Many insurers have to deal with a service book portfolio, of which some products are no longer active. The insurance often continues for a long time and mutations on the policies are implemented manually. As a result, there are high costs, high working pressures and dissatisfied customers. A solution like automating workflows is usually not possible, since there is no business case for investing in legacy systems.
Business Need: Many insurers have to deal with a service book portfolio, of which some products are no longer active. The insurance often continues for a long time and mutations on the policies are implemented manually. As a result, there are high costs, high working pressures and dissatisfied customers. A solution like automating workflows is usually not possible, since there is no business case for investing in legacy systems.
Solution: Acumen and Bizzomate developed a so-called STP app. This app, regardless of the domain, can be used in the outlined problem statement. Empirical data show that by using the app an STP percentage of 70 – 90% is achievable. For work that’s done manually, the app provides job support with a signalling, scheduling and workbench function. The solution is suitable for life insurance, pension schemes and the claims handling.
Results: Acumen now has access to a re-usable framework for STP application, currently being implemented in various insurance projects. This framework can be adjusted and extended for each purpose related to processing claims or other case like work. it serves as a kickstarter for the Mendix project and has an integration to Avola Decision.