As we roll into 2022, here's a look back at our most popular posts of 2021. Whether you missed them when we originally published them or want to read them again (they are good, though we are admittedly biased), here are the five most popular posts we published last year.
- How to Create a Metadata Framework (second year in a row!)
- How to Evaluate and Select the Best Process Mining Solution
- 5-Point Checklist to Optimize Insurance Claims Processes With Process Mining
- Workflow Process Migration Explained -- and Why Process Mining Creates Faster Time to Value
- How to Optimize the Insurance Claims Process
We hope you enjoy these for the first, or second, time. We look forward to sharing our insights and helpful strategies with you in blogs and videos throughout the upcoming year.
A metadata framework is simply a small collection of three types of metadata that are used together to make managing and finding content more efficient. It’s an essential step that’s often overlooked. If your migrated content isn’t tagged appropriately and accurately, users will have a hard time finding it—if they can find it at all.
The four benefits of a good metadata framework are findability, re-use, user experience, and manageability
- Improved findability. Search results are dramatically improved by using search filters and facets. Content can also be delivered dynamically, based on the user.
- Improved reuse. Documents can be accesses, shared, and reused across processes and lines of business; document duplication should be dramatically reduced.
- Improved user experience. For most departments, users will assign a single tag and all metadata will be automatically applied.
- Improved manageability. Records and security will be improved because every document will have the correct metadata to enforce compliance.
We recommend an efficient process mining evaluation approach that asks and answers the following questions:
- What business areas and processes are you trying to address? Are you interested in targeting core line-of-business processes for e.g. banking, insurance, manufacturing, or utilities? Or processes in corporate functions like procurement, sales, accounting, finance, or HR? Or information systems like your document and data capture, ECM, or BPM/case management systems? Or your ERP, CRM, claims processing, or other business systems?
- What do you want to do with those areas and processes? Are you most interested in process discovery? Conformance analysis? Process improvement. There are several options within each of these three. Determine which of these you want to prioritize.
Every insurance company could benefit from further streamlining their claims process. P&C insurers often spend up to 80% of total premiums on claims processing and payout. Traditional approaches to determining the “as-is” state of business processes are a time-consuming, costly, and not always accurate process. The promise of process mining is that it removes the guesswork from how actions are being executed by accessing the data from the involved systems.
Five critical steps companies need to take to use process mining to optimize the claims process:
- Identify the value opportunities to improve, and the KPIs and metrics to track
- Measure how the claims process performs
- Identify and prioritize the root causes for performance gaps
- Identify and prioritize the solutions to eliminate the performance gaps
- Implement the solutions, measure the improvements, and tune
Migrating business processes routinely costs large businesses tens of millions of dollars. The cost of avoiding migration is also high – lost customers from poorly designed customer experiences to name one – and continues to climb.
What should an organization who needs to migrate their important processes from legacy or partial workflow systems to newer, automated platforms do?
Accept that it will be a costly and long process, but one that is now easier to accomplish with new technology. First, the pain: even “simply” upgrading versions of software historically has cost tens of millions of dollars. It can be even more if reengineering is required, for example in replacing a homegrown legacy system – where the costs are upwards of $100 million.
Other than signing up for an insurance plan, the most common interaction customers have with insurance companies is submitting a claim. If your claims process is broken or even slightly off, you’re not providing a great customer experience.
With so many options, when insurance companies don’t provide a great customer experience, customers leave. Complaint data from the National Association of Insurance Commissioners shows that 68% of compliance across 10 insurers surveyed were related to claims. Optimizing the claims process is critical for controlling operating costs, increasing working capital, and improving customer satisfaction. But many insurance companies struggle to make significant improvements because they:
- Can’t clearly identify the execution gaps and root causes of the “friction” in their processes
- Can’t effectively implement and monitor the actions that close each gap