Insurance companies have been slow to adopt cloud, but now they’re picking up the pace. The benefits of increased agility, access to disruptive technologies, more efficient operations, and reduced infrastructure costs are outweighing the challenges associated with navigating a complex risk, regulatory and compliance landscape. Cloud is becoming a top priority and a way to improve the customer experience.
Key trends in cloud for insurance
Analytics, the Internet of Things, and other useful technologies are all made possible with a cloud-based infrastructure. We see insurers focusing on the following three areas:
Imagine and realize
Insurance CIOs are looking at cloud computing’s potential to reinvent the way their organizations and the industry do business. These ideas have already made their way to market:
- Providing a concierge-like service for small businesses with access to quotes, advice and policy management tools online or over the phone;
- Developing a cloud-based route-to-market for insurance product creation and lifecycle product management for any class of general insurance business;
- Allowing investors, reinsurers, and customers to enter the system as needed;
- Pricing the risk for insurance across various age groups and genders, leveraging fitness tracking wearables and mobile apps to gather and collate users’ activity data;
- Creating peer-to-peer insurance focused on renters and homeowners, pursuing a broader regulatory approval strategy.
This is only the beginning. The journey to adopting cloud will be different for each insurer. Get our guiding principles and transformation models in the full report.