Insurance organizations operate in a highly competitive market in recent years. In order to increase their revenue and profit, they need to be more agile in how they automate processes to optimize complex underwriting, detect fraudulent and high risk claims and streamline customer service processes. In addition, changing market conditions, the altering requirements of local and international regulations, along with economic fluctuations, all require permanent amendment in the way business is done.
Managing this change is time-consuming, expensive and error-prone. IT departments are often not well equipped with all necessary tools, to modify the complex business logic with the frequency the market or regulators demand.
Sirma Policy Management is a high-end enterprise- wide solution that empowers insurers to address this issues quickly and with confidence.
Sirma Policy Automation is web-based software application for automation, which enables insurance companies to quickly create, edit, manage, and implement the complex business logic in policies as users continue to use their familiar Word, Excel, etc. The solution consolidates all existing policy management information in one common logical data repository, well-arranged in libraries by rules, based on different organization’s needs and requirements. The application also supports and manages team collaboration, data exchange and the entire lifecycle of the policy.
Sirma Policy Management effectively supports the companies in the process of creation, edit, versioning, approval, publishing, tracking and analysis of all documents needed for underwriting – policy, terms and conditions, templates, etc. The documents are organized based on pre-defined principles in separate operational document spaces, according to the needs of the respective organization – by policy type, by teams, departments, business lines.
With the semantic functionality for contextual recognition the documents are connected and linked automatically and logically with the rest of the appropriate policy content, based on pre-defined contextual interconnections. This provides data consistency, saves time and minimizes the risk of data loss for both newly attached and existing documents.
Usability and Collaboration
The user experience is organized within a workspaces, providing a high-level centralized view of the key information areas associated with the policy, user, the teams he is working with, documents, tasks, workflows and the communication he is involved in. The user screen is fully editable and configurable meeting the highest level of flexibility requirements. Each organizational object (policy/template/and so on) has its own dashboard where users can dive in the deepest level of functionalities and data, depending on their role and rights.
The workflows are pre-defined sequences of tasks, as the result of each task defines the direction for the flow and respectively the generation of the next task. The tasks are defined with a tool, based on the Business Process Modeling
Notation (BPMN) standard. The workflow organization minimizes the risks of skipping a step/task of the process execution.
Adequate and on-time employee reaction is important for the business. Automatic e-mail notification has become a standard software functionality lately, and the users are properly informed when they have to take some actions in the system or just to receive information about other users actions.
Another modern collaboration form is “socializing”. With the functionality for in-context social collaboration users can have additional conversations and commentaries for different policies, documents, document sections, tasks, etc. An alternative to the standard mail correspondence, this is saving time and effort during the collaboration process. Furthermore, Sirma Policy Management is suitable for serving the needs of different communication channels – contact centers, online, remote agents, partners, etc.
Role-based access and security
The access to the application is role-based. With the different user permissions the management can control the access to the information and to the sets of the functionalities. All user actions in the system are transparent and visible and can be reviewed at any given time with an audit log that can be exported for further analysis.
Make decisions in a timely manner
Sirma Policy Management provides insurance companies a tool-set to:
Improved customer satisfaction
Automatization of the policy management processes gives to the organization velocity in reaching the end customer, as in the same time improves the services quality. The end result is faster customer interaction, improved information consistency and operational costs deduction. This usually also leads to improved closing ratios and customer loyalty.
Sirma Policy Management provides a thorough representation of the business logic in documents, in order to keep it well maintained and constantly evolving. The application enables consistent communication between different departments, policy owners, which reduces the possibility of errors. It leads to the elimination of such activity as numerous revisions of policies and conditions. Organizations benefit from unmatched agility and flexibility, improved productivity and reduced time to market, as well as lowering the operating and expense ratios.
Integration with third party platforms and business software solutions
The application supports an easy and fast integration, through SOA architecture, which makes it easy to connect with CRM, ERP, HR and other legacy systems.
Improved corporate governance and compliance with regulatory requirements
The automation and management of complex business logic, empowers rapid response and timely implementation of the necessary changes in policies, terms and conditions. This allows full control and traceability, along with the ability to audit the implementation of new rules among the employees and partners of the organization.
• Creation, management, edit, approval, publishing, archiving of policies and relevant documentation;
• Versioning and version comparison;
• Libraries of standard policies, rules, contracts, templates, etc;
• Compliance with local and international law;
• Multilanguage documents;
• Workflows and tasks management;
• Reports and analysis;
Why choose Sirma Policy Management?
Sirma Policy Management provides an opportunity for representation of the complex structure of policies and documents based on their existence in the Real World. The application aims to reduce operating costs and time to market. It also helps optimizing the quality and efficiency of employees, along with increasing of customer and partner’s satisfaction.