Benefits of DevOps for the Insurance Industry : The first known insurance contracts date back to Genoa in 1347. With a rich history spanning more than 650 years, insurance is one of the largest service industries in the world. Also, Insurance based on it assumes human touch and relationships. As a result, the Insurance Industry has built a reputation as a “Legacy Field: Traditional, careful and conscientious!”
Now in the era of Digital Transformation, the Insurance industry focuses on mobile applications and online services to reach its customers. These initiatives are complex and the prospect of implementing large-scale change is daunting.
There are several unique barriers for Insurance leaders to embrace digital transformation in taking their organizations to the next level, such as leading organizational change in traditional cultures, agility to embrace new technologies and ensuring quality and reliability.
DevOps for the Insurance and related sectors certainly helps to overcome some of these challenges, which can be categorized as follows:
Comparison shopping and insurance aggregators drive a competitive business environment.
Leverage data analytics to provide a better customer experience and more efficient operations.
Build personalized, data-driven digital channel applications.
Provides a better digital channel experience across all channels.
Increased regulation hinders the ability of insurance companies to deliver and innovate.
DevOps is a new model that provides effective solutions to accelerate digital transformation in core areas of operations.
DevOps helps in optimizing the value delivered to their customers and shareholders and promotes an agile and flexible delivery approach that facilitates a cross-functional environment, along with creating a culture of continuous improvement. On a foundation of Collaboration, communication, Integration and Automation, DevOps ensures reliability, agility, flexibility and quality!!
In the insurance industry, time to market is directly related to success. The DevOps model helps insurers develop and deploy technology rapidly by enabling successful IT transformation across complex architectures. Thus, establishing a standard infrastructure environment helps in supporting timely changes. Capabilities such as analytics and software automation were introduced, resulting in a better customer experience and more efficient operations.
According to the 2017 State of DevOps Report, DevOps implementation can help IT departments in:
spread 46x more often
with 440x shorter waiting times
helps in achieving 96x fewer failures and
facilitates 168x faster recovery
In any DevOps implementation, organizations must follow two sets of guiding principles.
Implement strong source control.
Enable zero-touch creation and deployment.
Test early and often.
Automate everything (in pipelines).
Take advantage of the elastic supply of cloud resources.
Use a fine-grained (API-first) service architecture.
Organizational and cultural principles:
Build a cohesive team with a common goal.
Use lean principles and promote sustainable value delivery.
Embrace failure, recover automatically and bring it down gracefully.
Experiment without regrets.
Enable continuous improvement.
Shorter Development Cycles – DevOps promotes a culture of enhanced collaboration and communication between development and operations teams. This translates into a shorter time frame for moving from engineering code to executable production code.
Increased Release Speed - Shorter development cycles, in turn, create increased frequency for code releases into production (also known as application orientation). What used to take 3-6 months from requirement to release is now reduced to daily, if not hourly, release build cycles.
This encourages continuous development and deployment, which further increases the value of IT to the insurance business. The increased release speed also gives companies that successfully manage DevOps a competitive advantage because of their speed with which they can market the features that insurance businesses need most.
Separation defects: In a production application environment, defects are the application’s worst enemy. However, with DevOps intervention, the flaw becomes almost insignificant, making it an instant solution to most problems.
Through collaboration, modular programming, and iterative development, defects are often minimized, making it a very easy technique for dealing with defects. With digital transformation paving the way for minimizing defects, there are endless opportunities being pursued to reduce defects and enable efficiencies in every vertical of the organization.
Improve collaboration between teams -by increasing the transparency needed for effective decision making. Today, more than ever, development teams need to break down their interdepartmental silos and collaborate and communicate in a dynamic environment around the clock.
DevOps paves the way for increasing business agility by providing the much-needed atmosphere of collaboration, communication, and reciprocal integration across teams deployed globally in IT settings. The predefined boundaries based on roles are getting blurred in the exhilarating DevOps environment.
All team members, together, are responsible for the quality and on time delivery Continuous Release and Deployment, Continuous Testing, and Continuous Monitoring – Current software development practices require teams to continuously deliver quality software, reduce market entry schedules, and adapt to shorter release cycles. DevOps, using Continuous Release and Deployment, Continuous Testing, and Continuous Monitoring practices, provides just that.
Reduced Recovery Time – Even if the probability of failure is minimized, failure, as a rule, is unavoidable. When a failure does occur, the time to recover operational efficiency is relatively reduced in a DevOps environment compared to a traditional IT environment. This is mainly due to the efficiency gained by development team members who understand how operations team work and vice versa. Combined with a robust versioning process, rollbacks are made easier.
By ensuring agility and continuous improvement, organizations are setting themselves up for long-term success. Embracing new technologies and innovative business models improves development flow and deployment while maintaining quality and reliability for its customers. That means a better experience for end users, for long term success.
Contact us if you want to know more about our services and how we can help align your business and technology goals with DevOps.