Insurers are getting gold with the right analytics tools in the midst of the digital shift

Industries across the spectrum are working overtime on their digital innovation. Insurance providers have historically been staunch advocates of legacy systems, but they have also begun to sing a different tune. This shift can be attributed to changing requirements and demands by policy holders, who are already accustomed to continuous 24/7 support in other industries and want the same from insurance providers.

To help insurers meet these demands, many digital platforms have emerged with industry-specific products focused on maximizing ROI and improving customer-agent interactions.

The role of Performance Analytics

Among the biggest benefits of using a modern platform, such as ServiceNow, is harnessing the power of artificial intelligence and machine learning to deliver memorable insurance experiences up front. Insights gained from the platform’s Performance Analytics module help arrive at business decisions throughout the insurance lifecycle faster and with fewer risks.

Performance Analytics is a one-stop record for data collection and analysis that allows businesses to improve their strategies by looking at key performance indicators across over time. It answers the key questions to plan and drive growth: “Where are we?”, “Where are we now?” and “Where are we going?”. This information is presented through interactive dashboards that don’t have to manually sift through piles of historical data.

ServiceNow Performance Analytics gives the insurer more power, especially agents, claims processors and underwriters, to respond to volatile market situations. In fact, the Forrester report found that ServiceNow Performance Analytics has 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 largest in the United States, has not used the full potential of ServiceNow Performance Analytics to eliminate delivery delays caused by bottlenecks in their incident, problem and change management. Developing, adopting and tracking KPIs has proven difficult and the data is unreliable.

Aspire Systems sets KPIs specific to business needs. The management can quickly view the status of all modules on a page. The business license calculation dashboard helps track software license usage and compliance. The experts also defined KPIs for the Knowledge Management module, which will categorize articles based on usage, usefulness and effectiveness. ServiceNow instance optimization leads to:

  • 40% reduction in response time

  • 10% reduction in software licensing costs

  • 200% of catalog consumption

  • 60% improvisation of the Performance Analytics module

Racing ahead with ServiceNow

Over the past decade, Aspire Systems has helped several businesses with their ServiceNow needs, having mastered the platform. It is estimated that insurance companies browse only 0.5% of their total data to retrieve information due to the lack of a structured system. With ServiceNow, insurers can integrate their existing systems with the Now platform for data agility. Implementing ServiceNow Knowledge Management allows stakeholders to retrieve any information they need from various systems in no time.

The ServiceNow Problem Management module resists the rising cyberattack by tracking and tracing all types of security-related incidents, from a missing cellphone to a hacking attempt. The module also provides quick root cause analysis and solutions to patch the issue before it affects operations. IT compliance monitoring is made simple using the ServiceNow Governance, Risk and Compliance module. A partner with Premier ServiceNow, Aspire can integrate the entire IT risk matrix, their controls and control tests within one system for easy monitoring.

With over 70 million active users worldwide, ServiceNow has become more than just a ticketing platform. Learn how the Now platform’s automated workflows and process optimization can benefit your business.

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