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Transaction Management Tools: Must-Have for Successful Survival in Service Industry

Financial services industry is under the gun to keep pace with the rapidly changing customer expectations. According to the Forrester survey, “Tech Opportunities in North American Insurance IT Firms”, approx. 50 percent of responding insurance managers revealed that reduction of operating costs, revenue growth and customer retention were  among the top three priorities for their firms. Insurance IT managers are thus required to constantly seek the enhancement of end-user experience.

According to the survey conducted by OpTier, clients in the age group of 18 to 34 prefer to research and purchase insurance online. Insurance firms are thus moving their operations online in order to tap potential client base. This generates a need for insurance firms to have a real-time control over each and every transaction through technology infrastructure to enhance their service performance levels.

Application of Business Transaction Management (BTM) can satisfactorily suffice for this requirement of the online customer servicing arena. Besides improving service performance and availability, BTM solution also reduces IT management cost. Real-time end-to-end visibility into insurance transactions allows technology staff to proactively locate the problematic areas if any, and corrective actions can be taken on an immediate basis. Transaction visibility also helps the firms to identify the patterns which in turn reduce the time-to-market for newer applications and enhance customer service.

BTM provides visibility into a wide range of insurance industry functions such as claims processing, underwriting, CRM, carrier interfaces, contact management, self-service portals and so forth. This solution also improves the quality of the informative data available to auditors and regulators for compliance needs and the actuarial department for statistical analysis.

Automatic tracking and addressing weak links in transactions across virtualized and distributed computing architecture, before the SLA’s are breached is the most critical application of this solution. Transaction management in the virtual environment is a new wave to meet SLA. Though virtualization adds to the complexity of technology architecture, the benefits such as workload management, reduction of disaster recovery periods are quite attractive for the insurance sector.

While selecting a BTM tool, the important criteria for vendor evaluation is the integration level among different tools, such as those for tracking the transaction, capacity planning etc. in the BTM product suite and the depth of the offering that best suite the firm’s requirements.