps track of outstanding receivables Reports Generation 5

Insurance Order Processing Quality Check Tracking Fund Clearance Management Policy Management Centralized Insurance Management Customer Relationship Management Commission Payment Processing Claim Management Reports Generation at each level 6

Product Introduction Disbursement System Data mining & Reporting Distribution Information Security & Disaster Recovery Management Claims Management Spectrum of Automation Sales & Marketing Legacy Maintenance Quality Check or Compliance Policy Administration Insurance Application processing 7