Strict and timely adherence to these steps can help your business with cyber resilience
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In today’s economic climate, insurance is a critical safety net for secured living. Insurers are using various instruments to modernize the scope of this life-affirming tool. Insurance analytics solutions are a classic example here. Over time, the use of analytics in insurance business has ushered in digital transformation in the insurance industry. And, the adoption of insurance data analytics software has helped speed up the process.
Let’s understand with an example. Suppose you run an up-and-coming real estate agency that rents/sells houses to people. To promote your business, you do some local, offline marketing. You also send your sales staff for door-to-door lead generation. But, this ends up involving a high cost & time commitment from your end. And, conversion also turns out to be sluggish.
Then your friend advises you to set up a website and develop a social media roadmap, i.e., go digital. The digital-first strategy helps you scale up in a short span of time. You then proceed to use web analytics to crack the buyer psyche and fuel your business forward. In insurance too, it’s much the same when you leverage insurance analytics solutions.
What are insurance data analytics solutions?
Insurance data analytics solutions are practices that identify, collate, and analyze insurance customer data. The idea is to optimize value & retention and minimize risk & cost for the insurers. Far removed from traditional practices, insurance analytics solutions have been a disruption for the insurance industry.
The COVID-19 pandemic has especially propelled digital insurance in the spotlight. The latter has a major role to play in ensuring holistic human & economic well-being. And, its effects are also far-reaching. From ensuring remote access and procedures to enhancing user security. It further helps insurers SWOT analyze emerging markets and develop crisis-proof continuity plans.
Why does the digital insurance industry need insurance analytics solutions?
- Increased sales productivity
- Tailored policy marketing
- Improved insurance underwriting
- Accelerated claims management
- Strengthened fraud detection
Data analytics has forever been instrumental in driving insights from raw business data. Today, analytics is at the heart of almost every industry, and insurance is no exception. Smart insurers are shifting toward core processes digitization, cloud-native storage, and dynamic sourcing models. Given the economic climate, today’s insurers need to scale up toward this. And, insurance analytics solutions offer just that.
Here are 5 ways analytics spearheads digital transformation in the insurance industry:
1. Increased sales productivity
Conventional sales tactics like cold calling and door-to-door pitching do not always guarantee a sale. To address this, modern insurers are leveraging insurance data analytics software solutions.
CRM software, for instance, extracts insights from unstructured user data for data-driven prospecting. This, in turn, saves the insurer’s time and effort to be spent otherwise on qualifying leads.
Analytics today is fueling digital transformation in insurance. Did you know, acquisition is 5x costlier than retention in the insurance industry? Customers satisfied with faster service are thus more likely to renew their policies. Insurance analytics is delivering market share and profitability to insurers and tangible value to customers.
2. Tailored policy marketing
Customers like offerings tailored to their needs. Insurance data analytics software have the ingenuity to execute personalized marketing programs. Analysis of buying behavior, market trends, past investments, and even health information helps in the application of business analytics to insurance businesses. Personalized capabilities help businesses reach customers using the right channels and timelines. Predictive insurance analytics also enables them to run personalized upselling and cross-selling campaigns.
This makes insurers gain an edge over their competitors. Moreover, digital-first insurance is available 24*7 to enable seamless transactions. It becomes easier to garner customer engagement and loyalty this way.
3. Improved insurance underwriting
Underwriting is a vital process in insurance, stock markets, and banking. In insurance, underwriters evaluate risk and determine the feasibility of insuring a customer. They determine the insurance cover and premium using factors like the client’s income, age, medical conditions, vehicle type, property type, location, etc.
Smart insurance analytics software plugs in underwriting analytics for this. Take NLP (natural language processing) for example. NLP helps verify a customer’s digital presence. Such intuitive tools help insurers with a 360-degree view of clients’ creditworthiness and risk per policy ratio. More recently, insurance analytics solutions have also been helping in risk scoring and also premium & insurance coverage calculations.
4. Accelerated claims management
The claims settlement process is another critical step in insurance. Insurers must check off an extensive checklist before paying out the claim amounts. Traditionally, customers have always wanted this process to be faster and smoother.
Today – thanks to the application of analytics in insurance businesses – claims settlement has sped up. Analysis of claims and claim histories facilitates instant pay-outs, scoring, prioritizing, and processing claims basis experience and loss type. Insurance analytics also brings with it the automation of redundant tasks. This is particularly useful for handling client emergencies despite the ad-hoc analyses involved. Insurance analytics solutions can automate situation-specific responses and information extraction using advanced APIs.
Indeed, these measures are synonymous with the digital transformation of the insurance industry.
5. Strengthened fraud detection
Fraudulent claims, identity theft, and hacking attacks are commonplace in the insurance industry. Such erroneous filings cause financial losses to insurers and affect relationships with customers. A robust fraud detection and prevention mechanism is hence non-negotiable for insurance providers. Predictive analytics, a modern insurance analytics solution, is instrumental in detecting potential fraud. Its modeling algorithms (with ML & AI) along with BI tools have contributed to the digital transformation in insurance.
Insurance data analytics software essentially helps establish a rigorous process of passing claims. It cross-verifies each step with client history using data & text mining.
Welcome to the digital era of insurance
The insurance industry thrives on data. Insurers have to process and handle huge amounts of data every day. And, this is more so true in today’s age of big data. Toward this, insurance analytics solutions are engendering digital transformation in the insurance industry. Digital-first insurers today are future-proof.
An expert IT consulting firm that understands the insurance industry can help you dig deeper into the benefits of insurance analytics solutions.
Insurance analytics solutions are one of Estuate’s core specializations
Our team of certified SMEs has worked on 100+ digital insurance projects. These projects involved strategic use of insurance analytics software like Zendesk, AWS, and Java. We have advanced data management and analytics tools to help with process organization, mining, and engineering in the insurance industry.
If you are looking to leverage business analytics for your insurance business, please feel free to visit us. We are right here to help.
Do you think insurance analytics solutions are helpful compared to traditional insurance practices?
Information technology is a multi-faceted world on its own. Its ebbs and flows, its demands and supplies change every minute. Catering to the beck and call of such mammoth needs can be overwhelming at times. The evolving IT ecosystem has ushered the need for a managed service provider in this context. Managed IT services can range from application maintenance and support services to IT infrastructure monitoring and more. The spiraling upkeep of today’s business demands the benefits of managed IT services.
Managed IT services: the top 6 trends for 2022
- Cloud and automation will take center stage
- Cybersecurity mesh will reign as a business safety net
- Application performance monitoring will proliferate
- Network agility will be in the managed services limelight
- Consumer experience will drive managed helpdesk support
- Open source tools will form the core of managed QA testing
What are managed IT services?
Managed IT services refer to all those technology services which a business can receive from an external IT partner. Data-driven enterprises with network-based infrastructures derive the most benefit from such services.
Textbook examples of managed IT services include quality assurance (QA) and testing, helpdesk management, application maintenance, support services, and IT infrastructure monitoring.
The trending managed services in IT
Managed services are proactive in nature. They are always around to ensure the seamless operation of your business. Prompt application maintenance and support services or consistent IT infrastructure monitoring, for instance, will always be sure-fire efficiency boosters. To get started, all you need is a managed service provider (MSP).
Who is a managed service provider (MSP) in IT?
A managed service provider (MSP) in IT is the master key to all your technical queries. It is an IT company with the tools and know-how for meeting all your tech-related needs. Keying in the right service provider frees you to focus on core business activities. Timely operational reporting and on-demand scalability are the other benefits of a managed services provider.
Yet, there can be a dilemma. If you already have an in-house IT team, do you still need to outsource your IT maintenance? We say, onboard the right managed service provider to see the difference for yourself!
Taking a closer look at managed IT services – 2022 and beyond
Suppose, you have a big garden in your backyard which you wish to expand. However with your limited manpower (yourself & family), all you can manage is water all the plants daily. But, that is not enough care your garden needs to grow. The plot also needs regular landscaping, de-weeding, fertilizing, and a lot more.
In comes your landscaping guy with the necessary tools and knowledge. Along with regular maintenance, he also addresses exigencies like controlling pest infestations and storm debris.
At its core, managed IT services are no different. Like your garden help, the providers of managed services in IT work as an extension of your team to resolve your tech needs. Especially in the upcoming post-pandemic years, more companies will rely on pro-technology approaches built on holistically digital foundations. Vigilant IT infrastructure monitoring, for instance, will be a need of the first order toward this.
Managed IT spending is jumping leaps and bounds across industries. The cloud-managed market size is expected to grow to $116.2 billion by 2025 at a 13.3% CAGR. The movement will be steady and uphill in the coming years.
The 6 biggest trends in managed IT services emerging in 2022
1. Cloud and automation will take center stage
The ever-increasing demands of IT need support from the latest industry capabilities. Modern MSPs have identified cloud-native solutions and automation as definitive answers toward this.
One of the primary benefits of managed services equipped with cloud computing and automation is their on-demand scalability. In the event of downtime, the safety of cloud storage also arrests the risk of data loss. Automation additionally takes care of manual errors and discrepancies. However as requirements vary across businesses, capable MSPs also offer something known as ‘customized automation’. This ingenuity helps you to design the managed services tool and deploy it in your cloud.
2. Cybersecurity mesh will reign as a business safety net
Cybersecurity will continue to be relevant, especially in the context of the modern digital world. A vast majority of employees are working from home at present, often using personal devices. The bring your own device (BYOD) culture is also catching on. While all these are supporting remote operations, they also often end up inviting security risks.
A sound MSP brings something called a cybersecurity mesh to the business table. This kind of IT infrastructure monitoring ensures network safety well beyond physical boundaries. Its comprehensive framework maps security with device identities irrespective of location. In 2022 and beyond years, the benefits of managed IT services will be in tandem with these expanding scopes of digitization.
3. Application performance monitoring will proliferate
2022 will be all about application deployments matched to the speed of development. Application maintenance and support services will be pivotal to managed services in IT.
Application performance monitoring (APM), for instance, will imbibe a quick feedback mechanism for developers. Front-end monitoring (for studying user behavior), ADTD (for application discovery, tracing, and diagnostics), and AIOps analytics (for detecting application lifecycle patterns and anomalies) will all be parts of APM. These solutions will help your DevOps team to analyze business problems better. It will cut down on their mean time to repair (MTTR).
The top 6 managed services trends for 2022 and beyond
4. Network agility will be in the managed services limelight
Enterprise networking is evolving every minute in the face of disruptions like 5G and AI. Collaborating with an IT MSP will always be a good way to ensure end-to-end protection for your networking platforms. A robust network operations center (NOC) helps you catch up with the speed of digital transformation.
Many organizations will also be going for server virtualization in the coming years. Under this, a virtual server will step up in case of unexpected downtime and network losses.
5. Consumer experience will drive managed helpdesk support
Customer experience (CX) will continue to be a driving force behind enterprise operations. The modern customer prefers being at the center of things. S/he wants knowledge forums, chatbots, service catalogs, i.e., multi-channel communication. A managed helpdesk support will take a load off your IT technicians and address these exact areas and more. Your in-house team can focus on the strategic aspects of improving the buyer journey.
Going forward, helpdesk automation will also be in vogue. It will work toward expediting resolution time and augmenting client satisfaction.
6. Open-source tools will form the core of managed QA testing
Industry analysts have been supporting open-source testing tools for a long time now. Coders can edit and leverage these tools to optimize enterprise applications – making them one of the safest tools to be used for testing. Selenium, Robotium, and Jmeter are classic cases in point.
Managed quality assurance testing in 2022 will involve the increased usage of open-source tools. These tools even allow testers to choose the method of testing. They provide some of the best safety check estimations.
Estuate is a best-in-class IT managed service provider (MSP)
Our rigorous managed service offerings are powered by our decades of experience and industry-leading practices such as shift-left. We have the latest capabilities in the following managed offerings:
- Application maintenance and support
- IT infrastructure monitoring and network operational support
- Managed helpdesk
- Quality assurance and testing
So if you are looking for a robust managed service provider for bolstering your IT, please consider visiting our managed services page.
What do you think of managed services as a business support? Do you think they will help in disrupting newer business paths in 2022?
In our earlier articles, we have discussed choosing the right CPQ (Salesforce) for our business. In that, we have known how salesforce CPQ use can maximize sales efficiencies and can help in generating greater revenue. Not just that, you can also find tips on selecting the right CPQ for your Industry. But just selecting and using the software is not enough; instead, we need to focus on implementing it effectively into our business so that we make the most out of that software. So in this article, we shall understand some of the best practices you can follow so that CPQ implementation brings in success to your sales business.
If you’re just starting with Salesforce CPQ or looking for support with Salesforce CPQ implementation, you’ve come to the right spot. But before we roll on to the steps for successful CPQ implementation, let’s have a brief understanding of what CPQ is? Why it is very much needed and how its benefits.
What is CPQ?
CPQ is the abbreviation that stands for “Configure, Price, and Quote.” CPQ is a sales tool that expands the customer relationship management framework. It is a more organized tool that promotes the selling process through a precise generation of quotes for orders. It is the best solution that helps sales representatives organize the right product combinations, manage discounts, plan pricing, automate approvals and deliver customer-based specific quotes.
The need for CPQ software and its benefits
CPQ has become one of the essential selling tools needed for today’s fast-growing market. CPQ simplifies, speeds up, and organizes the sales process, enabling you to sell more products more quickly. CPQ software facilitates the work of sales representatives by consolidating sales data and providing them with a distinct view of what they can offer to the customer. The tool also suggests them with any extra configurations, add-ons, training sessions or complimentary products.
Watch this video to understand the importance of Salesforce CPQ.
In the recent study report done by Salesforce, we can see that the use of Salesforce CPQ and Billing has delivered improved accuracy, efficiency, and speed in their Quote to cash process.
The market results show that sales business has witnessed
With our extensive experience in CPQ implementations, we have outlined some of the best practices that will lead you to effective Salesforce CPQ implementation.
Establish CPQ targets
Firstly, you need to set realistic targets for CPQ based on your sales process needs. The targets you set will help you decide whether the CPQ delivers the real Return on Investment (ROI). You need to set specific objectives like lowered time spent on selling, the shortened processing time for quotes, a standard increase of the order value, precise quote generation, improved win, and renewal rates. On achieving these goals, you can set the new targets that will further optimize the process continuously.
Design and prioritize CPQ features
Knowing your customer is vital to successful sales. Design the product model carefully to create configurations that best suit consumer purchasing behaviours and execute a process geared towards reducing process delays. Prioritize your sales targets and incorporate selected Salesforce CPQ features that can satisfy your essential business needs. Intuitively bundle products; to help sales reps integrate products and services to address particular customer demands uniquely.
Upgrade data and initiate system integrations
When you have set your product model and pricing, you need to concentrate on what data is required for the CPQ process and from where it should be derived. Ensure that the information is updated and verified for reliability and accuracy. Import product tax rates, discount rates, price packages, and template details into the CPQ and ensure a smooth integration of the Salesforce CPQ with your other ERPs via API integrations.
Measure and improvise progress
Salesforce CPQ is a complicated tool with multi-functional features and is more challenging to drive adoption due to its complexity. The ideal way to ensure continued engagement with the project is to set some intermediate targets to ensure rapid progress and tracking the impact of the CPQ implementation. You can measure the metrics by conducting sales team satisfaction surveys capturing various tool aspects.
Have the staff trained and the tool tested
Sales practitioners should be well-trained and qualified to implement the CPQ tool in order to achieve full benefits from the tool. A well-trained staff can maximize guided sales, perform smart catalog searches and geo-based sales to boost productivity by expediting routine tasks. The CPQ requires thorough pre-implementation testing of functionalities, integrations and workflows with real-life scenarios.Salesforce CPQ is undoubtedly one of the market’s most flexible tools that can improve your ability to streamline sales operations.
In your CPQ implementation journey, Estuate can be your ideal Salesforce CPQ implementation partner who can help you make the most out of your CPQ. Estuate has implemented many enterprise-grade CPQ ventures for some of the most prominent and competitive organizations over the last decade. Our skilled salesforce consultants work closely with stakeholders, and IT teams to reduce the time and complexity involved in delivering CPQ solutions.
One of the prime concerns of most companies today is whether or not to hire a third party to manage their regular day-to-day IT operations. In this rapidly advancing IT world, companies find it challenging and complicated to have their own internal IT departments managing everything so that they can take better advantage of technology. Organizations are conscious that their IT staff invest a significant portion of their time on everyday routine support activities, rather than focusing on creative thinking and offering innovative approaches to achieve business goals. At this pace, organizations often struggle to maintain their operations at optimal efficiency.
The inability to keep up with technology merely holds back the business’ efforts to expand. That’s where the need to adopt Managed Services (MS) comes in. Managed Services – a core outsourcing business model is a hotspot for a significant percentage of today’s IT companies. Managed services are usually preferred by organizations, as it helps bridge gaps and facilitates businesses to resolve hurdles. Adoption of managed services will add value to companies by cutting costs and enriching the efficiency of their operations. MS is on the rise as enterprises pursue a more proactive approach to achieve improved performance and sustain their competitive advantage.
What are Managed Services and their Benefits
Managed IT Services refers to a method of delegating specified business processes and IT operation responsibilities to a qualified third party organization known as Managed Service Provider (MSP) to improve operations and optimize costs. MSPs are skilled at handling business IT systems. MSPs continuously monitor, transform and operate business operations in exchange for a flat fee for the delivery of their services over a fixed time, ensuring that they comply with all company regulations and business demands at all times. Managed services enable a business to focus on its core functional areas, thereby increasing its competitiveness and performance in its target market.
Top reasons to adopt Managed Services
Managed Services usually offer contractually defined services to clients, who share a long-term relationship with the service provider. The concept of managed services works exceptionally well with processes, staff and environments that are expensive to maintain and are not strategic differentiators.
So, Let’s focus on some of the significant reasons for understanding why this business model should be adopted.
Offers better-purported value to clients
Most importantly, Managed services relieve the vital IT workforce from regular operations management and help them to concentrate more on strategic initiatives and core business competencies. The business leaders enjoy great peace of mind by outsourcing IT services as it provides them with the room to plan for potential businesses. Working with an MSP will ensure that the organization minimizes the risks associated with maintaining customer data and other confidential information.
Better cost management
Managed services typically charge a fixed monthly fee for subscription-based services, and it lets the business estimate the cost effectually while budgeting. For some instances, this could turn cheaper than the equivalent cost of hiring in-house staff, because MSPs offer comprehensive, controlled services that cover everything from alert to problem-solving. MSPs also provide round-the-clock coverage and businesses do not have to pay overtime costs if they need to provide 24/7 assistance to remote users.
Increases operational efficiency and profits
Clients achieve improved efficiency by using a managed service with reduced downtime. In the hands of managed services, organizations run their IT efficiently with fewer problems and productive solutions as they face and workers experience less interruption due to IT failures in the corporate network and equipment, thereby increasing their efficiency. Managed services are highly proactive in their ability to detect and address issues before they impact business, thus helping to improve productivity and maintain business continuity.
Bridges the Skill Gap
Often the existing staff of an organization may not be acquainted with new technology or may not be adequately capable of managing maintenance checks, upgrades and repairs. Managed services can support growing enterprises that can not afford to hire additional permanent staff for their IT systems at every stage of growth by providing essential resources at affordable rates. Managed services can meet potential needs as they enable the in-house strengths of the client to be enhanced with the expertise of professional consultants to deliver customized operations.
Manages competitive threats
Managed Services through proactive means aim at maintaining the technology in excellent condition, ensuring optimum IT system efficiency by proactively addressing issues before they become long-term issues. Companies can alleviate risks and keep up with cutting-edge technology by taking advantage of managed service experts. Professionals in charge of your IT operations are always up-to-date on the latest technologies, developments and processes to ensure that the network remains smooth and efficient in the future.
We may infer from the above factors that managed services are more scalable, predictable and flexible, bringing higher profits to the organization. The overall impact of all these benefits is that it makes your job easier, giving you tranquillity so that you can concentrate more on future business plans. With a professional service provider like Estuate, you can implement advanced and emerging technologies to improve business processes. With deep expertise in state-of-the-art technology, our expert IT consultants can help you meet a wide range of IT requirements while optimizing costs, reducing risks and ensuring a faster return on your IT investment.