Business decisions can be tough. You’re often unsure whether you have enough information, or even the right information, to choose wisely. And you certainly aren’t looking forward to the consequences if you’re wrong.
Underwriting is a process used across multiple industries—from finance to real estate to insurance—to assess and address risk. And while different organizations develop their own set of underwriting guidelines to suit their needs, how they apply these guidelines is standard across the board. Hence the rise of automated underwriting.
At its core, life insurance underwriting is about assessing risk. The greater the risk, the more likely an application will be denied; or, if approved, the higher the premium will be.
Case management is a term that’s been floating around healthcare for many years. It’s used by all kinds of different industry participants—from providers to insurers to vendors. Yet despite its tenure and wide usage, the term’s meaning varies depending on who’s using it and in what context.
The larger your organization, the more dependent you are on technology. But when this technology takes a large number of resources and specialized personnel to set up, implement, and maintain, it can present a heavy burden. This is especially true in healthcare insurance and finance, where efficiency depends on tech-heavy processes and content workflows. Enter low code development.
Enterprise content management (ECM) is a legacy industry-standard term that got its name when documents were being scanned, faxed, and digitized so they could be be routed online. Today, a broader range of electronic content—including forms from websites, video files, and social media artifacts—can be managed by an ECM platform.
For insurance companies, business process management (BPM) workflows can make or break daily operations. The “break” side of the coin typically involves time-intensive, error-prone manual processes that cause costly delays.
IBM’s Operational Decision Manager (ODM) is an industry-leading business rules management system—often referred to as a business rules engine—capable of driving significant operational efficiency by processing business logic expressed as business rules. A business rule is a specific but plain-language “if/then” statement that leads to a decision you’d want the business to make on your behalf.
The growing trend in digital business automation has inspired significant discussion and spend among organizational leaders. That’s not surprising given the greater need for efficiency and the increase in meaningful data.