Deliver superior customer experiences with an AI-driven platform for creating and deploying cognitive chatbots
Deliver Awesome UI with the most complete toolboxes for .NET, Web and Mobile development
Automate UI, load and performance testing for web, desktop and mobile
A complete cloud platform for an app or your entire digital business
Detect and predict anomalies by automating machine learning to achieve higher asset uptime and maximized yield
Automate decision processes with a no-code business rules engine
Optimize data integration with high-performance connectivity
Connect to any cloud or on-premises data source using a standard interface
Build engaging multi-channel web and digital experiences with intuitive web content management
Personalize and optimize the customer experience across digital touchpoints
Build, protect and deploy apps across any platform and mobile device
Rapidly develop, manage and deploy business apps, delivered as SaaS in the cloud
All businesses succeed or fail based on the decisions they make. Some decisions are strategic and high level, such as the overall direction of the company or major marketing objectives. But, most decisions are tactical and operational, repeating day after day.
The insurance industry is a prime example of a decision-intensive business where thousands of decisions are made daily. In fact, decisions comprise up to 70% of the tasks in core insurance processes such as policy underwriting and claims processing. What’s more astounding is that in today’s automated world, a large number of these decisions are still being made manually. This is where a business rules management system (BRMS) can make a big impact on streamlining operations in the field and in the office.
By implementing a BRMS solution such as Progress Corticon, insurance agencies are automating many of the decisions they make every day to process customer eligibility, complete risk assessments, generate price quotes, commission payments, claims processing, and more. By automating logic-based decisions, agencies can save time and money as well as eliminate inconsistencies from manual input. This obviously has a significant, direct impact on the bottom line but also helps improve offerings and customer service by reducing quote times and reducing claim settlement times.
Another key advantage of a BRMS solution is the ability to quickly and efficiently make changes to the decision making process. Whether it’s for regulatory requirements, market demands or simply product changes, the decision-making process is in a constant state of fluctuation. When done manually, personnel have to be trained on the new rules or processes that must be followed. Not only is that process time consuming and expensive, but there will undoubtedly be an uptick in errors as employees familiarize themselves with the new rules.
With a BRMS solution in place, changes to the decision model can be made easily by a business team and instantly put into effect without any uptick in errors. With Corticon, this can be done through a spreadsheet-like environment that business users can quickly master. Not only does that save the cost of training personnel who make the decisions but it also eliminates the need for complicated coding from the IT team which can be costly and time consuming, ultimately enabling IT to focus on other projects.
With the power of an agile BRMS system, insurance agencies have seen a 75% reduction in customer acquisition costs and a 90% reduction in manual underwriting tasks, among other significant gains. The combination of the direct internal benefits and improved customer service are a one-two punch that will help improve offerings and free up resources that could provide the crucial boost an agency needs to take another giant step forward.
Sign up for a free trial of Corticon and see for yourself. If you have questions, ask us on Twitter at @ProgressSW!
Dr. Mark Allen is a Progress General Manager, dedicated to advancing business automation and passionate about applying technology to improve the world. In 2000, he founded Corticon, later acquired by Progress in 2011. Under his leadership, Corticon became a leading independent business rules platform with hundreds of customers in diverse industries such as financial services, government, healthcare and insurance. Prior to founding Corticon, Dr. Allen developed rules-based systems to help physicians make better patient care decisions. Dr. Allen has a B.S. in Applied Physics from Columbia University, and an M.D. from the University of California Los Angeles.
Copyright © 2018 Progress Software Corporation and/or its subsidiaries or affiliates.
All Rights Reserved.
Progress, Telerik, and certain product names used herein are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and/or other countries. See Trademarks for appropriate markings.