Staffware Cuts Cost of Claims Management With BPM Solution For P&C Insurance Industry.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--Oct. 20, 2003 New Claims Management solution to improve efficiency of the claims process, increase customer satisfaction and deliver process flexibility Staffware, a global leader in Business Process Management (BPM (Business Process Management) A structured approach that models an enterprise's human and machine tasks and the interactions between them as processes. BPM software provides users with a dashboard interface that offers a high-level view of the operation that typically ) software, today launches Staffware Claims Management, a BPM solution tailored to the requirements of the Property & Casualty (P&C) insurance industry. With the claims function representing the single largest overhead for P&C insurers, accounting for up to 85% of total operational costs, insurance companies are being forced to reduce the cost and time taken to process and settle claims. Staffware Claims Management has been developed to address these challenges by automating processes and tasks currently performed manually, enabling better management and control of the end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. claims supply chain. Based on Staffware's in-depth in-depth adj. Detailed; thorough: an in-depth study. in-depth Adjective detailed or thorough: an in-depth analysis sector expertise gained from working with customers such as Allianz Ireland, Fortis, HBOS HBOS Halifax Bank of Scotland (Insurance & Investment Division), MapFre and Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance Australia Ltd, the Staffware Claims Management solution combines the company's market leading BPM technology with its new Claims Management Framework - a suite of pre-defined, re-usable 'best practice' process components. The solution can be quickly and easily implemented to significantly improve the management of claims by linking all participants, applications and resources in the claims value chain into a streamlined end-to-end process. Staffware's announcement follows a recent independent report issued by Gartner (Claims Management - An Insurance BPM Model, June 2003) that highlights a growing interest by insurers in BPM technology as a means to transform the claims process. Kimberley Harris, author of the report at Gartner inc. concludes: "Claims processes must be re-engineered using BPM tools and claims management solutions to find optimal business impact." Staffware Claims Management designs, automates, manages and tracks all steps in the claims process from first notice of loss through to final settlement of the claim. The solution delivers several key benefits for P&C insurers. Customer service and productivity are improved through optimum process automation and STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. (straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. ) of certain claims types. By automating routine and administrative tasks, claims specialists are able to concentrate on higher value, customer focused activities. At the same time, parallel processing parallel processing, the concurrent or simultaneous execution of two or more parts of a single computer program, at speeds far exceeding those of a conventional computer. of work i.e. the processing of multiple tasks simultaneously helps to streamline the claims process and reduce the overall time taken to settle a claim. As a web-enabled solution, brokers, intermediaries and customers have the ability to submit new claims or track the progress of existing claims online. MapFre Seguros Generales, one of Europe's leading insurers, is the first customer of the Staffware Claims Management solution. Juan Manual Aguas, Director of Technology at Mapfre, commenting on the Staffware solution, said: "We consider Staffware to be the key technology platform in the market. For this reason, the implementation of our claims system on Staffware will allow us to provide, and guarantee a quality of service to the customer that is unrivalled in the market." Britt britt n. Variant of brit. Noun 1. britt - the young of a herring or sprat or similar fish brit young fish - a fish that is young 2. Measures, VP Solutions Marketing Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. of Staffware, added: "Staffware's Claims Management solution has been built around real industry needs using our experience with MapFre and others to solve the issues they face in their day-to-day work. As a result, we can be confident that we have a solution that will have immediate positive impact within this sector bringing significant benefits at a time where competitive, regulatory and market pressures are mounting." About Staffware Plc Staffware is the leading Business Process Management specialist and has over 2 million licensed users in 5,000 customer organisations. Within the financial services and insurance sector these include: Allianz Ireland, Allied Irish Bank, Barclays PLC Barclays PLC is a global financial services provider operating in Europe, the United States, the Middle East, Latin America, Australia, Asia and Africa. It is a holding company that is listed in London and New York. It operates through its subsidiary Barclays Bank PLC. , Commonwealth Bank Group of Australia, Citibank, Deutsche Asset Management, HBOS (Insurance & Investment Division), MapFre, Nedcor Group, SOCX SOCX Social Expenditure , Skandia Life, UnumProvident, and Vital Insurance. The Staffware Process Suite provides a complete set of tools to create, transform and streamline the internal and external processes and tasks of an organization through the creation of an Independent Process Layer. In addition, Staffware's Claims Management Framework has been developed specifically to enable the end-to-end automation, management and settlement of claims. Staffware is headquartered in the UK, has offices in 16 countries and employs approximately 350 people. The company is listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and is the leading profitable, debt-free, global vendor focused exclusively on providing BPM solutions. |
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