Insurance companies rely upon heavily integrated systems for sales, policy management, claims, billing and actuarial services. Having real-time transaction data helps.
The insurance industry is experiencing pressures across products to increase service for policy holders, decrease operating costs, understand and manage the variables driving loss costs, as well as to re-engineer products and services for the next generation of insurance consumers. Each of these initiatives has important IT facets that can help or hinder the business in achieving its goals. Perhaps one of the largest challenges faced in this era is the complexity of insurance-related IT application systems supporting business transactions.
IT systems can no longer exist as standalone entities such as sales, policy management, claims, billing and actuarial. Today, systems must be integrated to be fully aware of:
- Customer product needs
- Customer payment practices
- Claim experience by policy type
- Loss experience across geography, age, gender, miles traveled and other variables
The business data shared in these integrated business transaction processes must be accurate and current to successfully guide decision making in the business processes. This need for accurate and timely business information fuels the requirement for heavily integrated insurance systems.
Tight integration of complex systems increases the complexity in managing the IT systems supporting business transactions in production and test environments. Efforts to completely document the technical interactions of systems with ITSM-based discovery tools creates information that is as current as the last time the discovery processes were completed. Discovery processes for complex software and hardware environments may take multiple days to successfully complete in large complex environments. This situation creates gaps in the information available to solve availability or performance problems for business transactions. Insurance organizations focused on maximizing system availability and delivering first class IT services are addressing this gap with SharePath by Correlsense, which detects hardware and software configurations as application software executes.
By capturing valuable data that detects the software and hardware configurations and identifies the behavior of application software, the playing field for IT and business personnel is leveled. There is a new transparency into the IT components that are supporting the business. The value in having this information is that:
- Business personnel responsible for auditing can see the interaction between software components.
- Security personnel can clearly identify the information hand-offs between software components.
- Business and IT architects can clearly see the detailed processes and their interactions while in the testing phases of application system development so problems in production environments can be quickly identified and repaired with the aid of real-time information.
Real-time business and technical information is critical for the successful creation, execution and maintenance of today’s complex insurance systems.
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