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The insurance sector is one of the world's largest, most diversified, and challenging markets. It is a highly regulated industry where frequent changes in legislation call for high levels of adaptability. Fraud risk detection and prevention, together with cybersecurity threats, demand important technological upgrades. Growing customers’ expectations for more personalized services are leading to a digital revolution with companies looking to establish more agile, customer-centric business models.
SAP Signavio and long-standing partner BearingPoint are equipped to provide insurance companies with the solutions and expertise they need to navigate modern challenges and successfully drive their digital initiatives. Importantly, we teamed up to generate ready to run sets of content – value accelerators – that can help companies further speed up their transformation programs while increasing the quality of outcomes.
The initiative has led to the recent release by BearingPoint of a new value accelerator for SAP Signavio Process Intelligence that supports a core and high impact process for insurers: the optimization of payments for Premium Collections in SAP Collections and Disbursements for Insurance.
I had the pleasure of connecting with Carsten Erler, Partner at BearingPoint to gain additional insights on the new value accelerator and discuss the next steps of our joint content strategy. In this blog, I share my findings.
We are proud to have you as a contributing partner to our value accelerator strategy; how do you think our content and value accelerators can benefit the insurance sector?
Carsten Erler: The concept of digital transformation in the insurance space came into play several years ago and it is persisting. Given the recent changes in the market, insurance companies need to adapt fast and innovate not to be left behind. The starting question is: “How do I get my business to be smarter, faster and more efficient?” Value accelerators provide insurance organizations with inspiration, foundational templates, and technical enablers to start and speed up their transformation journey throughout.
Can you explain to the community what the new value accelerator is about and why this represents exciting news for the insurance industry?
Carsten Erler: Together with SAP Signavio we have decided to combine our strong sector, process, and technical expertise to develop a value accelerator that helps insurance companies move forward by getting direct and easily insights into their processes and gain transparency.
This new value accelerator serves companies working in the insurance industry and running on SAP Collections and Disbursements for Insurance. Designed for SAP Signavio Process Intelligence, the accelerator helps jump start the mining experience, leading to greater process transparency and efficiency. The value accelerator enables a fast and easy connection with SAP Collections and Disbursements to leverage potential in the collections and disbursement process chain with minimal effort. Process insights, especially in manual processes, are visible and measurable from day one.
Which challenges does the value accelerator help to solve?
Carsten Erler: When we dive deeper into the processes of the collections and disbursements, we observe different bottlenecks and challenges our clients face which eventually lead to a less positive customer experience, or increased internal costs (processing, labor etc.). Many insurance organizations want to improve the process but do not have the time, budget, or resources to invest in this side project and this is where we come to help.
The new value accelerator supports insurance companies in identifying bottlenecks in their daily operations and obtain measurable benefits which result from process automation or reduced error rates. It also provides an overview of the most important dunning KPIs (e.g. top ten business partners with open items, overview of premium contracts with open Items, overview of dunned statuses and more). By helping insurers understand what happens in the background, how the actual processes are compared to how they wish them to be, the value accelerator can enable benefits such as cost reduction, higher operational efficiency, and increased employee and customer satisfaction.
Which specific use cases does the value accelerator support?
Carsten Erler: The accelerator supports the collections and disbursements and has a starting point in the dunning process, the collection of overdue payments from customers. Furthermore, the accelerator can also analyze other processes, depending on the clients' strategies and needs.
Starting from the ‘dunning use case’ in SAP Collections and Disbursements, insurance companies can understand the created customer value through deep knowledge of the payment status, dunning, and settlement. End customers ask for personalized experiences, and these can be made possible by providing them with better services, such as issuing a dunning notice at the right moment with a suitable (modern) payment offer. The setup of the dashboards gives the finance departments a good overview of the liquidity for the specific time frame, the calculation of DSO (Days Sales Outstanding) is one click away, and the same for the overview of dunning vs. settled postings or the dunning in external collections.
The as-is vs to-be scenarios can easily be compared to one another without the need to invest an additional project budget. Often the start is more challenging for companies, but the accelerator provides the support needed to quick-start process optimization.
And the journey does not stop here. The accelerator is not only useful for the dunning processes but for the entire SAP Collections and Disbursements environment. Considering this, adaptations pursuing the goal of being more adaptive to customer needs are easily possible. Once we improve the potential in the actual process, we can cut complexity and export the improved process as BPMN. Moreover, data-driven process mining shows the process steps where approaches including AI solutions truly leverage value.
What kind of delivery timelines should customers anticipate?
Carsten Erler: The first insights can be gained within hours after connecting to the SAP Collections and Disbursements for Insurance system and conclusions are derived in a matter of days. The prioritization of action items is based on process-relevant data and supported by BearingPoint's most experienced consultant teams. Major business cases and the implementation plan are set up within 2-3 weeks.
Where and when will the new accelerator be made available?
Carsten Erler: The value accelerator is now available. In order to request it, you can reach out to us via email at signavio@bearingpoint.com or via the value accelerator library for SAP Signavio solutions embedded into the SAP Signavio Process Transformation suite.
What is coming next?
Carsten Erler: As a next step, we are going to connect the ICM (Commissions) processes. Stay Tuned for more!
Thank you for reading about BearingPoint's exciting new SAP Signavio Value Accelerator. We're eager to continue the conversation and hear your thoughts and questions. Let's continue to drive innovation and transformation together!
