Why IT Consulting Services Vital for Insurers?

Internet of things is affecting the insurance sector also. Competition prods insurers to increase efficiencies. To be successful in market critical issues like data integrity and reduction in errors have to be handled effectively. Secondly, processes need to be faster at reduced cost. It is at this stage insurers look upon IT services for innovation, efficiency and to increase bottom line profits.

The Insurance sector is huge with diverse groups involved in it. Who are the stakeholders in the insurance sector? This is important to provide solutions that will benefit all. Insurers, reinsurers, regulators, underwriters, agents, IT consultants, and policyholders comprise the stakeholders.

Policyholders want fast processes, ready information, State wants regulatory compliance, insurers want to reduce costs and increase profits. To realize everything processes and operations need to be streamlined. At the same time it is important to identify risks and address the same. Risks comprise solution risk, execution risk, resource risk which restricts insurers from living up to the expectations of its stakeholders.

The Tools At Work within Mobile Telematics Systems

So you’ve been hearing about mobile telematics — whether on the periphery of your daily research or as a topic on the forefront of your and your company’s interests. You know that adopting telematics solutions are the key to pushing your auto insurance business to the leading edge of the market, and you are likely familiar with many of the common benefits touted by other leaders in the industry: reduced infrastructure costs, more satisfactory customer relationships, improved driving habits from policyholders, and safer roads for all, just to name a few.

But what, specifically, are the tools and features that will help you attain the benefits in question?

Insurance Mobility Solutions

For one, the best telematics systems work for you and your customers — not the other way around. The automated nature of the application’s cloud-based system greatly reduces clerical errors and the time needed to fix them. Customizable, easily usable dashboards enable all team members to seamlessly access, monitor, and analyze raw data streaming from the drivers’ smart devices, allowing your business to apply highly advanced predictive analytics tools in order to craft premiums and policies for each unique policyholder. This method of crafting cars insurance policies is called usage-based insurance (UBI).

On the client’s end, the mobile app monitors the most frequented routes and destinations. In addition to providing real-time data on traffic congestion and weather conditions, the telematics system can even offer safety tips and tricks configured to your driving habits. Furthermore, the best mobile solutions feature teen programs designed to help teens (and other beginners behind the wheel) adopt the safest driving practices . . . contributing one step at a time to securer roads for everyone.

Curious to learn more on how a top-notch mobile telematics application can improve your auto insurance business? For more information, visit (and contact!) us at xemplartelematics.com.

How Mobile Devices are Making Roads Safer

Smartphones. Tablets. Wireless headphones. Smart watches. These gadgets keep popping up everywhere, with countless new additions and tweaks and perks designed to make the owners’ lives easier, more luxurious . . . simply better.

These smart mobile devices and “wearables” can often feel like frivolous purchases, or even a waste of time for companies to invest in. Quite the opposite, however, is true. For every indulgent new game app you can buy to spend time on your iPhone, there exists a real tool for users and businesses to improve lives and safety around the world.

Yes, safety. But doesn’t using mobile devices on the road increase the chances of accidents and injury? Of course they can — unless you know how to use them.

Find Your Mobile Insurance Solution

A growing number of auto insurance carriers are beginning to switch from old self-reported methods of determining policies and premiums for their clients to usage-based insurance (UBI), resulting in safer roads and driving practices for all. How do they do this?

Mobile telematics applications allow insurance providers to engage with their policyholders on their own territory – through smartphones and other mobile devices. By collecting real-time data of the driver’s individual habits, frequent routes and destinations, and even traffic and weather conditions at the time of accident, these smart devices allow customized mobile apps to help drivers stay safe. In addition, these same applications offer feedback tailored to each specific user, thereby improving your clients’ records and making roads safer.

In addition, the highest quality mobile telematics systems feature video and image capture and video and audio statement capabilities, allowing drivers to physically hear and see what goes wrong behind the wheel and maintain correct behaviors. In this same vein, the best telematics applications also feature teen driving programs that set safety parameters for teens and other beginner drivers.

Safety, more information, and greater trust in the business-to-client relationship? Thanks to the ubiquity of smart mobile devices, these are no longer pipe dreams — but the very fabric of the auto insurance industry. What could be better?

SaaS-Based Policy Admin Systems: Why Switch?

As the property and casualty insurance market evolves at a steeper pace each year, so too does the nature of the very backbone of the industry — that is, insurance administration. Insurance policy admin systems of the twenty-first century are rapidly shaping up to embrace new technologies, and it is vital that insurance providers begin keeping an eye out for these changes.

But what, exactly, are these changes?

Outdated legacy systems can severely slow down your company, but it is true that making the switch to an updated PAS can be a rather daunting, expensive, and time-consuming task. Yet the cost return is not insignificant. New iterations of insurance administration systems contain several key components designed to streamline your business’s daily processes. Cloud- and SaaS-based softwares enable companies and customers alike to keep all files, records, and transitions organized in an easily accessible, highly secure online data warehouse.

Furthermore, SaaS insurance administration systems provide a high degree of flexibility and customizability, meaning that you can tailor the software to fit your business’s unique needs. Without uprooting your current framework or outsourcing installation and continuous updates to a third-party IT team, you can easily integrate a new PAS into your existing operations. This allows you to retain full control of your forms and product management, establishing how you want your rules, workflows, and output products and services to work for you. The best SaaS admin systems offer easily configurable dashboards, thus allowing all authorized users easy access to data and records as necessary.

Hundreds of insurance carriers around the world and across the United States are beginning to make the transition from ancient legacy systems to newer PAS frameworks. These companies have discovered that switching to SaaS-based systems are the key to thriving today and in the decades to come — and so can you!

New Strides in Healthcare Predictive Analytics

The healthcare landscape has always been a dynamic and unpredictable one, but never more so than the present day. Leaps and bounds in technology have been transforming the healthcare industry in more ways than one. And no aspect of health has been unfolding as dramatically as the administrative and computational softwares that are the very backbone of the market.

As crunching “big data” becomes ever more integral to the daily operations of healthcare management systems, it is becoming equally as important for healthcare systems of today to be ready to tackle not just the current industry challenges, but be prepared to adapt to the changes of tomorrow. Machine-learning-based models, then, are vital to providing the comprehensive healthcare solutions necessary for caregivers and providers to offer the best patient monitoring and clinical decision support possible. As a result, myriad hospitals and other healthcare facilities are making the switch to cloud-based Electronic Health Records (EHR). A high-quality EHR system contains an algorithm constructed of four primary stages: pre-processing, feature extraction, feature ranking, and classifier design. This setup is primed for comprehensive data storage and trend research like never before.

Here are some of the key features that the best healthcare administrative frameworks should retain:

 

• Data collaboration and sharing. Data mining is an enormously daunting task, and requires specific statistical and mathematical feature extraction in order to be truly successful.

• Operation Efficiency. Highly advanced and intuitive software is necessary in order to improve patient outcomes. This efficiency can only be achieved through deeper insight into outcomes and costs, which in turn enhance operational decision-mmaking.

• End-to-End Solutions. This includes predictive analytics, centralized data warehousing, comprehensive asset management, and enterprise content management.

• Workflow management software solutions. You need a framework that makes room not just for your administrative needs, but more importantly for your patients.

Countless hospitals and clinics across the United States who are making the switch to EHRs and predictive analytics systems are being rewarded with fewer costly clerical errors and lower fatality rates.

“It’s starting to allow for more standardized medicine,” says David Kaelber, physician andents chief medical informatics officer of Cleveland’s MetroHealth. While initial implementations can be expensive and challenging to get used to — particularly for facilities deeply entrenched in paper records — the switch to cloud-based data storage allows for both easier, securer access and greater analytical capabilities. Healthcare predictive analytics is the key to refining healthcare administration — and, by extension, saving even more lives.