At the AWS re: Invent conference a few weeks ago, Accenture was lucky enough to share a breakout session with our client, the Guardian Life Insurance Company. When they described their business strategy for improving top- and bottom-line growth, something struck me: everything flowed directly from their cloud strategy. Everything they described was good commercially, but one element stood out. Flexibility.
Flexibility is a necessity for insurers today. Technology and market demands are changing so fast that there is hardly time to slow down. It’s almost like changing tires while the car is still in motion. But companies that are flexible enough to change direction when needed ̵1; even when changing tires – will have a clear advantage. The Guardian did just that when they adopted the cloud for their nuclear insurance systems. It took advantage of the cloud flexibility with a configurable policy management system without code. By using these two technologies simultaneously, the Guardian accelerated their product development and reduced their operating costs.
The Guardian is not alone in using the cloud for its nuclear insurance systems. We are seeing a growing demand for cloud services among life insurance and annuity companies. Like the Guardian, they are looking for flexible cloud prices and hosting options that will maximize the cloud’s benefits for their individual business needs. For some insurance companies, this may mean managing their own cloud; for others, hosting may be more meaningful. Regardless, the life insurance companies we work with discover that the cloud provides improved service and security, along with reduced operating costs.
More importantly, the cloud enables life insurance companies to drive business growth by better meeting their customers’ needs. It gives them the opportunity to create new and differentiated products and services that are specifically tailored to their customers’ individual circumstances. Cloud also enables a seamless omnichannel experience for customers to access these new products and services. It is a cloud strategy that all life insurers can benefit from.
Whether you’re planning to work in the cloud or are already there, I invite you to read this blog post A Cloud Transformation on Guardian Life. It explains Guardian’s cloud strategy and describes how they develop products faster using the Accenture Life Insurance & Annuity Platform (ALIP) running on AWS.
I am happy to answer your questions or discuss how we can promote your digital insurance cloud strategy.
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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.