Industries across the spectrum are working overtime on their digital transformation. Historically insurance providers have been staunch advocates of legacy systems, but they too have begun singing a different tune. This shift can be attributed to the changing requirements and demands of policyholders, who are used to seamless 24/7 support across other industries and want the same from insurance providers.
To help insurers meet these demands, several digital platforms have risen to the occasion with industry-specific products focused on maximizing ROI and improving customer-agent interactions.
The role of Performance Analytics
Among the biggest benefits of adopting a modern platform, such as ServiceNow, is wielding the power of artificial intelligence and machine learning to deliver memorable front-end insurance experiences. Insights gleaned from the platform’s Performance Analytics module help arrive at business decisions across the insurance lifecycle much faster and with fewer risks.
Performance Analytics is a one-stop record for collecting and analyzing data that lets businesses improve their strategies by looking at key performance indicators holistically over time. It answers the basic questions to plan and drive growth: “Where were we?”, “Where we are today?” and “Where we’re headed?”. This information is presented via interactive dashboards that beats having to manually sift through piles of historical data.
ServiceNow Performance Analytics gives more power to the insurer, especially agents, claim processors and underwriters, to respond to fickle market circumstances. In fact, a Forrester report found that ServiceNow Performance Analytics helped organizations save $2.5 million annually.
Track key metrics in context and unlock business goals faster
A California-based insurance company, one of the biggest in the United States, was unable to harness the full potential of ServiceNow Performance Analytics to eliminate delivery delays caused by bottlenecks in their incident, problem and change management. Devising, adopting and tracking KPIs proved cumbersome and the data was not reliable.
Aspire Systems put in place KPIs specific to the business’ needs. The leadership could now quickly view the status of all modules on a single page. License calculation dashboard helped the business track software license usage and compliance. Experts also identified KPIs for the Knowledge Management module, which would categorize articles based on usage, usefulness and effectiveness. Optimizing the ServiceNow instance led to:
40% reduction in response time
10% decrease in software licensing costs
200% in catalog consumption
60% improvisation of Performance Analytics module
Racing ahead with ServiceNow
Over the past decade, Aspire Systems has helped several businesses with their ServiceNow needs, mastering the platform. It is estimated that insurance companies browse only 0.5% of their total data to extract information due to a lack of a structured system. With ServiceNow, insurers can integrate their existing systems to the Now platform for data agility. ServiceNow Knowledge Management implementation allows stakeholders to pull any information they need from across systems in no time.
ServiceNow Problem Management module combats rising cyberattacks by tracking and monitoring all kinds of security-related incidents, from a lost cellphone to attempted hacking. The module also provides quick root-cause analyses and solutions to patch the issue before it affects operations. Monitoring IT compliance is made simple with the ServiceNow Governance, Risk and Compliance module. A Premier ServiceNow partner, Aspire can integrate the whole IT risk matrix, their controls and control tests within a single system for easy tracking.
With over 70 million active users worldwide, ServiceNow has become more than just a ticketing platform. Learn how Now platform's automated workflows and process optimization can benefit your business.