The Property & Casualty Insurance business is going through a period of profound change. With an ever-changing political and regulatory landscape, how can insurer’s IT organizations cope? There are low-risk solutions that will help insurance IT adapt quickly using their current applications and databases.
Insurers need to be able to analyze their own business data to achieve tangible and actionable value, including reduced claim fraud rates, reduced underwriting due diligence times, and to aggregate and analyze claims data to create innovative new products, etc. However, in many cases, insurance IT organizations have data on many different platforms in many different formats, making real-time analytics difficult, if not impossible. They need to be able to run analytics in real time – on all of their data, no matter where it is. There are Big Data replication solutions that will allow them to do these things using their current IT systems and databases. There are also solutions that will allow them to save on IT costs with IT business intelligence.
Insurance IT organizations have a desperate need to provide mobile connectivity for their customers so that they can easily access their policy information, request changes, submit claims, purchase new services and access brokerage information. These aren’t needed just to make customers happy, but also to ensure that their customer base is not lost to the competition. The challenge is significant – their IT IP is buried in their mainframe COBOL applications. There are solutions that make this possible using existing systems and databases – new mobile apps can leverage legacy mainframe applications, accelerating mobile access delivery substantially.
Mainframe systems performance optimization
Businesses running large transaction processing systems are constantly challenged to deal with longer periods of high transaction intensity, requiring their systems to handle ever-increasing transaction throughput. These workloads, combined with their demanding batch-processing workload requirements, press IT organizations to cope. There are low-risk and high ROI solutions that can markedly improve the performance of these systems without changing existing applications and databases.
You can’t do our volume of database calls without a table-based approach. DataKinetics tools are used in virtually all of our policy management systems – old and new
– Principal Insurance IT Consultant for a US-based specialty insurance carrier.