These on-site consultancy sessions have a goal to improve the efficiency of business processes in terms of time, costs, resource consumption and quality of service delivered to the clients.
The most common sources of inefficiency are insurance claims management, underwriting, debt collection, invoice handling, help desk, operational risk loss data collection, loan applications, hiring procedure, leave requests and many others.
Every organisation’s day-to-day work practices have an impact on their overall efficiency and profitability. Our team of experts are able to identify processes which waste employee’s time and cost the company money and resources. Together with the purpose built software that we have at our disposal we are then able to offer ways to partially, or in some cases even completely, automate these processes, whilst providing employees with the information and tools they need to do their job.
Business Process Management (BPM) is an approach to business which we apply to insurance companies to enable them work more effectively and efficiently. From blue-sky planning and initial project-scoping, through to last minute intervention to put a failing project back on the tracks, Nexum IT can help.
Even routine requests, such as for office supplies and staff leave requests, often involve one employee filling in a form which is then passed on to another employee to process further. It is not uncommon for these requests to sit in a pile for more than a week before a response is issued. Identifying these sorts of lag times and implementing appropriate solutions is one way that we are able to save companies valuable time and resources.
What makes the service that Nexum provides special, is the combination of cutting edge IT solutions for business problems and a team of experts, who have extensive experience and knowledge of the insurance industry. We are supremely qualified to assess the way insurance companies are currently operating, and then to provide a package of new methodology and technologies tailored to each company’s specific needs.
Some of the business processes which we have been able to enhance for insurance companies and the banks include:
- Debt collection; automating debt collection process, identifying and highlighting those debts which are likely to be easily recovered, so that the overall recovery ratio is improved
- Underwriting; streamlining policy sales and risk underwriting
- Claim handling; to allow clients, partners and employees to directly participate claims handling process in structured and time controlled enfironment.
- Incoming invoice handling; to process supplier invoices within organization smoothly down to the payment.
- Operational Risk Management; collecting operational risk data, managing the risk and delivering reports for the purposes of Basel II or Solvency II.
A Business Process Management technology ensures the results of business process optimization efforts are specific, practical, measurable and achievable. The BPM technology turns the business process model into executable software which integrates the existing business applications, people, sources of information, assigns tasks to the process participants, controls execution of tasks and automates manual activities. This is a key to successful cost and resource optimization efforts in daily business operations.
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