Insurance companies are finding it increasingly difficult to remain profitable and competitive. A lot of this has to do with internal systems and pools of resources working in isolation on disparate systems. A big factor is the management of risk against legal mitigation and complaint management.

The FSA financial regulator requires that all financial services providers meet certain TCF (Treating Clients Fairly) standards. Although this regulation is principle based, companies need to be able to show that they are addressing these rule areas.

Automated workflow enables joined up working and end-to-end process management and control. This also makes for visible process audit trails where a service provider can show that their processes are designed and auditable to demonstrate TCF throughout their dealings with their clients.

Automated workflow solutions for Insurance Companies include-

  • New policy sales
  • Claims processing and management
  • Daily commisions allocation
  • Automated correspondence
  • Document management

Automated business rules and decision solutions for Insurance Companies include-

  • Premium calculations
  • Policy type management
  • Claim rules and decisions
  • Complaint management
  • Compliance policy enforcement