A primary concern for insurance companies when thinking about moving data and processes to the cloud, is the risk factor. For companies in the insurance industry this is obviously a major factor as they have a number of regulations that state what can and cannot be done with personal data. They also have a responsibility to keep the data safe.
Insurance Company Requirements
On top of this, the insurance industry has a complex set of requirements that need to be met while also trying to compete for business in the marketplace. The need to have data readily available is paramount in the insurance industry if a company is to stay competitive and provide the highest quality of service to their customers. It is therefore no surprise that insurance companies are always looking to improve their IT systems wherever possible.
Transactions in the Cloud
Up until now, many insurance companies have been fearful of outsourcing because of the liability risk if data is lost. Ensuring the safety of confidential data is a mission critical aspect of the business. Outsourcing also gives them concerns over the lack of control that they will have over company data, and does not enable them to monitor the software processes used to organize the information.
Using the cloud, though is a viable way to save money. Rather than having to put permanent architecture in place capable of handling the maximum potential load of incoming data, an insurance company can take advantage of the elasticity provided by a PaaS (platform as a service) provider. The provider bears the burden of the architecture, and the insurance company only needs to pay more for the service when it actually uses more resources.
Being able to manage the transactions in the cloud is vital. This ability allows insurance companies to improve their customer satisfaction and operational efficiently. A great system will let insurance companies enhance their operational control and offer a framework for business performance assessments and reports.
Monitoring Service Levels
It is vital that the cloud computing application allow the insurance company to continuously monitor service levels in real time. The best way to do this is with a PaaS solution that uses complex event processing (CEP), which analyzes the events and metrics that continuously in flow.
One PaaS enabling business transaction management application available today, called AutoPilot, ensures the availability, performance and service level of your applicagions in the cloud. The built-in CEP engine looks for patterns and then provides early warnings about potential problems before they are able to impact compliance levels or users, whether in-house or customer.
If something has the potential to cause disturbance to the insurance business processes, AutoPilot is on the job 24/7 waiting to catch it. This is a very powerful way to reduce the mean-time-to-know (MTTK) about problems. In real terms, this means that problems can be proactively resolved by automated responses that effectively prevent problems. This has great benefits for insurance companies as it increases customer service while lowering operational costs.
Improving customer satisfaction
Being able to manage insurance transactions in the cloud is often directly related to improving customer satisfaction. A growing or fast- paced business can come across issues with scalability as the load on the application increases. Nastel’s AutoPilot overcomes this by improving business process execution. It finds the bottlenecks in the system and relieves them before they become a serious liability in the system.
This directly leads to improved application performance and therefore an improved service to customers, both online and internally. It provides a much greater level of visibility over important issues such as claims, real-time quotations, service portals for agents, underwriting and rating and institutional financing and governance.
AutoPilot’s PaaS enabling business transaction management solution is a powerful answer for managing insurance transactions in the cloud. It helps reduce outages, performance slow-downs and business disruptions, allowing for more effective usage of support personnel.
To learn more about how Nastel’s AutoPilot could be the solution for your insurance company download the business transaction management white paper Large Insurance Firm Utilizes Proactive Transaction Monitoring to Ensure Quick Claims Processing.
