California-based TIBCO Software Inc., an enabler of real-time business and an independent business integration software company, announced the availability of a new TIBCO BPM solution, TIBCO Claims Management Framework v.2.
Using the independent process layer approach, the solution combines the benefits of a neutral BPM tool set and a packaged application to considerably increase process efficiencies within the insurance industry.
Leveraging existing TIBCO BPM products to provide an optimal
industry-focused solution, TIBCO Claims Management Framework v.2 enables insurers to tackle the dual challenge of reducing costs in their claims operations and at the same time helps them improve customer service.
This solution also addresses both aspects of the insurance industry’s cost-service equation – the need to minimize exposure in a growing claims culture while remaining profitable and simultaneously meet customer demand for faster, fair and increasingly transparent decision-making. It does this by providing more streamlined, integrated claims processes.
“Due to shrinking investment incomes, insurers are putting claims
executives under pressure to deliver lower claims costs. Taking the BPM approach enables insurers to not only reduce the administration costs of handling claims but also to minimize claims leakage and improve productivity,” said Wim Vanderstraeten, chairman of Capgemini’s Leadership Team in Insurance.
“This is because BPM delivers greater process automation, end-to-end control of the claims value chain and better visibility of the claims being processed. At the same time, by making the claims process transparent, a BPM approach helps to significantly improve communications with end clients and brokers.”
Addressing the historical use of both manual and, at best, semi-automated processes and legacy systems to support claims management, TIBCO Claims Management Framework v.2 delivers an end-to-end automated process approach, reportedly speeding claims settlement times and lowering costs by minimizing claims leakage and transaction costs. It reportedly promotes the deployment of best practice processes, allowing claims handlers to achieve timelier, consistent claims outcomes by delivering a process-centric view of the claims environment, where the management of the end-to-end claims processes is separate from the underlying applications and data. This solution enables insurers to improve the performance of their claims operations without discarding legacy investments.
Delivering on the BPM product road map outlined following TIBCO’s
acquisition of Staffware Plc, TIBCO Claims Management Framework v.2 automates, manages and tracks every step in the claims process from first notice of loss through to final settlement of the claim, resulting in improved customer service, increased efficiency and greater productivity.
Key components of TIBCO Claims Management Framework v.2 include:
— Spans end-to-end claims management
— Pre-defined process models and business rules
— Unique user interfaces
— Performance-based reporting
— Integration services
— Insurance Data Schema
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