Pegasystems Helps Insurers Build Profits, New Business

Pegasystems Inc. is shipping a BPM-rooted solution aimed at helping insurers drive new business and retain existing accounts. The 'New Business Backbone' helps automate many manual processes by integrating BPM, Best Practices and case management features.

by Vance McCarthy

Tags: Business, Insurers, Business Backbone, Submissions, Efficiency, Policyholder, Policies,


Pegasystems Inc. is shipping a BPM-rooted solution aimed at helping insurers drive new business and retain existing accounts. The 'New Business Backbone' helps automate many manual processes by integrating BPM, Best Practices and case management features.

In today's strained economy, insurance companies want to simplify their submission processes to cut costs, and improve revenues. But insurers need to balance their needs for a better balance sheet with ability to meet customer needs, and improve customer satisfaction and loyalty, according to Pegasystems' Gary Kirkham, Senior Director for Insurance Industry Solutions.

Pegasystems' New Business Backbone will let insurers reduce the times it takes to process new policies, improve policyholder conversion rates, better track the status of the each new policy and reduce the overall time and expense to process applications and issue policies, the company said.

"Pegasystems' approach to new business processing gives insurers a powerful tool to control and expedite submissions across front and back-office support operations," Kirkham said in a statement. "The New Business Backbone allows them to build a support foundation that can be specialized by line of business to reduce operational expense and drive revenue growth."

Inside Pegasystems' Business Backbone for Insurers

Pegasystems' New Business Backbone let insurers:
  • Increase operational efficiencies. Insurers can perform straight-through processing, automate redundant low complexity submissions, monitor service-level agreements and business alerts.
  • Improve efficiency and reduce expenses. Insurers can cut out unnecessary steps and eliminate the manual handoff of work by using a routing system that assigns work to the right person at the right time.
  • Capture distribution channel loyalty. Intuitive tools enable agents and brokers to process more business.
  • Improve quality. Powerful search- and quote-management tools let insurers identify duplicate submissions, select appropriate quotes, and issue policies more efficiently.


    • Many insurers are not able to efficiently manage new business across their operations or 'get the full picture' of a customer's status, activity or long-term value, according to Pegasystems' Kirkham. The company's new streamlined process for new business, insurers will be able to better attract and retain new policyholders, he added.

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