Business Process Re-Engineering in Insurance Industry and its Cost Implications

In the intensely competitive insurance market, differentiation through innovative technologies like BPR is an important and effective way of strategic cost management to maintain or increase market share and profitability. Most of the challenges faced by Indian insurance companies are low market penetration, increasing competition, slackening product demand, tight credit controls, deregulation of the insurance sector, the collapse in the global economy and volatile investor confidence.