Business Transaction Management - Why Insurance Companies are Turning to BTM

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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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