Ways Automation Can Improve Your Business Processes

Continuously changing market conditions, high speed in decision-making, multitasking in asset management and the need to reduce risks require modern approaches to the work processes within any business. It allows you to free up precious resources for strategic planning and concentration of management in key areas of the company. Business automation is the partial or complete translation of repeatable, time-absorbing operations and business tasks under the control of a specialized system. As a result, you get to increase productivity and effectiveness of strategic management.

Automation is usually conducted in two ways:

– Automation of the basic business processes: for example, sales management or work with clients. In this case, it is carried out to directly increase the volume of sales, the number of products produced and increase the profitability of the entire business as a whole.
– Automation of supporting processes, such as accounting, reporting, records management. Such automation does not directly affect the increase in revenue, but helps reduce the time and costs of daily work execution.

The main tasks of business automation are the following:

– effective support of operational activities of the enterprise, control and organization of accounting
– preparation of any documents for partners/clients, including invoices, bills and business proposals
– quick receipt of reports on the state of affairs in the company for any period of time
– optimization of staff costs, increasing the efficiency of working hours by freeing employees from routine/habitual work
– minimizing the negative impact of the “human factor” on the most important business processes
– secure storage of information and data
– improving the quality of customer service

Automation of business processes can significantly improve the quality of management in the company and the quality of its product. For the enterprise as a whole, it gives a number of significant advantages like:

– Increase the speed of processing information and solve repetitive tasks
– Increase business transparency
– Increased coherence of staff and the quality of its work
– The ability to control large amounts of information
– Reducing the number of errors and improving management accuracy
– Simultaneous resolution of several tasks
– Rapid decision-making in repetitive situations

As a result of automation of the business processes – the management receives much more information for analyzing business processes in the form of detailed analytical reports and is able to direct the company qualitatively taking into account external and internal indicators.

Find out more about how an automation can help and grow your specific business, or if you have any other software development questions – just contact us at info@dassolutions or by filling out the Contact Form.

Moving Forward,
DAS Solutions Team.

Two-Factor Authentication Best Practices

A second layer of data protection is always a good idea, especially when you want to keep your customers safe from intruders. Authentication mechanisms that require only a username and a password are no longer intrusion-proof, as can be seen by recent experience at some internet giants who shall remain nameless. Your users will be safer if you implement a two-factor authentication system using an SMS gateway, and send customers one-time passwords (OTP) to enter your system.

Typically, one-time passwords are four- to eight-digit numerical codes that are valid for a short period of time, and only for one interaction, session, or transaction. They make authentication safer, because they are sent directly to the customer’s mobile phone. Authentication via OTP gained popularity across industries because it’s a cheap, easy to implement, and ubiquitous way to communicate with customers. The user does not have to install a third-party application to receive the one-time passwords, so it is also a very user-friendly option.

To set up OTPs, you will need an SMS gateway that supports this authentication method. It is configured to generate and send one-time passwords for the user via text. Some OTPs are generated based on time-synchronization, while others use mathematical algorithms.

Text-messages can be delivered in two ways: (1) you can attach a GSM modem to your server with a data cable, or (2) you can send messages through an SMS service provider. If you decide to go for the latter option, text-messages will first be sent to the short message service center (SMSC) of the service provider, and from there, based on connections with other SMSCs, the text-messages get sent to your recipients. For security reasons, setting up a VPN channel between the SMS Gateway and the SMSC of the service provider is always a good precaution. The first option is usually more secure because it is integrated in your infrastructure and does not require an internet connection. The second SMS delivery option is a good choice if you need to send a high volume of text-messages.


SMS-based OTPs are an Option if You Operate in One of these Industries

Everyone understands text messages. Thus implementing two-factor authentication using SMS will not introduce a steep learning curve for your customers. SMS-based OTPs can be implemented regardless of your industry. Here is an extensive list of industries already using this type of authentication successfully!

  1. Education and Training
  2. Food industry
  3. Retail
  4. Travel and Tourism
  5. Healthcare and Hospitality
  6. Web Design
  7. IT and ITeS
  8. Oil and Gas
  9. Real Estate
  10. Media and Advertising

Two-Factor Authentication Use Cases

  • Registration

Ask for a user’s phone number during the first registration attempt. Display a message where it is clearly explained that their phone numbers will be used only for verification procedures. Afterwards, send a one-time password that will allow the user to access their new account.

  • Password Reset

Fraudsters get into user accounts by phishing email addresses, so verifying new passwords by via text OTPs add an extra layer of security.

  • New Device

If the user logs in from a different device, a new IP address, or even a new country, you can add extra verification steps like SMS OTP or by answering qualifying secret questions.

  • Unusual Behavior

Usual behavior such as making a lot of purchases in a short amount of time, or in different timezones can serve as red flags. Prevent fraudulent activities by verifying whether the actions were performed by the user.

  • Changing Account Information or Settings

Set up additional verification steps when the user requests certain changes that could put their information at risk, such as changing the account name, or phone number. You could encourage users to opt in to extra verification steps by rewarding them for choosing to add the second security layer (some companies offer discounts if their users protect themselves in this way).

When Is It Better to Use Multi-Factor Authentication Technology?

With the rise of fraud attacks such as Emmental that affected banks in Switzerland, Sweden, Austria, and Japan, banks are looking for alternatives to OTPs through SMS. During Emmental operation, millions were stolen from both consumer and commercial bank accounts.

Cybercrooks mislead people into installing fake applications on their devices. There were cases where such apps waited for text-messages from banks that contained session tokens, and silently hijacked communication, forwarding the info to attackers’ servers. Cybercriminals are keen on finding ways to undermine SMS OTPs, but this is still an infinitely safer alternative to the ID and password-only option.

SMS two-factor authentication verifies a user’s identity in a fast, easy, and non-disruptive way. It is relevant for a range of industries, it is cost effective, easy to implement and works on a global scale. Reach out to a telecom consultant and discuss your two-factor authentication needs.

Moving Forward,
DAS Solutions Team. 

How to use an SMS Gateway in the Most Efficient Way?

Let’s imagine that you already own an SMS Gateway. Now you can communicate with your clients via text-messaging. But what are you going to do with the tool that you just got? How do you use the SMS Gateway in a way that increases customers’ loyalty? Our explicit tips will help you create SMS campaigns that drive revenue.

  • Customize text-messages

SMS campaigns teach you to get straight to the point. That is why it is a good idea to start your message with an attention grabber. A good attention grabber will make your customer want to read your message until the end. Usually, attention grabbers are spelled with capital letters, for example: ‘GOOD NEWS’, ‘UPDATE’, ‘GREAT OFFER’, etc. After you got your subscribers’ attention, use a clear call to action.

When sending a message, customize it. Use your client’s name or geographical (if known). This will help build a closer relationship with your customer. Don’t hesitate to congratulate your customers with birthdays, offer them discounts on anniversaries or other important days. Don’t use SMS only as a promotional channel, but rather as a communication channel that consists of various messages on different topics.

An example of a message you can send:

“Stephanie, your order is getting close to 123 Main Street. If you are not home, please call 350-598-2926 or reply to this text so we can make arrangements. Thanks!”

  • Use Emojis

The way people perceive advertisement has changed, and this is especially relevant for Millennials. According to a report cited by the Times, 4 out of 10 Millennials report that they’d rather engage with pictures than text, so there is no need to always be serious. Sometimes it is effective to be more creative and less official? ? ?. Add emotions to your messages by using emojis. They will grab readers’ attention, make the message funnier, and more memorable.

  • Insert shortened links

Don’t use the SMS gateway only for promotional messages. Embed SMS communication into your digital marketing strategy. If you have a promotion and you have a landing page for your offer, insert a clickable and shortened link in the text-message (remember, you have a limited amount of characters to spare). The link will redirect the recipient to your landing page.

At the same time, you wish to provide your clients with a pleasant customer journey, that’s why make sure that your website has a responsive design. Also keep in mind that the easier it is for users to engage with your content, the more likely they will complete the steps you want them to take.

  • Send SMS Reminders

Engage with your customers by reminding that they had abandoned a shopping cart on your website. Let them know that they still did not buy that teddy bear for their daughter’s birthday, or a piece of jewelry for their special day with their significant other. Give your customers an option to respond to this text-message reminder, so that you can call them back and complete the order for them. You never know what stopped your client from buying on your website, which is why it is important to be proactive.

  • Choose the best timing and frequency

Analyze the responses you receive from your target groups. Find the time and frequency that works best for your clients. If you send too many messages, there will inevitably be complaints and opt-outs. On the other hand, if you send messages infrequently, your clients may feel that your messages are out of place.

  • Place your contact info

Whenever it is relevant and possible, mention your company’s contact information in the SMS. Make it easy for the client to get in touch with you. It is much easier when the phone number is provided right in the text. They click it, and their phone does the rest of the job. When they call, make sure they don’t wait long before someone picks-up. So make sure the customer service team is always ready to take calls and be in the know about the text messaging marketing strategy.

  • Give an unsubscribe option

If you mainly use an SMS gateway for promotional messages, give your clients an option to unsubscribe. Make sure you provide them with clear instructions how they can stop receiving messages from you. This can be a word that they need to send in response to your campaign or a link to your website they have to access.

  • Use a customized sender name

You don’t want your clients to remember you as 1-2-3-4-5-6-7-8. They should know right away that they are getting messages from you, not from a random phone number, and definitely not your competitors. Make sure that you have customized your sender name, and that your customers see where those messages are coming from.

  • Measure results and adjust

Your SMS campaigns won’t be effective if you don’t measure the results and adjust to make them even better. Create A/B testing campaigns for your target groups, and go with the ones that work best. Analyze your results and stay open to changes in your content and strategy.

If you follow these tips, you will have a good chance to turn your SMS gateway investment into a continuous revenue-driving mechanism. Next week we are going to analyze the important features of a user-friendly SMS gateway interface.

 

Business Intelligence Software Is Critical for Growth

The savvy utilization of data is essential for the success of a business. Corporate leaders have finally realized what a large value added business intelligence (BI) platforms bring in terms of access to more structured data. This trend toward acceptance and integration of such tools is showcased by the fact that BI software is now rated as a top investment priority by CIOs.

BI includes a variety of instruments, applications, and methodologies that allow to collect data from internal and external resources. BI platforms then prepare that data for analysis, and generate reports that are comprehensible to decision makers. BI also allows to plan and model future situations and assess risks. It doesn’t solve problems, but one can identify otherwise undetectable issues with the help of BI, and then take corrective actions to reach growth objectives.

The BI and analytics market is undergoing an evolution. Analysts predict that cloud-based BI technology investments will grow 4.5 times faster than those in on-premises solutions. The adoption of machine learning techniques and the development of smart data delivery tools also attract more funding. In addition to that, companies are more inclined to use intuitive self-service business intelligence software that doesn’t require profound technical skills. Ideally, the IT department can train the rest of the team on what data is available and how that information can be accessed and used. Once the data warehouses and data marts supporting the business intelligence system are set up, managers should be able to query the data and easily create custom reports.

The ideal business intelligence software is composed of several parts. One of its parts will source data from various databases used by a company. When it comes to sourcing data, every company is unique and it’s highly unlikely there’s a third-party solution that can simply integrate with all the company’s sources of data out of the box. For that reason, a company may want to consider custom software development for this portion of the BI tool.

The other part will process and visualize the information. A friendly User Interface and User Experience at this point is crucial for this portion of your new software. If the employees actually using this tool will not know how to use it properly right away, there will almost certainly be problems and unnecessary expenses in the long term. Investing in usability is a big must. At the same time, the value of a user-friendly interface is diminished if the system does not work properly. Thus the front-end and the back-end of a custom business intelligence software should always be well aligned.

This is why it is important that the logic behind such a product gets ironed out well before the development of the tool. A company’s leaders, therefore have a set of questions they should consider before investing in a custom BI software.

1. What is expected that the system should do?
2. Why is that needed?
3. How will success be measured?
4. When should the desired goals be achieved?

When business owners have answers to these questions they need to remember that the BI tool is an investment that yields results in the long run and only if it is actively used with the appropriate adjustments based on the company’s growth strategy.

CIOs invest in business intelligence systems in order to make informed, data-driven decisions. As a study has shown, decisions backed with data result in significantly higher ROI and sales numbers. These tools can also leverage information in order to gain a competitive advantage, cut costs, and reduce risks. Thus, investing in a good business intelligence software is worth considering.

Use Machine Learning to Produce Higher Value

Facebook uses machine learning (ML) for face recognition, Apple uses it to make Siri sound more human, and Google minimizes energy use at data centers with the help of ML. Machine learning is a trendy element of artificial intelligence that is being successfully used in many industries. Regardless of the industry your business operates in, consider using ML to improve productivity and receive higher ROI.

 

What is machine learning?

In traditional computer science we need to explain the task we wish to accomplish to the computer. For example, if we plan on creating a tool that calculates salaries, then we need to write a program that translates to the computer how to perform each operation in a language that it understands. This limitation hinders innovation because the machine cannot find and fix problems on its own, which can require much more energy from a development team.

Machine learning could simplify this process by a lot, as it involves “teaching” computers to learn on their own. This is done via an algorithm which educates computers to perform a task without having the developer explicitly code “instructions” in the program. In the supervised learning technique, the processor studies previous examples in order to run a machine learning algorithm. The more data is processed, the more accurate the algorithm becomes.

 

Case studies

The Royal Bank of Scotland has launched Luvo earlier this year. It is a bot that can answer customers’ questions and perform money transfers. It uses machine learning to provide customers with continuously better responses over time. McKinsey points out that some European banks that use machine learning techniques saw a 10% increase in sales of new products, 20% increase in cash collections, and a 20% decline in churn.

Dataminr transforms tweets into actionable signals for stock traders. It classifies them based on location, relevancy, and ranks them by their levels of urgency. An alert sent to a trader even a couple of minutes earlier can result in a significant profit.

SailThru learns customers’ interests and purchase behaviors. It predicts when a customer will make a purchase. For its client, The Clymb, it increased the total email revenue by 71%. It also collected data from all digital channels. This predicted top buyers’ next actions, and identified marketing trends.

A startup from London helps its customers generate reports. The company’s technology can scan text documents and establish relationships between concepts. It has increased workers’ productivity by 25% and saved 40 hours of engineers’ work per month.

Machine learning is not limited to the aforementioned case studies. It can be used in fraud detection, cybersecurity, search, manufacturing, medicine, robotics, personalization, and other industries. To implement machine learning technologies, one needs a strategy and a deep understanding of a company’s KPI’s.

If you plan to use ML in your business, define your criteria of success. It is not enough to know what your customers are about to do; the most important thing is to understand some of the reasons behind their behavior.

 

Top Features of an Effective Claims Management System

Claims are a critical part of the insurance business. Even if your insurance company is not as big as Axa or Allianz, you need to have an efficient claims management system. Clients’ mindset and expectations are different from what they were 10 years ago. A recent survey called Insurance 2020: The digital prize — taking customer connections to a new level  has brought to light some fascinating facts:

  1. 71% of consumers made an online research before buying an insurance product.
  2. 68% of respondents were willing to download and use an app from their insurer in order to access services.
  3. 50% (!) stated their readiness to additional personal and lifestyle information so they can get the best deal for insurance services.

Insurance must thus move quickly to become more customer-centric and to improve customer experience. For successful communication, your customers and team members need to have access to an intuitive claims management system. In this post, we’d like to highlight some features that would be welcomed by both your customers and your staff.

Features of a claims management system appealing to customers:

  • A simple submission process from any device

Users need to have the possibility to complete a short and simple form using their smartphone or tablet. Claimants’ basic info, such as first name and last name (as well as other contact information) should be  filled in automatically when the customer decides to submit a claim. This should be easy to do since the info is already in the carrier’s database. In addition, the claims process will be easier if customers understand intuitively how to attach photos of receipts or invoices to their claim.

  • Tracking claims progress

Claimants need to be able to track the status and decision of consultants regarding their claim, further steps they have to take, as well as the final outcome.

  • All documents in customer’s pocket

When the customer uses their insurer’s app, they need to store their paperwork such as copies of their ID, driving license and policy documents on their application.

  • Online claims payments

Clients can save a lot of time if the transaction of claims can be done online. It also adds transparency to the process because both the customer and the consultant have access to the final decision of the claim.

  • Simplicity and security

For fast and easy access one can log in with a PIN code that is easy to remember. Any claims information entered must not be lost until submitted. At the same time all personal data must be secured via encryption. It is also useful if most of your app’s features are available even if the user is offline.

Your team will thank you for the following claims management system’s features:

  • Reminder function

This is a useful feature because it enables a consultant to stay on top of the tasks that require a timely response. The reminder feature facilitates the service provided by the insurance company.

  • Handling different types of contracts

It is preferred that the claims management system can handle various types of standard contracts. Furthermore, as the clients and the consultants might introduce amendments to the conditions of the standard form of contract it is critical that the system is able to deal with changes.

  • Keeping documentation up-to-date

Some claims are more challenging to prepare because more documentation is required. Thus claims managers need to have a system to help them keep an up-to-date documentation, prepare the claims, and prevent them from losing relevant documents.

  • Extended search capabilities

The agent needs to have the possibility to search virtually any data within the claim, including claimant, address, policy number, phone number, check number, etc. This function makes searching easier.

  • Centralized database

If you have several offices across the country it is better to have a centralized database so that the management can have access to the files, templates for claims and any other information. A reporting tool will help them analyze the outcome and status of claims.

So here we are! Ten features that a claims management system should have to improve your company’s performance. All in all, the app has to address your customers’ and your employee’s needs, which is why it is so important to choose a system with a user-friendly interface that fits well with your specific needs.

How to Start a Custom Software Enhancement Project?

Custom software enhancement is often confused with custom software maintenance services, because the line between these two terms may seem blurred sometimes. You need to know that software enhancement includes advancements in features, platforms, performance, usability and design. Through enhancement your software application becomes faster, more efficient, more usable, more useful, and more desirable. It’s the next step in your software’s evolution, that’s why you need to know how to prioritize the changes.

Step 1: Get an idea on where to start your custom software enhancement project at.

Create a database of requested changes where users of your solution can offer what they wish to see in the upcoming version of your software. In addition to this, you can approach your most valuable clients/users and ask them directly what kind of new features they would like to add.
Afterwards, ask the development team what kind of functionalities they would add.

They may speak in favor of:

Upgrading the software to be compatible with new database releases;
Adding new statistical analysis and visualization tools;
Adding a new tab to the dashboard;
Improving the search function; etc.

Step 2: Evaluate the information and take a decision.

As with all business decisions, it’s a cost/benefit problem. What is the benefit of adding a feature? What will it cost (including the costs that will result from not adding the feature)? Calculate how much it will cost to add it.
Tip: Usually the cost is calculated in hours that have to be spent by developers to develop a feature.

Analyze the information you got from the users of your platform and identify those missing features that will have a tangible business impact on user experience. It makes no sense to add a feature from which only a few will benefit.

At first, pick those features that have the most benefit for the smallest cost. Resources are often limited, while requirements and desires are not, that is why it is so important to prioritize correctly.

An accurate estimation of a custom software enhancement project may be a herculean task. These questions will help you estimate the project:

1. How will your existing solution be affected by modifications?
2. Do you need to build the new feature from scratch or does something similar already exist in the system?
3. Can you reuse the existing code?
4. Will modifications require the testing of the whole system?
5. How many developers are needed to make modifications?
6. How much time will it take to develop, design and test new features?

The bad news is that you can miscalculate the time and effort required. For instance, the development of a new functionality might take longer than you expected and result in higher production costs.

In order to avoid this kind of errors it is better to entrust your custom software enhancement project to an experienced team of software developers who know how to:

• Thoroughly analyze existing software documentation
• Analyze the architecture of the existing software application and offer structural changes
• Analyze and make changes to the existing code
• Perform software security analysis

Custom software enhancement cannot be made by a low-skilled developer. That’s why you need someone who has experience in adding new features to a code written by someone else, who can understand not only how to build in new functionalities, but also to see the business essence of the system.

One of the most important things in software enhancement projects is to clearly prioritize the requirements and take an approach to incrementally work on one function or feature at a time. Your users will thank you for the changes they’ve asked and waited for.

Telecom Solutions

You Need to Know about These Innovative Telecom Solutions

Telecom network operators have always relied on technology but have often taken a conservative approach, valuing stability from established systems above improvements through innovation. Faced with a rising tide of user expectations from the flood of OTT services, MNOs have now shifted their priority to streamlining their operations, improving the customer experience with real-time, agile telecom solutions.

To stay competitive, network owners and not only, will look beyond their traditional technology suppliers and seek out innovation.

Here are some innovative telecom solutions and technologies you need to be aware of:

SDN Solutions

SDN (software-defined networking) is a new architecture for data networks in which the emphasis is shifted from hardware to software. Being able to control networks through software allows for the streamlining of many IT tasks. Speed and automation are thus relevant for the development of IoT and cloud networks.

According to CM Research, SDN technology is disruptive, because the network can be controlled by more players than ever before.

A closer look at SDN solutions reveals that there are open source as well as commercial solutions available on the market. NOX, POX, OpenDaylight are free, while Big Data Fabric, Virtual Application Network, and Contrail can be purchased.

5G networks

The emergence of 5G (fifth generation mobile networks) is around the corner. 5G will provide faster speeds, greater coverage, as well as less latency in comparison with 4G networks. This is essential for the connected things of the future, such as VR, holograms, driverless cars, or drones.

Even though the industry consensus holds that 5G technologies will become publicly available by 2020, companies such as Verizon and Ericsson have announced that field trials will be run in 2016.

SK Telecom (the first to roll out 4G) has completed a successful 5G system field test this April. Park Jin-hyo, who is the senior vice president and head of SK Telecom’s network tech, said that the company plans to lead the development of 5G technologies and services and be the first one to commercialize it.

Huawei is not far behind. This May they have completed the first phase of key 5G technology tests as a part of field trials.

Solutions for smart cities

New opportunities for growth can be found in the development of solutions for smart cities. There is a municipal demand to operate cities more effectively by implementing platforms that allow to manage and monitor city lighting or video surveillance systems.

Citizens wish to have technologies that make their lives easier at their fingertips. As consumers, they inspire companies to create innovative telecom solutions that, for example, allow payment for parking or public transportation using one’s smartphone.

A UK based company offers an app that lets its users pay for the parking and it also allows to extend the parking duration remotely.

An innovative telecom solution allows commuters in Singapore to pay for the bus and train tickets with their phone. The technology enables data transmission between a mobile device and a contactless card reader.

To enjoy the service, customers have to purchase NFC (Near Field Communication) SIM cards and turn on their devices’ NFC function to make payments or top-ups.

This telecom solution allows to get rid of both cash and travel cards when paying for the transportation.

Mobile Money telecom solutions

GMCS (Global Mobile Consumer Survey) has demonstrated that from 2014 to 2015 mPayment (mobile payment) technology has increased in 4 times. eMarketer estimated that the total value of mobile payment transactions will grow 210% in the US in 2016. This happens thanks to the support from customers, governments and central banks.

Mobile money telecom solutions can be used by operators for a range of mobile money services, such as money transfers, international remittances and mobile payments.  Business of all types, from coffee shops to digital stores are implementing point-of-sale systems that allow customers to pay using mobile devices, therefore it is anticipated that the mPayment method will soon be adopted by many users around the world.

Innovative telecom solutions are going to predetermine the direction of the development of the entire industry. Companies that invest in the capabilities, technologies and relationships to foster changes now, will have an advantage for many years to come.

How to Meet IT Project Deliverables?

At DAS Solutions we often work with our partners on creating a project plan and project-related documentation. One of the first things we do before starting the project is discuss the IT project deliverables.

A deliverable is an item produced as a part of the project. As the project moves forward, deliverables are further defined and specified. Deliverables can be tangible or intangible. For example, if you need to implement a system that tracks orders, your key deliverables will include tangible (the system itself) and intangible (training sessions for employees) items.

The most important thing to do to meet the IT project deliverables is to define them.

Clearly stated deliverables will help you see the project strategically. Once the deliverables are identified, they serve as a foundation for the success of the project. That is why it is crucial that project managers take enough time to gather and analyze all relevant information.

The deliverables need to meet the following criteria:

  • Have a detailed and clear description for all team members involved in the project;
  • Specify the operations and functionalities that will be performed by the software;
  • Ensure alignment with all requirements provided by the customer;
  • Clearly establish the client’s expectations;
  • Secure the client’s consent and acceptance;
  • Serve as a measurable basis for deliverables’ testing and review.

Keep the documentation updated

Updated documentation written clearly will help avoid any confusion. Make sure that all those involved in the project have a copy or can easily access it, because everyone has to be on the same page. Efficient coordination of the information will ensure that the deliverables are met.

Master the management of IT project deliverables

  • Assign your team tasks that have a work result. It can be a short script that allows to add new items in the bag, or it can be something more complex such as user manual.
  • Be clear about task delivery intervals. A specific date stimulates the team member to focus on the result. At the same time, don’t set too broad intervals, for example a month or two months.
  • Monitor and record the progress of larger deliverables. If something goes in the wrong direction you will be the first to notice. This will give you the opportunity to come up with a different plan.
  • Implement a formal acceptance and review procedure, this will help you avoid misunderstandings.
  • Gather a dedicated responsible team of developers and encourage knowledge-sharing between them. In case someone decides to move to a different project, you need to ensure that all deliverables for your project will be completed on time.
  • Don’t make assumptions. If something does not seem clear enough, discuss it with the team members and the stakeholders.  It is better to spend 30 minutes on making sure that there are no ambiguities left than to spend hours on re-working.

When you have a reliable and professional partner it is an exciting process of meeting project deliverables.

We recommend reading the guide on how to build a software development project plan as well.

Moving forward,
DAS Solutions Team. 

Insurtech is Going to Energize the Insurance Industry

Insurtech will help the insurance industry to adapt to the digital world. The transformations taking place in the financial, mobile, IT, and other sectors are leaving insurance lagging behind. But insurance companies realize that IT requires more attention. A report found that insurance companies’ investment in insurtech, and replacing or improving information technologies generally, was expected to grow by 5 percent in 2015. That is noticeable compared to an average 3 percent in 2014 and 2 percent in 2013.

It has become harder to define the insurance policy with the appearance of drones, driverless cars, and IoT devices. Insurance is affected by the disruption in the hospitality business as well. Have you ever thought about of what gets covered by insurance if something happens in an apartment rented using Airbnb? What about what happens while in a car ordered on Uber?

When the lines of coverage are blurred, what is left is a grey area of confusion or a gap in protection, which can have drastic effects on customers. The good news is that this ambiguity can be relieved with the help of technology.

Industry Challenges

  • Regulation

Insurance companies are heavily regulated, which means that it is difficult and costly for a young company to comply with all government policies.

  • Process

The process of getting insurance is time consuming and often involves a lot of red tape. This can discourage new customers from getting a policy in the first place.

  • Agents

If people are able to get their insurance online without a broker’s help, this may make agents nervous. But technology can actually help brokers in their jobs, and increase their bottom line as well.

  • Brand recognition

When it comes to life or property, people tend to trust companies with a good reputation, therefore it is hard to convince someone to entrust their belongings to a company they don’t know.

What can be changed?

  • Re-connect with customers

The relationship with customers has to be rebuilt. Clients have to see insurance agents as trusted advisors who are helping out with the most precious assets, such as life, family and wealth. The first step is to start talking to your customers in an accessible way and within a space where they are already the most comfortable. With the changes in technology, people communicate differently, and have a very short attention span. Adjust to their lifestyle by, for instance, sending them short text messages instead of calling to remind them about renewing a policy.

  • Re-build the system

Innovation is brought on by small things, even the most basic customer engagement must to be improved. Build channels to communicate directly with your customers. Focus on designing applications that revolve around communication, transparency, and simplicity. According to a study,computerization and online transactions are one of the most important factors when customers choose an insurance company.

At DAS Solutions we developed insurtech products that allow brokers and producers to complete insurance requests and sell insurance products to the client directly, while all operations between them and the insurance company are completed seamlessly by the software. This includes estimate generation, client ID validation, and automatic document generation based on the insurance product purchased. Get in touch to have a discussion about how we can optimize your business processes with a custom software solution.

Insurtech Perspective

Many big insurance companies are investing in IoT startups. With customer permission, devices such as smartphones, smart watches, drones or digital home thermostats which record data could be collected and analyzed by insurers. The adoption of new technologies might enable insurers to start influencing their customers’ behavior, for example by suggesting they go to the gym or indicating not to drive in certain conditions.

Insurtech is going to help the insurance industry grow further. For that brokers need to tackle existing issues head on and start using emerging tools to their advantage. By communicating with clients in ways that meet their needs and expectations, insurance companies will build loyalty among consumers.