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Enabling Digital Transformation in the Insurance Industry

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A Winning Policy: NETSCOUT’s Service Assurance Solution for Insurance Companies

The rapid pace of change throughout the IT world has put the future of the insurance industry in the hands of IT professionals. This means you need solutions you can count on to ensure that your services and applications are reliable and can adapt with your ever-changing environment. NETSCOUT can help. 

Whether you operate physical appliances to monitor traditional workloads or measure the performance of virtualized systems, NETSCOUT’s hardware-independent architecture is designed to operate in your environment of choice. We support physical appliances, virtual compute, and storage resources on-premises, virtual networking on-premises (SDN/NFV), SDDC, and public, private and Hybrid Cloud. Our software solutions can run across mixed environments and access compute and storage resources anywhere.

Facing the Disruptive Forces of Digital Transformation in the Insurance Industry

To remain relevant and competitive, the insurance industry must embrace digital transformation. In the past, insurance companies required years of historical data to determine policies, rates, and programs, making it hard for new companies to join the market. With the abundance of external data now available, it is easier for startups to enter and disrupt the market.  Existing companies must transform to survive, putting increased pressure on IT to support the business.

A few capabilities driven by digital transformation include:

  • The ability to offer competitive rate plans and coverage based on personal data received from Internet of Things (IoT) devices, such as automobile telematics showing miles driven, speed, etc. for automobile policies, as well as wearable devices providing lifestyle information for health and life policies
  • Contain costs by performing remote claims adjustments, such as allowing customers to upload pictures of damage with their smart phone and receive payment without sending an adjuster on site
  • Provide communication over mediums preferred by customers, whether by phone, text, through a web portal, or a mobile app. This promotes customer satisfaction, which is more important than ever in today’s connected world, where bad service will immediately be posted on social media for millions to see
Successful Digital Transformation Requires Proactive Service Assurance

In order to reap the benefits of digital transformation, IT teams must first overcome the inherent challenges.  Proactive performance management is critical to provide analysis and evidence of developing problems.  The right service assurance solution must be capable of managing end-to-end services in complex, multi-vendor environments where the optimal performance of new applications depends on the relationships and interdependencies of the underlying infrastructure.   

A few examples include:

  • Big data analytics required to analyze valuable data gathered from IoT typically require Cloud-based applications to provide scalability, but are challenging to manage
  • Unified Communications & Collaboration (UC&C) systems required to enable customer and partner communication can be complicated and cumbersome to manage
  • Many IT systems require high-performance integration with external systems, allowing collaboration with doctors and healthcare facilities, banks and investment houses, re-insurance companies and other service providers
  • Internal systems must accommodate remote employees, such as data entry, distributed adjusters, independent agents, and customer service representatives
  • Data privacy must be maintained to comply with regulations such as HIPAA, PCI, and other patient data and financial regulations
IT teams need to be ready with all the information needed to triage and solve problems

Failures in the digital transformation can lead to customer dissatisfaction, competitive weakness and even regulatory violations, all of which severely damage the company’s profitability and reputation.  Insurance companies need to proactively ensure the effectiveness and efficiency of their hybrid IT infrastructure and applications that rely on it.  These environments typically include wired/wireless technology, as well as hybrid Cloud, and must work with the new Web-based applications and integrated legacy applications.

When problems occur, IT teams need to be ready with all the information needed to triage and solve them as quickly as possible.  Better still, being able to detect when services are degrading before users notice the problem allowing IT to prevent negative business impact is preferable. Traditional point tools are not appropriate for this job, as they do not account for the entire integrated system supporting a service, such as the hybrid network, applications, servers, or supporting services, such as DNS and LDAP.  Without a flexible service assurance solution providing end-to-end management in these complex environments, extended detection, triage, and resolution times would result, and customers would suffer.

NETSCOUT offers true system-level visibility into all applications, infrastructure, and interdependencies, down to the subsystems and services that run on them.

With Adaptive Service Intelligence (ASI+) technology, NETSCOUT continuously monitors and processes traffic data at the source and generates truly smart data that can be analyzed in real-time or efficiently stored, using minimum necessary storage space, for future analysis. 

NETSCOUT’s proactive service assurance allows complete visibility and analysis of integrated business services throughout the distributed environment from remote locations to corporate offices, links with external partners, and into the Cloud.

Insurance companies who have gone, or are going, through digital transformation will benefit from the value of NETSCOUT solutions.

We enable you to:

  • Implement digital transformation projects with confidence, including IoT and hybrid Cloud initiatives
  • Maintain high availability and optimal performance of mission-critical services integrating with outside partners and vendors
  • Ensure efficient customer interactions through portals, mobile apps, and other methods
  • Proactively manage complex UC&C systems to improve the quality of experience for customers and employees
  • Provide network capacity utilization and performance analytics required to plan for future needs based on past trends

The insurance industry has unique and complex IT needs, not all of which could be covered here.  Talk to one of our highly experienced subject matter experts to learn more about how NETSCOUT can address your specific challenges.

Resources

  • Case Studies
  • Quick Looks
  • Data Sheets
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Service Assurance in the Insurance Industry

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