Business Transaction Management - Why Insurance Companies are Turning to BTM
One of the major reasons that insurance companies are
turning to business transaction management (BTM) is because of government
regulations. The regulations have drastically increased the risk factors
involved in the insurance business, and companies cannot afford to take any
chances with customer data.
As such, business transactions management is a process that
simplifies insurance IT management. The BTM solutions offer a very effective
way to reduce risk and also cut the costs of IT management. Not only this, but it improves application
performance and availability at the same time.
BTM gives the IT team more access.
Never before has an IT team been able to gain so much visibility
and access to business transactions on multiple platforms. Having this high
level of availability makes a huge difference in terms of the risk factor. For
example, the IT team can now spot any problem areas that exist or are likely to
occur. They can then fix these issues before they become more serious.
Previously, this was simply not possible to do on a real-time basis.
BTM solves problems as they occur.
Real-time quotations and illustration's, claims processing,
self-service portals, Medicare administration and agency interfaces can all be
seen in real-time as the IT team and the Administrator have deep dive
visibility. This type of real-time visibility also gives the IT team access to
the end users experience of insurance claims, such as the claims processing
process.
BTM meets new demands.
BTM solutions give IT departments elasticity and the
capability to immediately and transparently handle increasing loads. If a
bottleneck occurs, a BTM solution provides the visibility to identify in
real-time where the bottleneck is occurring and take the most efficient action
to resolve the issue. Rather than throwing new hardware at a non-hardware
issue, IT can pursue the correct, and potentially least expensive, route to
resolving the issue.
BTM lowers costs.
Lowering costs is something that every insurance company
would like to do, if they are to stay competitive in the marketplace. While
lowering costs, they need to improve the customer experience and stay up to
date with the ever changing demands placed on them. The IT departments of
insurance companies spend millions of dollars a year on technology, so
switching to a BTM solution should make perfect sense to them.
Operational costs are also lowered through transaction
monitoring. When the BTM solution includes an embedded Complex
Event Processing (CEP) engine, problem prevention and automatic alerts (like
Nastel's AutoPilot business transaction management solution does), IT staff are
the first to know a problem is emerging. Events that blow up to where end-users
of the IT system know there is a problem are nearly eliminated. This means
costs are contained and the delay or possible loss of information is avoided.
BTM maintains control of the IT environment
AutoPilot
is a business
transaction management (BTM) solution that lets insurance companies
meet the challenges of maintaining control of their IT environments, while
enriching the information available to the actuarial department that deals with
statistics. The AutoPilot IT application resolves real-time issues quickly, cut
costs and reduces claim processing times, while the actuaries gather
information to improve processing of critical insurance application data.
Most insurance companies also have very strict compliance
requirements (such as Service Level Agreements). Failure to comply with these
regulations could mean the loss of their license to do business. Nastel
Technologies' business transaction management (BTM) solution, AutoPilot, is
used by a number of customers in the insurance industry, including healthcare insurance,
for the purpose of monitoring their claims processing applications, SLAs and
other government requirements.
Denise Rutledge enjoys researching and writing about
technology products. She writes on many financial and business topics,
including software solutions that impact business performance in the financial
industry. In addition to working with clients to develop website content,
she writes on how to make a living as a writer on her writing blog.
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