Business Process Modeling Report for Finance and Insurance Processes

This report delves into the realm of business process modeling (BPM) utilizing Business Process Modeling Notation (BPMN). It begins by presenting a BPMN model for Bridges Financial Services Pty Limited, detailing the steps involved in processing a financial case, from initial form loading to customer database verification and PDS delivery. The report then provides a realistic process model for insurance claim handling, outlining the steps from claim initiation (e.g., car accident) through evaluation, information gathering, settlement, and closure. Finally, it discusses how process models can be extracted from social media platforms using big data and natural language processing (NLP). The report concludes with a summary of the key concepts and their applications in business process management.

Business Process Modelling

Table of Contents
Introduction......................................................................................................................................1
Part One ..........................................................................................................................................1
BPMN model for Finance Banking Co..................................................................................1
Part Two...........................................................................................................................................2
Realistic process model for description of insurance claim handling process.......................2
Part Three.........................................................................................................................................3
How to mine process models from social media platforms?..................................................3
Conclusion.......................................................................................................................................1
References........................................................................................................................................2

Introduction
Service oriented software emphasise on developing systems by making use of reusable
services that are being rendered by different service providers. Basically, it denotes software
design in which services are being rendered to components by other applications via a
communication protocol that exist in a network. Business process modelling notation denotes a
method that is being utilised for illustration of business processes in a graphical form and seems
alike to flowcharts. This renders standard notation which can be easily understood by
management personnels, developers and analysts. This report comprises of BPMN model,
realistic claim handling process and ways in which process models can be mined from social
media platforms.
Part One
BPMN model for Bridges Financial Services Pty Limited
The Business modelling notation is a flowchart model that illustrates planned business
process from starting till its end. Here, BPMN model is created for Bridges Financial Services
Pty Limited. The case is being opened and it is being processed now the form is loaded on to the
image view. It has been verified with respect to whether all the crucial details are being filled or
not.
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If the fields are missing then customers will be contacted for having details through
which form can be completely filled. For an instance if there is postal address present within
form then it will be validated to make sure that it is authenticated by making use of
InvokingNext. If any kind of documents are needed then the client will be requested for same
and near about duration of two weeks will be given for providing all the crucial documents so
that processing can be carried out. When the form will be completed then it will checked within
CustomerDBcrm. If it is found then search for specified customer will be completed and in case
it is not found then the request will be made for contact centre for having more details related
with this. After this PDS will be sent to customers through their mail.
Part Two
Realistic process model for description of insurance claim handling process.
Business process model and notation denotes a standard for modelling which furnish
graphical notation for specification of business processes within BPD and it depends on
traditional techniques related with flowchart. It is responsible for providing a standardised
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method for business processes and makes easier to share processes related with activities of
firms. Basically, they are being utilised for visualisation of activities, makes processes within
document, it becomes easier for analysing processes and it is easy understand the flow of
information. This can be understood by taking an example of realistic process in which insurance
claims will be handled.
The BPMN model for insurance claim handling process has been illustrated below:
The entire process of handling can be understood by taking instance. Like a car accident
has occurred then customer can claim or report by making phone call, through online portal or by
sending letter. The insurance firm will attain the notice for loss but there will be some case
circumstances. After attaining the notice, the claim for this will be evaluated, now after this all
the details will be analysed and if any information is needed then request will be made for the
same. Along with this, request will be sent to customer for this and they are liable for rendering
further documents related with this so that further processing can be carried out. After this, they
(insurance company) will look forward for settling the claim and will send payment to the
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Illustration 2: Insurance Claim Handling process

customer with respect to that. After payment is being done and surety is being their with respect
to it has been carried out by proper authentication then the claim will be closed.
The example shown above shows the entire process for handling the claims for car
accident but similar process is being followed for all the claims and cycle continues identical to
that. The process has been specified below:
 Request for claim is being made by customer to the insurance firm if certain criteria is
being fulfilled like the insured their services for which they are looking for claim. Now
they (insurance firm) are liable to check out the details related with the same.
 The claim will be validated for ensuring that it is authenticated and any any kind of
wrong deals are not carried out. According to this, they can request for further
information from customer.
 Customer will provide details related with this and insurance company will carry out
further processing. The claims will be settled and payment will be made accordingly.
This is the basic process which is involved within making insurance handling process.
Part Three
How to mine process models from social media platforms?
Big data and NLP can be utilised for extraction of models or information via social media
platforms. Natural language processing refers to capability of systems for understanding human
language the way in which it is being used and spoken. Basically, it is a part of artificial
intelligence and is utilised as it is unambiguous, highly structured as well as is in a precise form.
But there are certain challenges which involves speech recognition, natural language generation
as well as natural language understanding. Big data is liable for describing huge amount of
unstructured, semi-structured and structured data which possess the ability to be mined and used
within processes related with machine learning.
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Conclusion
From the above report, it has been concluded that BPMN specification is responsible for
providing a graphical notation in order to specify business procedure in context of business
process diagram. It includes the criterion of displaying any problem of specific aspect of
business in graphical manner to make people understand about the issue in proper way.

References
Books and journals
Alotaibi, Y., 2016. Business process modelling challenges and solutions: a literature
review. Journal of Intelligent Manufacturing. 27(4). pp.701-723.
Dijkman, R., Vanderfeesten, I. and Reijers, H.A., 2016. Business process architectures:
overview, comparison and framework. Enterprise Information Systems. 10(2). pp.129-
158.
Doumeingts, G. and Browne, J. eds., 2016. Modelling techniques for business process re-
engineering and benchmarking. Springer.
vom Brocke, J., Zelt, S. and Schmiedel, T., 2016. On the role of context in business process
management. International Journal of Information Management. 36(3). pp.486-495.
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