Cloud computing is seeing growing demand and widespread adoption among enterprises today. This is because cloud computing is accelerating digital transformation journeys and enabling successful business transformations. The insurance industry is also leveraging on cloud to facilitate business process automation, manage capital expenditure, operational expenses and enable expansion.
The arrival of cloud computing has transformed business strategies globally. It is basically an on demand as-a-service model that caters to data and IT resourcing needs through a remote service network. Cloud provides flexibility, scalability and enables delivery through a virtual resourcing model.
Cloud is providing the insurance industry a cost-effective model that promises high ROI and a unique opportunity to change the way these businesses operate. Insurers are leveraging on cloud services to enhance customer experience, improve collaboration, increase revenue, get better customer insights and reduce time-to-market. What is cloud computing making a reality for insurers today?
- Expansion of their reach to new markets and customers
- Launch of new business models and applications
- Higher customer satisfaction and retention
- Real-time collaboration between agents, employees and developers through on-cloud apps
- Reduction of costs and improvement of efficiency by shifting transactional workloads
- Capturing real-time data
- Catering to scaling of computing resources on demand
- Agent management, billing and underwriting support
- Data recording
Digital disruption, rapid market changes and rising customer demands coupled with increasing risks, distribution challenges and threats posed by InsurTechs, there’s a lot that insurers need to take into account. Superior computing power will certainly help in innovation, catering to customer needs and getting products to market faster. Whether it’s server software, complex apps, data or new solutions, the cloud delivery model can support all changing business needs. It helps businesses with a scalable delivery model that is more efficient, cost effective and helps in better fraud as well as risk management, enabling insurers to build stronger customer relationships.
Leading insurers are already migrating to cloud. Find out how and why.
- Customer centricity
The customer and their experience is key. Cloud can help cater to a wide range of digital touch points seamlessly and enhance UX. Insurers must take customer behaviour into account to ensure new products and services are in line with their needs and help in optimizing processes and service. This ensures customer satisfaction and higher retention. Cloud helps in better customer analysis to enable insurers to deliver customer-focussed, personalised experiences. This analytics also aids in enhancing sales interactions, services and products as well as risk analysis.
- Streamlining and flexibility
Cloud computing enables insurers to streamline development processes and increase business agility. Unifying core processes like underwriting and claims processing helps improve agility and lower costs. Cloud ensures quick deployment of applications that normally take weeks, which hastens marketing campaigns and eases the pressure on the IT department as well. An innovative, agile and competitive model is what cloud computing enables.
- Risk management
Cloud helps in integrating all key data pertaining to risk, enabling better risk management and decision making. Cloud technology helps in easier and better identification of fraudulent activities as well. With complex risk analysis, improved sales through cloud-based analytics, aggregation and reporting of risk-based capital for auditing, cloud computing is supporting enterprises with complex risk modeling, profiling, improving financial planning and risk management
- Multichannel approach
Cloud helps insurers provide a unified distribution channel that helps in collating real-time data and enhances customer experience across digital touch points. This technology helps in transformation of distribution channels, increase in revenue, improvement of marketing effectiveness, and enhances customer service and employee productivity. It also helps in expanding geographically and improves collaboration through cloud-based tools.
- Cost optimization
With streamlined processes and reduction in capital and operational expenses, cloud computing enables seamless scaling and flexibility with reduction in IT expenditure. Simplified architecture and processes, elimination of inefficiencies, cloud computing enables faster, efficient customer service.
Bespoke solutions coupled with a best in class partner network that includes leaders like IBM, Kofax, Microsoft and UiPath, the Neutrinos MXDP is powering successful digital transformation journeys of enterprises. Take a look at the full suite of technical solutions and services designed for insurers and bankers that is driving faster outcomes.