08 Mar 2018
Published: 13 Feb 2017
Importance of Software Testing in the Insurance Sector
Last Updated: 25 Mar 2020
Global insurers are hugely investing in the latest technologies to reduce costs and improve customer retention. Digital transformation has become the most disruptive factor in the industry, making it important for companies to embrace eBusiness strategies and increase their online presence to mobile and web platforms. These strategies include building digital offerings and business models, digitizing the customer experience, and enhancing in-house capabilities.
Insurers have been facing several challenges in meeting the changing behavior of customers and their outlook in terms of products and services. However, the main challenge is to adapt the legacy IT systems and architectures to the needs of digital business models. This challenge requires new front-end architecture to simulate the customer experience of digital natives. It also demands a major overhaul of the main insurance systems to automate decision making and digitize customer journeys in basic functions such as claims handling and underwriting.
The key factors affecting IT architectures are the Internet of Things, big data, social media and mobile technology, cloud computing, advanced analytics and much more.
• Internet of Things: Connected physical devices allow insurers to interact with users on their respective insured products.
• Big Data: Deep insight into customer behavior can be built with the help of internal and external Big Data sets.
• Social Media and Mobile Technology: Always activated mobile devices allow context-aware tailored interaction models.
• Cloud Computing: Helps in providing unique software and highly scalable computing power.
The right blend of these digital developments can affect the entire IT landscape, leading various insurers to go beyond digital channel functionality and embark on an integrated overhaul of the IT landscape.
Insurance companies maintain an IT infrastructure to support all their business strategies by investing a considerable amount of money. However, after putting in so much cost and effort, they cannot ensure the robustness of their software. To avoid any glitches in the business and to realize a return on investment, software testing is crucial.
Effective testing helps in driving user adoption of business applications. However, for the insurance industry, newer technologies and complexity of the systems can pose a mighty challenge in testing efforts. In order to effectively test insurance applications, you need specialist test professionals with an efficient understanding of the insurance industry.
— TestingXperts (@TestingXperts) February 13, 2017
TestingXperts provides comprehensive testing services for health, property, and life insurers across the complete testing lifecycle. Our specialized testing services such as Performance, Test Automation, Cloud, Mobile Testing Services and our Insurance Testing Center of Excellence help in building an actionable roadmap with recommendations based on industry-best practices.
Our Test Automation framework Tx-Automate will help improve productivity, increase predictability, reduce testing cycle time, and lower costs and at the same time, an effective RoI for Test Automation can be realized across multiple devices, environments, and channels. Our Testing Center of Excellence uses a customized approach to provide testing and quality assurance services. We offer a comprehensive and scalable testing model to help you build a roadmap, overall vision, and structure for your business.