Business Transaction Management for Better Insurance Transaction Monitoring

Business transaction management is the process of making IT management easier and effective. BTM also improves application performance and availability.

What Is A Transaction?

Transactions are one of the most critical components of how IT supports the business in order to achieve the goals and objectives (such as customer satisfaction and company expansion). Business transactions can be both simple and complex entities that essentially complete the work required within a business process. The transactions respond to client or business requests via the business services and applications that the IT infrastructure delivers.

Every business service and application that exists in an insurance company generates transactions. Each business transaction is realized via IT transactions which transport essential and vital data between various applications inside the IT infrastructure or from the cloud. These transactions constitute a complex web of information.

Business transaction management is very important because the transactions are the things that ensure the actual day-to-day, and minute-to-minute processes are completed inside the business. Regardless of what the processes are (software, applications, databases, black boxes), the most important things are the interdependent transactions that flow from these processes, as they are the finite units that serve as the backbone of the insurance company business.

Understanding and being able to monitor the performance, availability, capacity, reliability and impact of the transactions on IT and the business is very important in order to ensure the business is running efficiently and as smoothly as possible. Any type of IT infrastructure is only as good as it weakest link. Being able to monitor transactions means that the IT team can view those weak links and prevent problems before they occur.  And when they do fail, an effective BTM solution can be used forensically to determine the root cause of the problem.  

Transactions that don’t complete, fail, queue up, slow down, or hit a bottleneck are going to have consequences to the business. Often these sorts of issues absorb firm resources that were allocated toward business growth.   If there are important business transactions that don’t complete, they may cost the insurance company revenue, lost market share and customer satisfaction. It is for these reasons that business transaction management is critical.

BTM Prevents Fines and Penalties.

It is even more critical than usual in the insurance industry, as there are large fines and penalties associated with problems in performance and availability. Not only would the company lose orders, business partners, trust and customer recognition, but they could lose money to expensive regulatory fines in the process.

Consider Nastel's AutoPilot as the Insurance BTM Solution.

Nastel Technologies' Business Transaction Management (BTM) solution, AutoPilot, is used by a number of customers in the insurance industry for the purpose of monitoring their claims processing applications. AutoPilot's complex event processing technology allows insurance IT departments to gain complete visibility into each insurance transaction and critical system in real time.

For example, AutoPilot can provide visibility into the IT transactions underlying claims processing, real-time quotations and illustrations, underwriting and rating, self-service portals, Medicare administration, unit dealing, agency interfaces plus many more. This visibility also makes is easier for insurance companies to meet the strict regulations and requirements that can such cause complex issues if violated.

Having better problem resolution alone is a big enough reason to use AutoPilot. This BTM solution reduces the mean time to know (MTTK) for problems that impact the immediate profit line for the company. But AutoPilot does more. It also identifies problems before they become mission critical and impact either staff or customer. That has the power to impact the long-term profitability of the company.