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Cloud computing provides insurers with IT services on a “pay-per-use” basis through Web-based applications. They are highly configurable, adaptable and scalable—with low initial investment and ongoing costs.
The convergence of three technologies—cloud, mobility and advanced analytics—is transforming the value proposition that insurance companies offer their customers. As competitive pressures within the industry increase from non-traditional rivals, as well as an ever-widening stable of product offerings from traditional competitors, insurance companies will turn to technology for assistance in this changed environment. We believe that the first movers—those organizations that form a strategy to help mold the change rather than reacting to it—will have an advantage over slower-moving competitors.
To prosper in this new environment as the rules of the game shift, we believe insurance companies can look to the cloud, in conjunction with other technologies, to help drive two fundamental changes:
Reinventing their business models, including redefining their core competencies, to offer new services well beyond the confines of the old insurance model, and build new networks of partners.
Creating direct, multi-channel relationships with customers, with the goal of exchanging value (in the form of services and lower rates) for real-time data that can be used to accurately gauge risk.
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December 6, 2012
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