Process Mining Software for Insurance

Minit helps Insurers seize opportunities, maximize business performance and make better use of the data they capture.

Fierce competition

Insurance companies struggle to grow in a mature market. Low-interest rates and investment returns are forcing carriers to scrutinize costs.

Complexity of products

Too many permutations of products all of which bring risk, service, compensation, accounting, and reporting expenses.

Aging technology

Legacy systems are often inadequate to serve the competitive marketplace.

Regulatory requirements

Insurers are subject to increasingly complex and prescriptive regulations and standards.

Increase revenue

Generate new revenue by optimizing sales processes to achieve higher conversions. Improve agility and free up resources to generate new business.

Reduce operating costs

Improve process efficiency. Simplify and streamline operations to reduce operating expenses while increasing cost transparency and predictability.

Improve customer experience

Focus on customer service to build loyalty and organic growth by enhancing processing speed, accuracy, and consistency.

Improve compliance & control

Analyze your processes to ensure the internal controls are working. Compare actual practices against the practices called for in law or policy.

Game-changing insights

Process Mining is a crucial technology that can provide Insurers with actionable insights into to optimization of processes, help improve collaboration across the enterprise, and also demonstrate regulatory compliance.

Faster and better decisions through process transparency

Actionable insights into complex processes help managers reimagine their internal operations and business strategies. Minit supports management decision making and corporate strategy, helping optimize Go-To-Market strategies, determine required capabilities, develop a plan to build a portfolio and seize market opportunities.

Improved operational efficiency

Minit can improve the effectiveness and efficiency of finance and back office operations by enhancing core transaction processing and reporting competencies of the finance function. Improve efficiencies in customer interaction and conversion ratios, reduce quote-to-bind and FNOL-to-claim resolution times.

Accelerating claim processing and accuracy

For insurance providers, the keys to maximizing profitability and customer satisfaction share a common driver – the ability to quickly and accurately aggregate data, correctly code and classify that information, and then take the appropriate action and respond to customers based on that business intelligence. Minit helps its insurance customers compress the time between claim submission and provider response, by optimizing and accelerating workflows.

Risk assessment, Compliance, Fraud detection

By making recommendations to improve processes and controls across an organization, Minit ensures risk and performance measures are embedded in key business processes. Minit can also help identify current risks, and serve in building forward-looking governance and compliance programs that ensure adequate oversight of the compliance infrastructure and monitor ongoing governance and compliance practices.