Metrics for improving insurance

James Taylor has a nice post about the metrics he would consider would offer measurable improvement for insurance companies when deploying a business process management suite (BPMS) alongside a business rules management system (BRMS). I think that his metrics or benefits to the business extend across underwriting as well as claims, which is no bad thing - we know from experience that these technologies work well, so why not target them across the whole lifecycle of the customer?

The business benefits in James' post come after the technology benefits, which I think actually devalues them, but in summary the business should see measurable improvement in the following metrics:

* Fines
* Cost per transaction
* Straight Through Processing rate
* Consistency across Agents
* Appeals
* Reports ordered
* Mail, fax and shipping costs
* Cross-sell/Up-sell rates

James explain his thoughts around each of these in more detail, so take a look at his post for more information.

Now, imagine being able to demonstrate to the business leaders the probable outcome of introducing new BPMS/BRMS technology before the fact. Pre- and post-simulation alongside business metric (not just time and activity metrics, but real dollar values) are core to this and my colleagues at Global 360 are working on providing analytics to help business understand the impact of investments before they make them, as well as measuring their success and potential for improvement after the fact.

Technorati tags: Financial Services Technology analytics insurance business improvement

A post from the Improving New Account Opening blog