INTRODUCING BUSINESS PROCESSES MANAGEMENT INTO INSURANCE COMPANIES, AS DETERMINANT OF DEVELOPMENT AND INCREASED EFFICIENCY

The Republic of Serbia is an emerging country, with a need to continuously innovate the knowledge on its transition path and strive to find new opportunities to significantly improve the functioning of Serbian economy. It has been observed that, in the past period, the insurance companies developed at a much slower pace, not only because of the economic crisis, but also because of lack of popular awareness that insurance is a need rather than an expense

Development of confidence and awareness of the significance of insurance can be raised to a much higher level through legitimate and successful business of insurance companies. As institutional investors, the insurance companies are able to contribute significantly to Serbian economic growth and development. It is precisely for this reason that the need arose to point out to the reasonableness of introduction and prospects of the process organization in the companies transacting insurance business in a concrete research carried out in one insurance company.

The paper will show actual data and facts, pointing out to the correlation between the implementation of business process management and achieved performances that provide sustainable competitive edge to an insurance company.

Key words: insurance companies, business process management, performances, key business process.