Insurance companies are modernizing their longevity and annuity administration systems and moving them more and more to the cloud. Over a year ago, Accenture surveyed 50 C-level insurance company executives and found that 70 percent have already done formal planning and analysis to move older applications to the cloud. In fact, they have earmarked 11 percent of their cloud IT budgets by 2022.
What happens if you are not in 70 percent. Where do you start?
The first step is to modernize your nuclear insurance management system with a digital insurance platform that is already running in the cloud. Carriers who have done so benefit from new operational efficiencies in front office sales and service functions as well as back office underwriting and analysis functions . These e fficiencies will be much needed because revenue com e under greater pressure from COVID-1
In addition to operation efficiency insurance companies recognize the value of the cloud to keep its core technology ystems evergreen . The cloud enables new and advanced features continuously as digital insurance companies can easily benefit from their industries. Cloud hosting services enable them to reconsider their operating models and redistribute IT resources where they add the most value . This is where innovation flourishes .
A powerful combination: digital insurance platform and cloud
We see bold new opportunities to provide fantastic customer experiences that today's digitally savvy customers expect, including faster and better service and data-driven , personal services from trusted brands. The cloud provides access to these services whether they are part of the insurance ecosystem, such as insurance, a complementary ecosystem, such as customer engagement, or even a new insurance ecosystem created by nimble insurtechs.
is terminated. As more insurance companies use clouds for core insurance applications and shared services, competitive pressure intensifies. Companies that do not modernize their core systems soon may have a hard time catching up.
Where is your organization on the cloud – admission curve? If the COVID-19 pandemic has not already renewed your cloud plans, it is now time to take action . Modernize your life and annuity systems and leverage the efficiency of a digital insurance platform to operate product and service innovations 19659004]. When our industry comes from the pandemic, insurance companies with modern, cloud-based underwriting and political administration systems will be better prepared to renew in scale and respond to the unexpected.
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