Insurance Survey: Unlocking the Power of Data to Produce Actionable Insights
Insurance Survey: Unlocking the Power of Data to Produce Actionable Insights 1024 683 Simon Hollingworth

The team here at Software Solved love problem solving. We’re pleased to share some of our useful resources and insights with you. These have been selected based on the areas we’ve helped our clients with. We hope you find them useful and if there’s anything we can do to help you, we’d love to talk to you.

We love solving technical problems. We’re pleased to share some of our useful resources and insights from our work developing bespoke software for clients.
Insurance: Unlocking the Power of Data to Produce Actionable Insights
Data has been called the new oil, the lifeblood and a valuable currency. So, insurers are fortunate in that most have vast amounts of this most precious commodity. But, are they maximising its potential or is it too often an untapped resource?

There’s no doubt some insurers are starting to leverage the value in their data, even if an elite group is starting to pull away from the rest of the pack. However, as the rise of InsurTech shows, size is no barrier since smaller providers can prove highly effective through using with the right technology and, not least, having a forward-thinking mind-set when it comes to sharing data.

Whether or not insurance is playing a big enough role in the data revolution is a moot point. The technology now exists to connect legacy systems, while machine learning and analytics allow for transformational work to take place, with the goal for many insurers being to turn their data into actionable insights. The question is, will this remain a goal or become a reality?

Software Solved, who work with a range of large and small insurers to deliver Risk & Claims Management Systems as well as data rich Customer Portals, are seeking to better understand this crucial area and so we conducted a research project, in conjunction with Insurance Post. This involved speaking to around 60 providers, covering commercial and personal lines, and with those providing opinions including directors and professionals from various disciplines including underwriting, claims, risk management and IT.

Download this report from an in-depth analysis of the research findings.

How Does Business Process Mapping Relate To IT And Systems?
How Does Business Process Mapping Relate To IT And Systems? 1024 683 Simon Hollingworth

Business Process Mapping (BPM) can be an incredibly valuable exercise for an organisation. In the simplest terms, it visualises and defines the processes within an organisation. Not only does this help provide clarity to job roles and business procedures, it can often be the catalyst for changes that improve a business’ efficiency and performance.

What is a Business Process Map?

A Business Process Map is the documentation that prescribes how problems, information and decisions are processed. It identifies a roadmap to solutions by documenting the necessary steps in any given process, from managing data flows to fielding client requests. They help analyse, understand and improve segments within a particular process, thereby improving efficiency.

Flowcharts are a common format for Business Process Maps, documenting workflows and activity from beginning to end. This will include the many variables within a process, such as feedback loops, ad hoc inputs and decision gateways. At any one time, a stakeholder should be able to see all the available options and directives.

What should Business Process Mapping cover?

It is essential that a Business Process Map is clear and detailed. In theory, an outsider should be able to review a Business Process Map and have a strong understanding of the activities and responsibilities within an organisation.

Effective Business Process Maps will provide clarity to operational roles and will often cover workflows across multiple roles within a business. This can be invaluable when onboarding new employees or clients and decreases the training time required.  This also helps delineate responsibility and remits, which can be a significant obstruction within large organisations.

What are the benefits of Business Process Mapping?

In addition to the operational benefits of a Business Process Map, they also provide significant organisational value. BPM considers specific objectives, which can then be compared and aligned to an organisation’s wider goals and objectives. This helps outline performance and can highlight processes that are either working efficiently or require improvement.

One of the key benefits relates to quality assurance and management. Process documentation is required for compliance with many valuable quality accreditations, such as the ISO 9001 standard. As data security becomes more critical to a business, an effective Business Process Map demonstrates the actions and contingencies an organisation employs to safeguard data

Who should use Business Process Mapping?

Business Process Maps are an essential tool for project managers overseeing operational delivery. However, they can also be relevant to c-suite executives, particularly chief operating officers, to review and analyse how a business is performing. This can be crucial when scaling a business or making an organisation more agile to adapt to market developments and innovations.

So, whilst there are many reasons to use BPM, they can all be summarised as improving efficiency and performance across an organisation. But how does this extend to IT and technology solutions specifically? In our next blog, we’ll be talking about how business process maps play a critical role in a business’ path to digital transformation.

The New Age Of Business Intelligence And Data Visualisation
The New Age Of Business Intelligence And Data Visualisation 1024 512 Simon Hollingworth

Businesses have always amassed data, however the rate at which it is created has grown exponentially. Globally, we output 2.5 quintillion (that’s 18 zeros) bytes of data every day. Estimates suggest that 90 percent of the total data in the world was created in the last two years.

There are now myriad electronic devices, all connected to one another in an ever-expanding network of data generation. However, for all the data amassed, organisations are barely scratching the surface of what it is capable of doing and translating this into real commercial value.

In short, there is a vast amount of data at your fingertips, just waiting to be utilised.

Data Visualisation for Any Business

Until recently, business intelligence (BI) solutions were only available to global organisations with vast budgets at their disposal. One of the key barriers to entry was the ability to interpret these immense datasets that businesses were acquiring. As inter-connectivity has come to the fore, so too have BI solutions that answer the question of ‘what can I actually learn from this data?’

Tools such as Microsoft’s Power BI have bridged this gap, opening data visualisation up to more businesses than ever before. Businesses and organisations of all sizes and industries can now take advantage of the value in data visualisation and business intelligence. It has helped to democratise data, enabling powerful data analysis and decision making in a fast, accessible and easy-to-use platform.

Business Intelligence to Inform Decision Making

Power BI provides the tools to not only assimilate data from vast sources, but to interpret it as well. This is a crucial factor for executives, who can now immediately examine the data that is relevant to them and draw immediate conclusions. This leads to more informed and responsive decision making across a business, driven by actionable data insights.

Today, every business is a data-driven business. Utilising this data properly could create tremendous value for businesses. From greater market understanding, to more effective trend forecasting, the answers are now there for anyone to see. Powerful analysis can link the dots between data and performance, revealing new insight and opportunities.

Customisable Data Visualisation for Businesses

More importantly, platforms such as Power BI are customisable to the needs of a business. All businesses have different requirements and needs from their data, so a customisable and interactive platform is essential. It can help bridge and connect data silos from marketing, finance and sales, breaking complex data into clear insight across all departments and functions.

Even now, BI solutions and their applications are developing at a rapid rate. That’s why the BI market has exploded and is set to grow to a value of $22.8 billion by the end of this decade. It will become the cornerstone of high-level strategy and decision making, which was once impenetrable without vast budgets and specialised resource.

If you’re interested in business data solutions and would like to discuss your business requirements, talk to us today or call us on 0203 281 7342.

How System Audits Help Charities Improve Efficiency
How System Audits Help Charities Improve Efficiency 1024 682 Simon Hollingworth

All businesses face pressure to make the most from tight budgets. It is charities and non-profits, however, who experience this pressure more than most.

Improving Efficiency and Productivity

With complex governance and shoestring budgets, the third sector needs to make every penny count. System audits offer an effective way of maximising an organisation’s efficiency. In fact, they could be one of the most profitable projects you undertake.

A system audit may not seem like the most effective use of time or resource, but they can be. System audits make every penny spent on IT and systems work far harder. Whilst they may not represent a direct return on investment, they improve efficiency and productivity of the entire organisation.

Preventing a System Crisis or Breakdown

Regular system maintenance is far more cost effective than an entire disaster recovery. If a system were to malfunction, the unexpected cost of repair can be crippling. When it comes to your IT and systems, prevention is far better than the cure.

Not only do system audits help keep your system network healthy, they identify problems before they become critical. Often, breakdowns arise from simple oversights that a system audit would catch.

Maximising the Return on Investment of a System

There are few better ways to improve organisational efficiency than a system audit. By assessing how stakeholders use systems, they often highlight knowledge and skills gaps that you may not be aware of. This ensures that systems meet their full potential, whilst also identifying new opportunities. If you need to improve or modernise a system, an audit will highlight it.

System audits also reveal new opportunities for innovation and integration. By better integrating disparate systems, you can streamline processes and avoid duplicating work. This helps free up resources for more beneficial tasks and improves efficiency.

The data that system audits provide about operations is invaluable when considering investment. It will help prioritise particular systems and identify what needs to be maintained, modernised or replaced. This helps build a clear picture of your system network and the true value of an update.

Supporting Digital Innovation for Charities

Organisations process more data than ever before, with data security becoming increasingly important. One of the more technical benefits of a system audit is that it provides more control of sensitive data. This is even more crucial for charities, who often need to optimise pathways through complex and regulated processes. If you’re thinking GDPR at this point you’re on the right track.

Charities and non-profits are already acknowledging the need to embrace new technology. This will have a drastic impact on how charities operate, internally and externally.

In this way, regular system audits have never been more valuable for charities. Each new innovation presents a new set of questions; ones that system audits can help answer. Only through regular health checks can an organisation be confident in the long-term viability of their systems.

Otherwise, you could find yourself throwing good money after bad – something that charities can ill afford to do.

If you are a charity or non-profit who need support with an external system audit, talk to us today or call us on 0203 281 7342.

System Audits in the Insurance Industry
System Audits in the Insurance Industry 1024 658 Simon Hollingworth

The insurance industry is frequently accused of being slow to adapt. We often hear about the burden of legacy systems and how they cause problems for the industry.

It’s no surprise when you consider the scope, disruption and cost of updating a legacy system. Yet, with so much money left on the table and businesses at risk from more agile competitors, insurance firms must face up to modernisation.

So, when is the right time to maintain, modernise or completely replace a legacy system? This is a difficult question to answer, but regular system audits can help solve this problem.

Adapting legacy systems

As the insurance industry grew and developed, systems had to adapt to meet the demand. This meant patches and updates beyond a system’s original scope, which complicated them.

Many of the legacy systems used in the insurance industry will be decades old. Countless updates will have transformed them, adapting to each new regulation or requirement.

Modernising or replacing a system can be a big risk for an organisation. Nobody wants to disrupt business critical systems. What if the new system doesn’t work as intended? Or your clients and customers don’t like the changes?

If a system stopped working one day, the decision to invest in something new would be much simpler. But it won’t. It will keep plugging along. A new process here; a rushed update there.

That’s the problem. Legacy systems still ‘work’. But how well?

When should you update a legacy system?

A system audit looks at how your organisation uses all your systems. It gives you precise usage data and identifies priorities for modernisation or replacement.

This is often invaluable when trying to build a business case for investing in new software. Without this information, it’s almost impossible to assess the true value of an update.

In short, system audits help answer the question of whether you should maintain, modernise or replace a legacy system.

New technologies in the insurance industry

So, why has the insurance industry been slow to update ageing legacy systems? According to a survey by Willis Towers Watson, 42% of senior level executives believe that complex regulations slow digital adoption and innovation.

It would be easy to dismiss new technology as another regulatory hurdle to overcome. In reality, the insurance industry stands to gain more from developments such as the Internet of Things or data visualisation than most. More data points and machine learning assist with risk profiling, as well as the accurate and timely provision of data.

Of course, firms shouldn’t adopt these technologies in isolation. You should consider them in relation to the impact they will have on the performance and security of existing systems.

Again, a regular system audit helps ease the adoption of new technologies. It considers your entire system network, identifying appropriate solutions for the wider business.

Systems audits and business agility

We know that global insurance firms are being disrupted by more nimble competitors. Today, more than ever, business agility is imperative to remaining competitive. Firms must adapt to new models and ways of operating quicker than ever before.

For example, the market is currently experiencing a trend towards self-service and customer experience. Whilst this is most prominent in consumer insurance, we know from our own experience that corporate and commercial insurance isn’t that far behind.

How do you know when to adopt these new practices and technologies? A system audit builds a picture of how your business uses its systems so that you can prioritise accordingly. In other words, it helps a business stay agile.

By understanding your current systems, it is easier to assess the value of new technology. You become better informed and can be quicker to adapt when it is necessary.

Instead of reacting to changes, firms who use system audits can proactively plan for them. It creates a forward thinking culture, rather than one that is always fighting fires with patches and updates.

Which, if we’re being honest, is something that the insurance industry needs to be better prepared for.

If your business needs support with an external system audit.

2018 – The Year of Data Visualisation (across every department)
2018 – The Year of Data Visualisation (across every department) 1024 432 Simon Hollingworth

Departments across companies of every size have been screaming out for better ways to visualise the data they have into real actionable insight. However, until today, the IT teams have struggled to help each line of business to deliver their own dashboards easily. Now with advanced, yet low-cost tools like Microsoft PowerBI it has never been easier to build interactive dashboards and finally deliver timely management information that is helping companies to deliver real-time insight for Sales, Marketing, Finance, HR, Operations and IT Management.

Making data more engaging, internally and externally.

At Software Solved, we are called upon by the smallest and the largest organisations to help them not only bring their data to life internally, but to also make this highly engaging data available via customer portals so their customers, resellers, partners and suppliers can build much closer and interactive relationships. It is based on this increasing demand, and the fact that these tools are becoming increasingly easy to use and cost are rapidly lowering that I predict that 2018 will be the year for Data Visualisation across every department.

In a recent survey that Software Solved undertook in the Insurance Industry, we found that 78 of insurance companies stated that sharing real-time data with customers and brokers was either Important or Very Important, and yet when asked how advanced these Insurers are today with delivering real-time data, only 22 felt they were Good or Very Good.

Increasingly, sharing real-time data internally across your Sales, Marketing, Finance, HR, Operations and IT, and externally with your customers, resellers and suppliers is becoming a huge competitive edge that I believe no business will be able to afford to ignore in 2018.

So, who should be looking into Data Visualisation in your company?

Head of Finance

Finance usually get good data from their accounts systems, but have lots of departments requesting data and PowerBI would be a great tool for them to make the departments have self-service (drawing on data from multiple systems / spreadsheets)

Head of Sales

No matter which CRM system you use, sales management very rarely have good dashboards showing leads, pipeline funnels, proposals sent, targets, performance and upsell/cross-sell opportunities. Therefore, PowerBI will be a great tool for you to overlay on Salesforce, Dynamics, Sugar or whatever the CRM or sales tools

Head of Marketing

Marketing would kill to be able to demonstrate the ROI from marketing campaigns and also to control sales and ensure all their wonderful leads are properly followed up and the results into pipeline can be tracked.

They also would kill to know which campaign, to which industry, hit with which target demographic, so that in future you can target your campaigns better and manage the marketing budget more effectively. Tools like Microsoft PowerBI are ideal for this.

Head of Operations

Tracking manufacturing, stock levels, spares and workshop activities involves so many different supply chain and operations systems. The ability to get visibility across all these processes and then to deliver increased operational efficiency and greater customer service, should make Data Visualisation a must for Operations team.

Head of IT

IT not only needs dashboards for themselves, to be able to track server up-times, system patches, security vulnerabilities and roster staff, but also are key influencers in delivering systems and dashboards for every other department. Therefore, Data Visualisation should become a key tool for IT teams in every industry.

Head of HR

Tracking employee sickness, holidays, training as well as issues and advancement is key to HR management and is an ideal opportunity for using Data Visualisation. Delivering dashboards of recruitment campaigns to each line manager as well as tracking the effectiveness of university undergrad recruitment programmes and apprenticeships will deliver increased efficiency and effectiveness to the HR function and can be delivered quickly and inexpensively with tools like Microsoft PowerBI.

If you’d like to know more about Data Visualisation, and PowerBI in particular, you can find out more by  talking to us today.