Insurers are facing market shrinkage, increased customer volatility, cost pressure and aging IT systems.
Insurance companies struggle to grow in a mature market. Low-interest rates and investment returns are forcing carriers to scrutinize costs.
Too many permutations of products all of which bring risk, service, compensation, accounting, and reporting expenses.
Legacy systems are often inadequate to serve the competitive marketplace.
Insurers are subject to increasingly complex and prescriptive regulations and standards.
Improve the quality and speed of claims processing by conducting automated business process analysis with Minit.
Generate new revenue by optimizing sales processes to achieve higher conversions. Improve agility and free up resources to generate new business.
Improve process efficiency. Simplify and streamline operations to reduce operating expenses while increasing cost transparency and predictability.
Focus on customer service to build loyalty and organic growth by enhancing processing speed, accuracy, and consistency.
Analyze your processes to ensure the internal controls are working. Compare actual practices against the practices called for in law or policy.
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.
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.
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.
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.
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.
Minimized repetitive steps and rework
Improved communication flow between branches & HQ
Increased manager capacity thanks to improved reporting
Cost reduction due to optimized process flow
Improved first contact resolution