Canon Issues Insurance Best Practices Whitepaper on “Three Steps to Enable Automation and Cost Savings"
NEW YORK—Canon Business Process Services (Canon) has published the first whitepaper in its new Insurance Best Practices Series. The whitepaper spotlights how some insurers have been slow to embrace digital transformation, potentially putting them at a competitive disadvantage. To remedy this, some companies need to move quickly to integrate digital technology into their operations. The first step involves standardizing and optimizing insurance processes, digitizing data and deploying a workflow tool that ensures efficient access to information.
With this in mind, Canon’s whitepaper, “Three Steps to Enable Automation and Cost Savings,” examines best practices that insurers should consider to help solve these challenges and ensure that their digital transformation initiatives can move forward. The approach is generally comprised of three phases:
- Phase One: Consider an assessment of current state workflows using common Six-Sigma techniques. With this proven methodology, insurers can remove unnecessary steps, streamline processes (i.e. underwriting and claims) and identify best practices from within their operation and across the industry.
- Phase Two: Implement a system for digitizing data. In an omnichannel world, this should include digitizing all information that does not arrive in electronic format.
- Phase Three: Place the standardized process and digitized information into a single workflow tool. These tools are designed to ensure the proper steps have been followed and completed and all data is readily accessible in each step of the process.
Canon also recently published a new case history, “Transformed BPO Program Now Yields Solid Results.” It details how a leading insurance company teamed with Canon to forge a new path to operational excellence and continued growth. Projected cost savings are expected to exceed millions of dollars annually due to workforce centralization and business process optimization approaches.
About Canon Business Process Services (Canon)
Canon Business Process Services helps enable business agility and digital transformation. We accomplish these goals by applying our workforce management expertise, Six Sigma methodologies and best-in-class technology. With professionals across the US and in the Philippines, we have been named a Global Outsourcing 100 leader by IAOP for 13 straight years. Canon Business Process Services is a wholly owned subsidiary of Canon U.S.A., Inc. Learn more at cbps.canon.com and follow us on Twitter @CanonBPO.
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Press Contact: Ken Neal, kneal@cbps.canon.com
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