Most everyone is eager to learn about new trends in the insurance IT space, but in the case of business process management (BPM), at least one consultant believes “trend” is too light a term to describe its place in the technology spectrum.
Marc Gallo, partner in the financial services advisory practice for Pricewaterhouse-Coopers, no longer considers “trend” the right description for BPM. “We see it as a shift within the insurance and technology space,” he says.
Insurers employing BPM solutions at the front end of larger systems are “redoing the entire business process and the underlying technology,” he says. “Rather than replacing back-end solutions, you put [BPM] in front so the process becomes more efficient. But you haven't replaced the technology underneath.”
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