How Is Application Performance Monitoring Shaping Insurtech?

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How Is Application Performance Monitoring
Shaping Insurtech?
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How Is Application Performance Monitoring
Shaping Insurtech?
Consumerism is at an all-time high, touching
every industry, influencing decisions and
strategic approaches of the businesses involved.
Technology is increasing the service efficiency
of businesses, while increasing the customer
expectations at the same time. Today, the need
for a seamless experience is a no brainer, for
which businesses must prepare themselves. Smoothe
r a service, higher the customer retention,
better the revenues. As consumers are
increasingly placing their trust in the advanced
technologies, they have become more open to
taking financial risks. Insurance industry, for
one, has always attracted the most scepticism in
terms of investments from buyers. The insurance
buyers have found it difficult in the past to
trust an insurance carrier to understand what
their needs are and thus, have struggled to find
a plan that is best fit for them. To avoid
becoming perished, traditional insurance carriers
are collaborating with the advancing Insurtech
companies to cater to their customers. A Clyde
Cos Insurance Growth Report revealed a 9
increase in the worldwide MAs in the insurance
sector with technology as the key driver. Many
companies are investing in newer technologies or
joining forces with insurtech startups to stay
abreast with the rapid developments in the
industry. Several others are forming a separate,
innovation-focused, insurtech entity in a
greenfield environment while continuing their
legacy businesses as is. As Insurtech is gaining
momentum, about 80 of the insurance executives
now believe that AI and humans will soon be
working side by side to meet the customer
expectations.
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How Is Application Performance Monitoring
Shaping Insurtech?
Although insurtech promises higher
cost-efficiency with deep-dive data analytics, it
still needs to ensure excellence and speed to
ignite better engagement and establish its
trustworthiness. A minor glitch can lead to lost
consumers and lost business revenues. Insurtech
providers cannot take service quality for granted
as high risks are involved. Application
Performance Monitoring can lift the uncertainity
from any Insurtech service paramountly. By
enabling Insurtech companies to keep an analytic
eye on what, when, and where of a service
delivery process, they can effectively ensure
availability to the users at all times. Given the
sophisticatation of technologies used today,
consumers patience for slow services is
extremely thin. A survey revealed that even a
one-second delay in a website load time can cause
7 decrease in conversion and about 16 decrease
in customer satisfaction. Testing insurance
domain applications is critical in this day and
age of digital disruption. In addition to the
general metrics regarding service and
availability, application performance monitoring
checks for compliance with regulatory parameters
and cybersecurity measures. What Exactly is
Application Performance Monitoring? Application
performance monitoring entails performance
analysis of an application or website based on
its runtime metrics such as CPU usage, response
times, request rates, application availability,
user experience, and number of instances. It is
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How Is Application Performance Monitoring
Shaping Insurtech?
essentially a diagnostic method to determine
whether everything is in order and working in the
desired manner or not. More than 73 of
organizations faces productivity loss caused by
an applications performance slowdown. Insurtech
and digitally evolving finance industry can avert
such losses by leveraging the actionable insights
obtained from application performance
monitoring. Application performance monitoring
prepares insurance providers to avert any
potential risks in the current dynamic economy.
It empowers them to bridge the gap between
deployed and expected quality of products and
services through continuous surveillance and
monitoring of performance metrics. Additionally,
it offers an all-inclusive end-to-end visibility
to the complex IT architecture of an Insurtech
framework, including third-party servers, mobile
applications, cloud applications, transactional
activities, and end-user response time. It
proactively identifies chances of future failures
caused by performance issues and exercises
troubleshooting to mitigate such
possibilities. The Challenges in Insurtech
Mandating Implementation of Performance
Monitoring As of last year, there were more than
1000 insurtech firms working in over 60
countries. With the potential of delivering
enhanced user experience at lower costs,
insurtech has a promising future. At the same
time, it also presents a number of challenges
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How Is Application Performance Monitoring
Shaping Insurtech?

• Insurtech utilizes the power of AI to collect and
  use data from a variety of sources. Validation of
  such data can become a pain in the neck.
• Vesting the responsibility of designing a rating
  model to data scientists is a risky affair since
  they are not aware of all the industry-specific
  requirements and nuances. This may lead to the
  development of an inefficient model that does not
  take all the variables into consideration.
• The high sensitivity of the data involved makes
  the insurtech sector vastly susceptible to
  security breaches. Cybersecurity can prove a
  fatal challenge to the proliferation of
  insurtech.
• The dwindling compliance of the regulatory and
  licensing requirements in the insurance industry
  further hinders the growth of insurtech.
• Application performance monitoring competently
  tackles these challenges while strengthening the
  prevalence of insurtech. A right mix of skilled
  IT and support from all the departments involved
  is the secret recipe for successful application
  performance monitoring in Insurtech.
• Application performance monitoring simultaneously
  visualizes the complete picture of
  infrastructural construction while diving deep
  into algorithms, codes, and data. Such a holistic
  approach equips Insurtech firms to monitor the
  health of their applications and effectuate
  necessary measures to keep them running
  efficiently.

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How Is Application Performance Monitoring
Shaping Insurtech?
The transaction profiling capabilities and
infrastructural visibility yielded by application
performance monitoring facilitate an
applications success by preventing memory leaks
in the server and connectivity issues,
eliminating virtualization bottlenecks, and
optimizing storage hotspots. A Final
Word Despite the numerous challenges, insurtech
is expanding rapidly. Global funding in the
insurtech sector surged beyond 3 Billion in
2018. The insurtech providers need to fortify
their digital walls to continue this growth,
prevent application failure, and guarantee total
availability to the users. With the support of
robust application performance monitoring
competence, insurtech is here to stay and will
possibly become the norm in the coming decade.
Consumers will shift to insurtech services to
take informed decisions while choosing their
insurance policies or filing claims. Legacy
insurance carriers must evolve to stay relevant
as the industry is on its way to digital
advancement. Cigniti helps global insurers in
their digital transformation, thereby deliver
improved customer experience and gain competitive
advantage. We make sure your insurance software
applications/systems run seamlessly by ensuring
efficient back-office operations. Our testing
services portfolio and matchless track record
prove us as a trusted advisor and preferred
technology partner for the Insurance clients.
With a Customized Insurance Domain Competency
Group (DCG), Cigniti offers

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How Is Application Performance Monitoring
Shaping Insurtech?
specialized insurance software testing solutions
with reusable test assets repositories. Connect
with us today to leverage our deep-domain
expertise.   Read Full Blog at
https//www.cigniti.com/blog/insurtech-applicatio
n-performance-monitoring/

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