Flashcards in Chapter 5 Deck (53):
Define information mangement
refers to all of the people, processes and technology that companies use to create and manage corporate information.
define technology management
refers to using technology to maximize company resources and conduct business operations more effectively and efficiently with an insurance company.
NAme the functional area responsible for information and technology management and its missing
identify ways technology can increase revenue, enhance customer relationships, reduce cost, and strengthen compliance and provide competitive advantages in operations.
define the following technology terminology
wold wide web.
3. group of computer systems
4. computer/device on a network,
5. masive network of networks that connects computers and network devices together
5. software application
6. portion of the internet in which information is accessed or shared using a specific language called HTTP protocol
Who typically directs an insurer's IT department?
CUIO- chief information officer. they role is to align informaiton technology goals and strategies with corporate goals and strategies. -will usually report to the COO (operations officer) or CEO.
some large companies may have a CTO. Who is this?
a chief technology officer, who reports to CIO and is responsible for developing and implementing a technology strategy for the entire organization.
Name 12 kinds of key job position in an IT department
quality assurance analyst
help desk technician (service desk)
What is a shared service department?
when insurers centralize all IT staff in one department
What are the 3 areas the IT department actively centres on for managing and continuous improvement?
1. information management
2. business processes
Define data, and give insurance examples
an unprocessed facts; name, address, DOB, policy facemount, or number.
a collection of data that has been convert into a form that is meaningful or can be used to accomplish some objective.
what is an important goal for information management in terms of information, and name the 10 characteristics of valuable information?
to ensure that the company;s information process data/information to be accurate, complete, concise, relevant, clear, timely, accessible, usable, economical and secure.
What is a data base?
an organized collection of data and information. in insurance, its designed to record business transactions quickly and preserve a record for internal use.
what can an external database provide?
information such as regulatory updates, market demographics, economic information, actuarial studies, and consumer information.
What is a database management system (DBMS)?
is a group of computer programs that organize the data in a database and allows users to obtrain the information they need. IT controls how databases are structures, accessed, protected and mintained.
what is a data warehouse?
a central repository for data that a company collects from its existing databases, its internal administrative systems, and possibly from sources outside the company
- provides management by retrieving and analyzing data for decision making.
Name 9 kinds of external databses that insurance companies use.
1. ACLI- maintains online databases of US laws, and insurance dpeartment organization
2. bests' databases services- infor about insurance markets
3. lexisNexis- legal research
4. LIMRA- life insurance marketing
5. MIB- medical UW information
6. NAIC-insurance regulations/regulators.
7. NILS INSource- insurance laws, and regulatory information
8. SEC- product prospectuses
9. Westlaw- insurance law
What is an enterprise data warehouse, AKS integrated data warehouse?
it consolidates data from data warehouses and operational systems across lines of business, geographics or operations. It provides management with a comprehensive and integrated view of all of a company's customers, policies, fin statements and reports.
how can an insurer analyze the data in a warehouse?
through data mining, which is the analysis of large amounts of data to discover previously unknown trends, patterns, and relationships.
What is a document management system (DMS)?
Its a technology that captures, stores, organizes, and retrieves documents that have been created electronically or created on paper and converted to digital images through imaging.
what is imaging?
the process of using technology to convert printed characters or graphics into digital images that can be stored electronically and depending upon the technology possibly edited.
how can electronic Documents be stored?
according to a series of rules that specify
1. who may access the document
2. who, may modified the document
3. how long the documented will be held
4. when the document will be destroyed.
what are the 3 primary benefits to a DMS?
1. offers reduction in costs
2. offers operational efficiency increases (quick acesss and multiple access)
3. satisfying compliance requirements by adding barriers and restrictions.
Name the content management system that is similar to DMS except that it provides a much broader system for sharing and editing corporate information?
CMS (content management system)- allows users to create, edit, store and publish corporate electronic data and information.
- mostly used to create, manage, distribute and publish all types of electronic information.
Define workflow management system.
technology that allows an insurer to control the document and work activities associated with a business process.
-it routes folders that consist of different types of electronic documents to various staff members for processing. It can recognize the work needed to be done and send it to the right department.
is any business-related exchange.
what is a transaction processing system?
it an organized collectin of procedures, software, databases, and devices used to perform high-volume, routine and repetitive business transactions.
what documents are included in a transaction processing system?
1. ones that provide a service for the recipient,
2. ones that request payment or other actions from the recipient
3. ones that provide information to the recipient,
Many transaction processing systems insurers use are known as legacy systems. define this
. older systems developed by and customized for an insurer to perform a specific task. they are no longer the best or most modern, but they sitll may efficiently handle processing for large blocks of business.
- many companys are being forced to change, d/t the cons of older computer systems (slow, hard to maintain, etx_
What is business intelligence, formerly known as decision support system (DSS)?
an organized collection of hardware, software, databases, and procdedures that uses information taken form a companys transaction processing systems and databases to support decision making.
- it retreives info, analyses it, and prepares reports from multiple sources to give maangers decision and control acitivites.
Define dashboard, also known as a performance dashboard or readerboard
its an information system application that combines information from multiple BI sources into a single, easy-to-read electronic format that indentifies +Ve and -ve trends.
-puts all information needed into one place.
more sophisticated BI systems contain business analytics and expect systems. Define these.
1. BA- are business intelligence tolls that combine technologies, applications, and processes as well as statistical and quantitative analysis to help management make decisions or problem solve.
2. ES- is a knowledge-based computer system designed to provide expect consultation to informaiton users for solving specialized and complex problems- computer actually suggests a course of action or helps solve problems.
Outsourcing of IT opperstions often involves software as a service (SaaS) and cloud computing. Define these.
SaaS- is a software delivery method for accessing software from a vendor remotely over a web-based network. -help avoid development, installation and maintenance cost.
Cloud computing- subscription based or pay-per-use service, that provides an insurer with access to networks, platforms, applications or other IT elements that can extend the IT departments existing capabilities in reL TIME.
the electronic transmission of communication signals.
Name the two telecommunication elements most vital to insurance companies
networks and computer telephony integrations.
what is intranet?
a company's internal computer network that uses internet technology, but is only accessible only to people within the organization.
what is extranet?
a portion of a company's intranet that is accessible to people within the organization and to select external stakeholders.
define VPN (virtual private network)
a secured computer network that uses hardware, software, or a combination of both to act as a tunnel through the internet so that only people in possession of the required technology have access to data travelling through the network.
what is a firewall
a combination of hardware and software that creates an electronic barrier between the public and private areas of an insurers systems and protexts internal company networks.
the main security measure that inseres use to protect data travelling over a network, by encoding data so only authorized person possesing the required hardware or software or both can decode them.
what is intrusion detection software?
a type of software that monitores systems traffic on the network and identifies sequences of commands that indicate an unauthorized user is attempting to access the organizatins systems or databses.
define CTI (computer telephony integrations)
the hardware, software, and programming that integrate computers and telecommunications technology, most often telephones. A general term that describes a variety of technologies that support communications
What is an Automatic call distributor?
a device that answers telephone calls and directs them to the specified employee or work group, or to record a message.
what is a screen pop
a technology that delivers voice and data simultaneously to the workstation of a customer service representative.
what is the interactive voice response system? (IVR or VRU)
a computer based technology that answers telephone calls, greets callers with a recorded or digitalized message, prompts callers to enter information or make requests by voice/telephone keypad and provides information back to callers for selected entry options.
define customer relationship management (CRM)
a business strategy that allows an organization to manage all aspects of its interactions with current and potential customers.
-enables insurer to collect, store, consolidate, analyze and use info about the cutomer and their transactions, service requests, behaviors, and demographics.
What are the 4 components of a CRM system?
-CTI and internet tech that facilitate effective interactions between the company and its customers and producers, and capture information about customers
- DBMs for gathering, integrating, storing, analyzing and sharing information about customers
- workflow systems that control CRM business processes
-business intelligence tools that enable management staff to make decisions about customers
define teleconferencing and why would a company use this technology?
its the exchange of information among people linked remotely by a telecommunications system. Used to reduce traveling expenses
uses the internet to transmit audio, video, and sometimes interactive data exchaneg to meeting participants
what is IT security?
refers to the physical, technical, and procedural steps a company takes to precent the loss, corruption, wrongful disclosure, or theft of a company's informaiton and technology.
what is antivirus software?
its a program that detects computer viruses and works to prevent them from destroying data and other computer programs
what does the data governance do?
establishes organizational ownership and accountability for data so that business processes are optimized and data is secure and protected, and in compliance with government regulations.