Reimagining insurance: The new cloud imperative
July 22, 2021
RESEARCH REPORT
In brief
In brief
- Customer demand for usage- and behavior-based offers are driving digital transformation in the insurance industry.
- Insurers need an accelerated cloud migration strategy that supports enterprise priorities and drives CEO imperatives.
- A cloud adoption framework that optimizes the benefits of existing core platforms and PaaS and SaaS capabilities can help insurers gain cloud value.
In the wake of COVID-19, digital products and services enabled by the cloud quickly elevated customer expectations beyond what insurance products have traditionally offered. As the pandemic subsides, those heightened expectations are here to stay.
Customers are looking for protection from injury and loss. To meet those demands and grow revenue, insurers need to move beyond risk indemnification and reimagine insurance as continuous customer engagement that helps mitigate and manage risk. That calls for a cloud-powered strategy for future-ready technology and operations.
Engaging key business stakeholders to identify their pain points and business challenges ahead of any technology challenges can help elevate the cloud conversation.
Insurers are seeing indicators that the time to go big in the cloud has come.
Cyber threats and breaches are on the rise
Cyber threats are pushing insurers to the cloud with urgency. Legacy systems are no match for today’s ransomware and cyber security breaches.
The revenue landscape is shifting
Going big in the cloud now may also help insurers gain first-mover advantage on emerging revenue opportunities.
Digital distribution draws customers and capital
Customer-facing innovations enabled by the cloud, especially those focused on product distribution, are attracting the attention of investors.
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What is optimal cloud cover for your business?
Insurance CIOs are looking for opportunities to diversify beyond one cloud provider for their in-house infrastructure and technology needs. But having multiple clouds operating around the enterprise and managing an optimized multi-cloud environment are not the same.
At Accenture we help our insurance clients migrate, accelerate, grow and innovate in the cloud. We would appreciate the opportunity to talk with you and your team about accelerating the cloud transformation for your business.
Frequently asked questions
What is cloud technology?
Cloud refers to the use of various services, such as software development platforms, servers, and storage, over the internet, to enhance efficiency and collaboration. For insurers, new solutions and services in the mitigation and management of risk are now enabled by technologies, such as artificial intelligence (AI), the internet of things (IoT), automation, and the cloud.
Why move to the cloud?
To succeed in a markedly changed competitive landscape, insurers must embrace the cloud or, if they have employed cloud value propositions already, reimagine their cloud strategy. This will give insurers the infrastructure they need to create customer-facing, cloud-powered innovations that enable reimagined usage- and behavior-based insurance offerings.
What are the benefits of cloud computing?
Cloud migration in insurance is intrinsically linked to securing an insurer’s future in a rapidly evolving market.
What are the challenges of cloud computing?
Our report identifies and solves the following common challenges for insurers looking to migrate to the cloud:
- Accelerating the cloud transformation
- "Cloudifying" industry platforms
- Knowing when and how to go big in the cloud
- Deterring proliferation of cloud platforms
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