As far as the IT landscape is concerned, managing key applications brings along an element of harmony within the organization. Organizations are committed to improve operational efficiencies and strive hard to reduce costs while meeting customer demands in terms of speed and offering 24/7 support. In our previous blog post, we took you through the ramifications of conventional application management services. Regardless of the industry your organization belongs to, traditional AMS shouldn’t be in your scheme of things if you want to enhance your application support big time. If you are a Life and P&C Insurer, application support becomes paramount when real-time, accurate data accumulated around the clock can make all the difference in the world to a loyal customer.
Cognitive Application Management Services(AMS): What’s New?
As discussed in our previous blog, conventional AMS misses out on several key issues such as high-ticket velocity, lower helpdesk productivity, sub-standard L1 and L2 support, and incurring high costs towards the end. Moreover, there are frequent recurring issues that demand the workforce to be available 24/7 to address and fix those tickets.
With the introduction of cognitive abilities, AI is perfectly suited for insurers to tackle high volumes of service requests and application support that storm into the insurers’ inboxes every day. With advancements in natural language processing (NLP) and machine learning (ML) techniques, insurers can take a back seat and allow AI solutions to decipher the conversational styles of emails.
While insurers receive service requests in various formats, AI solutions can manage those requests and curb the time spent by operational teams on reviewing, processing, and responding to them. Cognitive AMS allows insurers to address the challenge that are scalable and cost-effective, while they focus on value-added operations to help customers.
So, this is how cognitive solution works: The NLP engine retrieves messages from the mailboxes and deploys OCR (optical character recognition) to read those messages. The NLP engine further identifies the intent of the service request and engages in an exception-handling mechanism in case the service request is too difficult to interpret.
What do Insurers Need?
In order to ensure your IT division is complementing your business, organizations like yours must work in harmony to ensure:
- Your business is aligned with IT KPIs to continually measure and manage them.
- An automation-led support model is installed to improve Guidewire performance.
- Leverage ITSM-led helpdesk methodology to enhance operational efficiency.
Scope of Guidewire Application Support and Maintenance
Guidewire Application Maintenance comprises two sets of activities:
- Business as usual (BAU) tasks like incident management, service requests and other operational processes to make sure that your applications function seamlessly.
- Proactive tasks like predictive and preventive maintenance and support workflows to continuous monitor, measure, and improve your applications.
The fact is application teams spend almost 80% in BAU activities and only 20% for proactive tasks.
Enter Optimized Guidewire Support Services
The way ahead for insurers is to change the way Guidewire support team approaches their proactive tasks. The support team must ensure they dedicate more time on proactive tasks by:
- Preventing incidents
- Leveraging automation when prevention isn’t possible
- Enabling self-service portals in case they fail to do the above
So, what constitutes an optimized guidewire support services?
- Continuous Monitoring and Reporting
- Automation-led Operations
- Optimized Operating Model
- Zero risk transition from conventional AMS
- Innovation and Customer Satisfaction
Benefits of AI-AMS in Insurance:
- Reduced Operational Costs: AI solutions enhance the performance of applications, resulting in cost savings of up to 45%.
- Productivity Boost: While AI technologies such as NLP and OCR retrieve and automates prioritizing service requests, the productivity of front-office and back-office operations increases by 60%.
- Controlled ticket velocity: As the AI solution replaces human intervention in managing service requests, the ticket velocity is decreased by at least 35% and incidents are completely avoided.
- Meeting SLAs: AI-driven AMS warrants a well-defined SLA mechanism by categorizing service requests from low to high priority with minimal to no human intervention.
By partnering with Guidewire, Aspire Systems provides AI-powered application management services by combining our deep insurance domain expertise. With our long-standing partnerships with some leading Life and P&C insurers, our domain-rich experience with Guidewire application management services has helped our clients save at least 40% of total costs associated with implementing intelligent Guidewire solutions.
Gain 40% cost savings in your Insurance business with Cognitive Managed Services – Download Whitepaper
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