FINANCIAL & INSURANCE
Finance and Insurance companies today face several challenges, including shrinking margins, regulatory demands, and industry consolidation. In addition, demands from both shareholders and internal stakeholders are requiring a thorough examination of existing business models. In order to stay competitive, finance companies need to transform their processes and operations, improve profitability, reduce costs, and meet the ever growing need for improved customer service. Furthermore, competitive forces among new entrants in the market are driving changes in how carriers work with their agents, brokers, and the direct channel. Changing a business model is a delicate balancing act which requires visibility into business operations, new ways of dealing with old problems, and technology to support the changes in the business processes that will accompany this change. Insurance companies need a finance information management platform that can unite all their information systems, the business process they serve, and the knowledge workers who work with them. Whether they are considering a new compliance management approach to address the constant change in new regulations, looking to develop a new level of customer experience, or looking for major IT transformation and cost reduction, IIS can help with case management, claims processing and adjudication, contracts management, and operational risk management and corporate governance.
- Security – Prevent unauthorized access to, tampering with, or use of institution’s information assets
- Operational Efficiency – Increase asset utilization while reducing costs through consolidation and business process optimization
- Process Automation – Reduce the number of exceptions while providing a more efficient process to manage and resolve these conditions through automated business rules, workflows, templates, and queuing
- Compliance Support – Reduce the operational risk involved in regulatory compliance through records management, retention policies and external data validation
- Faster Time to Market – Improve the ability to introduce new products and services in a faster, more cost-effective manner
- Increase Share of Wallet – Improve customer service by leveraging the information to personalize the customer experience, providing opportunities to cross sell and up sell