Archive for June, 2014

The Benefits of Automated Workflow

Tuesday, June 17th, 2014

Many carriers in the insurance industry today are familiar with the technical pains of aging legacy systems, not to mention the sea of paper, manual processes, and arduous information management they create. What carriers really need is an automated workflow solution that eliminates paper, improves productivity, and reduces operating costs.

By condensing multiple steps into one smooth process, workflow automation helps carriers:

  1. Proactively manage work task assignment so the right person gets the right tasks in a timely manner. 
  2. Manage the flow of work from the time a new business application is received through policy issuance assuring that all tasks are completed.
  3. Guide the initial steps of document imaging and workflow routing for all new business and in-force policies across the organization eliminating paper.
  4. Trigger complex process flows that coordinate component activities and route work tasks to users when human intervention is required. This can be triggered through data events set by the receipt of data from external vendors or systems.
  5. Update the workflow in real-time as data changes, events change,  or users make updates.
  6. Establish rules in the system that link decision logic to the processes helping carriers operationalize predictive analytics.
  7. Drive work assignment algorithms that ensure both equitable distribution and segregation of duties.
  8. View outstanding work, which gives users and managers clear visibility and one click retrieval of work from a process and department view.
  9. View metrics around the processing of tasks and volumes of business at user, task type, department, application, and business process levels getting deeper insights into bottlenecks and find ways to improve processing time.
  10. Provide real-time feedback allowing managers to quickly react to the changing business demands.
  11. Improve customer service by assuring  better response times and customer service by enabling faster processing and quicker information availability.
  12. Assure processes are designed for regulatory compliance by consistently operationalizing filed procedures.
  13. View a complete audit trail of all user changes.
  14. Quickly respond to changes in a dynamic market.

By streamlining business process and providing consistency and visibility, FAST’s automated workflow and Agile-based approach enables companies to optimize the delivery of business benefit, drive end-user satisfaction, and deliver incremental process improvement.