With the advent of technology, organizations across industries are forced to stay updated with their IT systems. Updated legacy systems and innovative workflows have always been a regular feature in most workplaces in order to stay at the cutting edge against their competitors.

Needless to say, in today’s business ecosystem, there are quite a few issues that concern the insurance industry especially when it comes to managing their applications. Due to frequent upgrades in the IT system, it’s safe to say there are many drivers of change in the insurance landscape. As organizations continue to work toward the next industrial revolution, the time is ripe to scrap traditional workflows and hierarchy in the insurance industry through democratization of data and the rise of automation including artificial intelligence and machine learning techniques. While adaptability becomes the key component in updating emerging technologies, the insurers should make way for increased personalization, better access to products and information, and enhanced self-service opportunities.

Insurers have been the victims of manual processes and complex workflows that prevent any room for digitization and proprietary software for managing and processing claims. As customer experience plays a pivotal role in the success of any business, insurers must promise to deliver an end-to-end streamlined service with fully functioning IT systems and processes. Investing to upgrade the IT facilities with good technologies should be on your to-do list to ensure you have all the ammunition to succeed a modern insurance business. With the help of a managed IT service, insurance companies will have access to a fully staffed IT department at a much lower cost compared to that of in-house personnel.

How Can Application Managed Services Impact Insurers?

  1. Compliance

Insurance companies must be fully committed to being 100% compliant with all legal requirements and regulations to maintain healthy relationships with customers. Most organizations have specific requirements when it comes to their IT environment. Ensuring 100% compliance is still a major challenge for most organizations due to insufficient IT resources or expertise.

With Aspire’s managed services, we ensure your entire IT department is fully compliant while keeping tabs on potential risks.

  1. Data Storage

A huge chunk of personal information is stored in insurance companies every day. Storing all the data can be a difficult task especially if your organization needs appropriate back-up and security in case of disaster.

With third party agents and customer service representatives gaining full access to all the case files and client information, there are high chances of downtime on a regular basis.

Our managed services keep you away from cyber-attacks or any kind of disaster your organization might face while storing or accessing case files. With comprehensive data storage solutions, Aspire will also enhance your uptime and promises a seamless workflow.

  1. Security

Data is the fulcrum for insurance companies and protecting your data from phishing attacks, malware, and ransomware is instrumental.

Aspire’s Managed Services will help you fight against the most sophisticated cyber-attacks or threats. Our support team not only responds to attacks, but takes preventive measures through artificial intelligence and machine learning techniques to notify them before a potential attack.

  1. Customer Care

Of late, insurance customers are extremely vigilant when it comes to choosing their best insurance policies and claims. As customers have raised the bars on customer experience, insurance providers must ensure they deliver a smooth, real-time experience to strengthen customer relationships.

A report from Harvard suggests businesses that embrace digital transformation initiatives such as self-help portals are likely to witness a 65% reduction in costs and 90% reduction in TAT.

Aspire Systems’ managed services will help you provide the best-in-class customer experience with latest domain-specific innovations in technology by assessing your requirements and providing the best solutions tailor-made for you.

Guidewire Managed Services for a Leading USA based Insurance Provider – Download Case Study

Conclusion

A traditional AMS offers application performance management, batch monitoring, and user security but fails to address a few key issues such as high ticket velocity, lower helpdesk productivity, and insufficient L1 and L2 support. However, with newer technologies and operating models proposed by AMS providers such as Artificial Intelligence and machine learning tools, organizations feel the urge to consolidate resources, vendors, and applications in order to streamline operations and improve efficiency.

Aspire proposes its Guidewire customers to adopt an AI-powered Application Managed Services that serves as a solution to the challenges faced by companies with the traditional model. AI-AMS helps optimize the overall IT experience and comes with fewer trade-offs.

Watch out for this space to learn more about Cognitive Application Managed Services and how it has helped Guidewire customers. – Download Whitepaper

Please reach out to us at [email protected] or signup for a free consultation!

Visit our – Guidewire Transformation Services

Sreyesh Sarma

Sreyesh Sarma

Executive Research Analyst at Aspire Systems
Sreyesh is a content writer with a yearning to explore various genres of marketing content. He loves to binge-watch crime and horror television series when he’s not writing. An ardent fan of Test cricket with a craving for food, travel, music, and offbeat movies.
Sreyesh Sarma