Insurance

For your Department: Operations


Download the Operations Chapter
Operations is the administrative heart of the insurance company, providing the transaction monitoring and processing infrastructure that ensures execution of policy issuance and renewals for customer coverages. It is the engine driving back-office work by updating underwriting rating information, fulfilling production requirements, setting up billing accounts, reconciling payments, paying commissions, executing changes, tackling execution anomalies, and dealing with peaks and valleys of demand. That engine depends on input from the frontline functions of the business—Legal, Marketing, Sales, Underwriting, Claims, and Finance.
Traditional barriers to effective performance management in Operations include:

  • The operational back end can't see where it's going without the frontline's vision
  • Process bottlenecks and downtime
  • In a fast-paced, increasingly specialized economy, cost averages disguise cost reality.

For Operations to win at the margins, every day and in every process step, it must balance the need to reduce costs while staying agile enough to respond to new customer and product demands. “The Performance Manager for Insurance,” a new book from Cognos, an IBM company, offers ways Operations can leverage technology to lead five core areas of the insurance company's decision-making:

  • Procurement: Ensuring timely and cost-effective input of resources and capacity
  • Capacity and resource scheduling: Generating timely output in the face of uncertain demand, complicated processes, and variances in input
  • Network and logistics: Achieving efficient logistic and network execution
  • Cost and quality management: Balancing the need to reduce costs with the equal requirement to deliver quality output
  • Process efficiency: Designing a process to monitor and analyze performance benchmarks to find opportunities for greater efficiency.
Page: 1 2 3 4 5 6 7 8 9 10 11
Find out more about:

Additional Resources:


Cognos and Risk Management: Managing Risk Through Business Intelligence
Online Demo
See how business intelligence can help you analyze and report on risk exposure in your company.
Read Now
Performance Management for Insurance
Fact Sheet
Read how Cognos helps leaders in the insurance sector-including six of the top 10 insurance companies in the world-manage risk and improve profit.
Insurance Product Profitability
Business Value Guide
Read how the IBM Cognos Insurance Product Profitability Performance Blueprint helps insurers create business segment profit-and-loss statements and balance sheets by product line, product, and brand.
The Risk-Basked Early Warning System
Analyst Report
What does the future hold for your business-stagnation and gradual decline, or constant, aggressive growth? In the second of a provocative series of articles, David Axson and Gregory Hackett explain how the finance organization can help businesses assess and address risk.
Insurance Product Performance Blueprint
Online Demo
See for yourself how this Blueprint can help your organization create business segment profit-and-loss statements and balance sheets by product line, product, and brand.
Rapid Scorecarding for financial services
White Paper
Find out the value of scorecarding and the five key steps to creating an effective one.
 
Insurance Resources
Performance Management for Insurance
Book
Discover proven strategies for turning information into insurance performance management.
Reporting and Performance Management
Online Demo
See reporting as part of managing performance for every department.
Performance Management for Insurance
Fact Sheet
Find out the proven strategies for turning information into insurance performance management.
Contact Sales