One of the responses given to the demand of cost reduction is documentation, analysis, measurement and rationalization of processes. By understanding, mapping and prioritizing its processes and requirements, the insurance company can avoid or decrease the negative yield of the use of "lawn mower principle", and can save its values.
Based on experience of several years acquired at leading insurance companies, we can help as an objective expert to provide efficient support to revise and improve existing processes and to introduce new ones in the following areas (e.g.):
- Proposal Management,
- Underwriting, Contract Transfer,
- Portfolio Handling,
- Billing, Premium Collection,
- Service Provision, Claim Management, Payments to Clients.
The steps toward process re-engineering are the following:
- Cost-Benefit Analysis: we analyze and map current operations, examine all viable alternatives and all potential savings that can be achieved as a result of planned processes, furthermore we define performance indicators to measure these results (KPI).
- Elaboration: we plan the concept of changes, including their dependencies, the re-engineered new processes and related system developments.
- Project definition: we prepare information technology projects of processes concerned by re-engineering, defining business vision, project scope, scheduling and cost (resource) needs. Based on project documentation delivered, the Client will be empowered to launch the project, with the help of own resources or supplementing own resources with development or consultation services provided by Formula/400.
- Implementation: We develop processes adequate to process and service oriented architecture (SOA), including integration of background IT systems. According to Client needs, we implement the planned developments, either in the form of involving the experts of the Client, or as a separate development service.