Process Orchestration for Insurance Companies
Both established insurers and emerging insurtechs can greatly benefit from revisiting the systems they have in place and replacing outdated platforms with scalable, digital-first insurance automation solutions. Although very different in the way they operate, both encounter similar challenges that put their business at risk:
- Outdated legacy systems and homegrown automation software that both aren’t built for scale
- Lack of visibility and strategic oversight
- Risk of key processes breaking down
- Complex regulatory landscape
- High competitive pressure
- Growing demand for frictionless customer experiences
Enabling collaboration for better business outcomes
Camunda’s sophisticated process automation solution has proven incredibly beneficial for insurance companies like Generali Switzerland: End-to-end orchestration of human and automated processes saves time and improves efficiency. Thanks to its open architecture and developer-friendly, standards-based approach, choosing Camunda helps ready your business for true digital transformation and encourages deeper collaboration between IT teams and the wider organization.
A trusted partner
Camunda customers like Indiana Farm Bureau, R+V Versicherung, and Swiss Re Group report better customer experiences and faster time-to-value, helping them improve operational efficiency and business agility. A commissioned study conducted by Forrester Consulting concluded that with Camunda, insurers can reap benefits worth $25m over three years.
This sum consists of both savings in excess of $23m and additional revenue worth over $1m that organizations can unlock by capitalising on a now smoother customer experience — a significant competitive advantage.
With Camunda, your team can design, automate, manage and improve a virtually unlimited variety of end-to-end business processes, such as: customer onboarding, claims processing, policy management, underwriting, regulatory compliance, and more.
“ With the drive towards large-scale digitization of products and services accelerating, insurers should act now to remain competitive, conduct business more efficiently and reduce costs. ”
— Christian Nicoll, Director of Platform Engineering and Operation, Generali Switzerland
Scalable architecture fit for your growth plans
Camunda’s open software and flexible architecture enable powerful end-to-end process orchestration. Our solution provides organizations with speed, scale, security and resiliency without the overhead of building and maintaining infrastructure. Furthermore, our open architecture approach unlocks universal connectivity thanks to a series of essential connectors along with simple and intuitive integrations across a variety of technology enablers.
Global success at scale
Optimizing customer experience through process orchestration
Visana, a Swiss health and accident insurance company serving over one million individuals, decided to further develop its technical infrastructure, accelerate workflows and improve the customer experience by automating the claims process. Their existing solution lacked transparency and actionable insights, so they selected Camunda to orchestrate a number of systems including the entire incoming mail process as a document management service – with a daily load of 32,000 documents. In addition, Visana uses Camunda Optimize to create performance reports and heat maps that identify where processes and resource allocation could be improved.
Today, Visana continues to deliver on its core customer commitments – that customers receive their policies within 20 minutes, and agreed benefits within an average of eight working days. They expect to make fundamental changes to roughly 25% of job functions to realize the potential of a fully functional workflow automation system.
Speeding up benefits with claims processing automation
The U.S. Department of Veterans Affairs (VA) provides a variety of benefit services to nearly 22 million U.S. Veterans and their families.
With the Covid-19 pandemic forcing employees to work from home and veterans increased need for benefits, one of the biggest challenges the VA faced was improving claims processing automation.
From start to finish, it took less than eight weeks to deploy the new benefits claims processing solution replacing letters that were manually generated from templates and text fragments. The VA now uses fully automated controls harnessing data inputs combined with decision rule outcomes.
Digital transformation at scale
Provinzial, one of Germany’s leading insurers handling premiums in excess of €6b per year, chose Camunda to undergo a complete transformation from a predominantly paper-based approach to an automated, process-orientated way of working. Today, more than 100 processes and 250 decisions have been automated, running around ten million process instances each year.