The Best Business Process Management Software for Insurance Companies
Blog: Solutions Review - Business Process Management
The Solutions Review editors have compiled the following list to spotlight some of the best business process management software that insurance companies should consider working with.
The process automation sector encompasses multiple software options, including robotic process automation (RPA), business process management (BPM), digital process automation (DPA), and business process automation (BPA). With these tools, insurance firms can streamline day-to-day operations, optimize processes, stay agile, and empower their workforce to focus their skills on the tasks that matter most. However, with many different insurance-specific tools and systems available, finding the right one for your needs can be challenging.
With that in mind, our editors have profiled some business process management solution providers that insurance companies should consider working with. We selected these vendors based on their service offerings, experience working with insurance organizations, overall reputation, and customer satisfaction. The list is organized alphabetically.
The Best Business Process Management Software for Insurance Companies
Agiloft
Description: Agliloft is a highly configurable solution suite of contract lifecycle management (CLM) capabilities. Its platform includes integrated applications for customer service, web self-service, knowledge management, and contract management. Users can decide whether to employ hosted or on-premise deployment to meet their organization’s needs. Its workflow and business process management features can also help insurance companies maintain compliance, monitor supplier performance, manage administrative workloads, reduce operational risks, centralize contract management, reduce overhead, streamline workflows, and manage changing industry and customer trends.
Buyer’s Guide for Business Process Management.
Appian
Description: Appian helps organizations build apps and workflows with a low-code platform outfitted with robotic process automation (RPA), case management, artificial intelligence, business process management (BPM), and other capabilities. The company offers tools and features for financial services and banking companies designed to unify company data, processes, and people. Appian’s financial-specific features include lending and payment tools, customer lifecycle management, new business lifecycles, and more. With these tools, insurance firms can reduce costs, manage risk, orchestrate complex workflows, eliminate manual work, extend legacy systems, and ensure compliance.
Buyer’s Guide for Business Process Management.
Axon Ivy
Description: Axon Ivy’s business process automation solution combines the speed and agility of a model-driven low-code development platform with the power to build enterprise-grade applications. Its platform is highly scalable and offers a future-proof architecture that open-source technologies can easily extend as needed. For example, insurance companies can use Axon Ivy’s process automation toolset to streamline claims processing, reduce operating costs, create stronger connections with policyholders, orchestrate business processes, reduce employee training time, optimize customer service, and improve back office operations.
Buyer’s Guide for Business Process Management.
Bizagi
Description: Bizagi provides clients with an intelligent process automation platform to connect people, applications, information, and robots. With Bizagi’s suite of financial services, companies can gain the trust of their clients, achieve operational excellence, accelerate time to market, mitigate risks, reduce costs, and more. The platform’s automation capabilities can be applied to insurance claims, loan originations, wealth management, fraud prevention, credit decisioning, and policy administrations, helping firms increase speed-to-market, customer loyalty, transparency, compliance, productivity, and business agility.
Buyer’s Guide for Business Process Management.
Camunda
Description: Camunda is an open-source software company that provides clients across business and IT markets with scalable, developer-friendly, collaborative, and standards-based process automation services. The company’s workflow and decision automation tools enable organizations to build software applications that improve business agility and streamline digital transformations. Camunda’s end-to-end process orchestration solutions can help firms optimize customer experiences, expedite benefits with claims processing automation, automate claims processing, and promote deeper collaboration between IT teams and the wider organization.
Buyer’s Guide for Business Process Management.
Genpact
Description: Genpact provides BPM software solutions to organizations worldwide. Cora, the provider’s Intelligent Business Process Management Suite (iBPMS), enables rapid build and change of high availability, mobile-enabled workflow applications that deliver significant digital business change. The solution combines the products acquired with RAGE Frameworks, PNMsoft, TandemSeven, and technologies developed in Genpact’s analytics and artificial intelligence practices. Insurance firms can use the platform to enable new business models, identify new growth opportunities, make decisions backed by data insights, digitize operations, improve customer experiences, manage the user experience, and develop “future-ready” operating models.
Buyer’s Guide for Business Process Management.
iGrafx
Description: The iGrafx Strategic Transformation Platform enables transformation by connecting strategy to execution while mitigating risk and ensuring compliance. The solution is a cloud-based platform that allows businesses to meet today’s increasing challenges by executing a strategic vision, operationalizing Governance, Risk, and Compliance (GRC), and delivering holistic Quality Management (QMS). Insurance companies can use iGrafx to prioritize customer care, organize company-wide processes, mitigate risks, increase accountability, improve process transparency, automate processes, reduce costs, and align business strategies with company processes.
Buyer’s Guide for Business Process Management.
Kissflow
Description: Kissflow is a cloud-based BPM solution suite suitable for businesses of all sizes. The software automates business processes, monitors performance, helps initiate process requests, views items requiring user actions, and approves pending tasks. The system includes 50 pre-installed business applications, including employee onboarding, vendor payment, mileage reimbursement, and much more. With Kissflow’s low-code/ni-code work platform, insurance companies can improve their processes with policy management, underwriting, CRM, claims management, purchasing, HR, product management, and automation capabilities.
Buyer’s Guide for Business Process Management.
Newgen Software
Description: Newgen Software Technologies Ltd. is a global provider of Business Process Management (BPM), Enterprise Content Management (ECM), and Customer Communication Management (CCM) solutions with a footprint in over 60 countries. With Newgen Software’s low code-based insurance-specific applications, insurance companies have access to insurance claims processing, clause management, policy administration, servicing, sales, underwriting, and other tools to help teams reduce time-to-market, improve accuracy, and deliver a consistent, omnichannel customer experience across life, health, and general insurance coverage areas.
Buyer’s Guide for Business Process Management.
Pega
Description: Pega offers a Business Process Management platform that allows users to assemble an executable business application with visual tools. Its solution offering includes capabilities for lifecycle management, chatbots, DevOps, real-time intelligence, case management, robotic process automation, UX design, workflow intelligence, low-code development, and more. With Pega for Insurance, firms can optimize claims management, automate underwriting processes, use real-time data insights to personalize engagement, reduce claims handling time, and provide seamless omnichannel experiences across the policy lifecycle.
Buyer’s Guide for Business Process Management.
Pipefy
Description: Pipefy is a low-code/no-code process orchestration platform designed to help companies efficiently manage business processes and automate workflows. Its features include workflow management, reporting tools, email templates, data migration, process management, approval flows, email messaging, and custom integrations. With Pipefy, insurance companies can centralize and connect all their data sets, reduce manual work, orchestrate processes, maximize process visibility, deliver better user experiences, automate tasks, resolve claims faster, prioritize customer satisfaction, and monitor their entire operation from a single screen.
Buyer’s Guide for Business Process Management.
SAP Signavio
Description: Signavio, an SAP company, is a leading provider of BPM solutions, offering an integrated software solution allowing you to model, analyze, optimize, and execute business processes and decisions in one platform. The cloud-based Signavio Business Transformation Suite is a smarter way to translate between strategy and execution. For example, insurance organizations can use SAP Signavio’s capabilities to build customer loyalty with journey modeling tools, standardize processes across their firm, improve change management efforts, develop a resilience excellence plan, optimize the end-to-end transparency of claims processing, and manage risk, compliance, and governance efforts.
Buyer’s Guide for Business Process Management.
Software AG
Description: Software AG’s Digital Business Platform (DBP) is a business process management tool that provides the control needed to improve every business process’s speed, visibility, consistency, and agility while minimizing costs and increasing standardization. The solution combines the vendor’s webMethods BPMS product with its middleware stack and advanced analytics capabilities. With Software AG’s BPM system, insurance companies can provide quotes in real-time, process claims faster, securely share data across systems, automate the policy application process, field calls with a 360-degree view of customer data, and increase overall operational resilience.
Buyer’s Guide for Business Process Management.
TIBCO
Description: TIBCO, a Business Unit of Cloud Software Group, offers a flexible, all-in-one platform offering complete visibility and resource management so businesses are in total control of their operations. TIBCO can react to business events in real-time, meeting all process needs. The platform offers Intelligent Work and Resource Management dashboards that allow users to work with process details for greater business insight. TIBCO offers several solutions for insurance companies, including claims management, process mining, revenue management, underwriting, data science, customer experience management, and other tools for enabling agility, innovation, profitability, and growth.
Buyer’s Guide for Business Process Management.
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