Top tips for insurance companies on how to handle the cloud, assess the risk and make a smooth transition to clouds
Once you have decided to move to the cloud and design a plan and flight plan, the trip does not end there. The beauty of the cloud is that it allows you to be flexible enough to invent and adapt to changes over and over again. In this post I will investigate how the insurance companies can manage the cloud efficiently and assess the risk, and I will end with advice on how to make a smooth transition.
Five Steps to Effective Cloud Management
It's very important once you've moved your business to the cloud to get an effective cloud management strategy. It can mean the difference between achieving success and missing the mark. Efficient cloud management consists of five critical components:
- Cloud operations support, cloud engineering, cloud service management, service desks and monitoring
- Security operations -flexible cyber and data protection services that can secure cloud environments and infrastructure [1
- Application Management Support, Ongoing Maintenance, Improvements and Upgrades
- Business Process Operations – Business Layer Above Cloud Techniques Focusing on Delivering Improved Business Results
Three Steps to Helping You Assess Risk
Regulators require organizations to properly assess risks before moving to clouds. Accenture uses a three-step process to help banks and financial services assess their exposure to operational risk:
- Step 1: conduct an operational assessment of the company to navigate to the cloud
- Step Two: review controls at lower levels, analyze analyzes to identify gaps and document solutions, including mitigation solutions and prioritize quick gains
- Step Three: Create a Roadmap for the Global Journey Focusing on Adapting to the Approval and Risks of the Regulations mitigating
Five keys to a smooth transition
There is no need for insurers to see the journey to the cloud as scary. Our experience shows that the following five steps can contribute to a smooth transition:
- Achieve clear goals
Before moving your business to the cloud, ask yourself: what do you hope to achieve in terms of cost savings, operational improvements
- Assigning ownership and responsibility
Cloud transformation requires clear ownership, so be sure to assign important responsibilities to business owners, IT teams and external parties.
- Satisfy security and rules worry
Keep data safe and private and take steps to satisfy regulatory authorities that proper controls are in place.
- Creating a comprehensive roadmap
Keep the transformation initiative on course and reduce potential business interruptions with a comprehensive roadmap. 19659025] Incorporate appropriate metrics
Identify early gains and build momentum by measuring the right performance indicators correctly and effectively vely.
The cloud landscape is complex and continues to develop rapidly. But with a strategic, comprehensive approach and the right ecosystem, insurance companies can use the cloud to take tremendous steps towards creating business models, operational efficiency and customer experiences needed for success in a digital era.
Read our latest research on Insurance Cloud in Europe. To continue the cloud conversation, contact me here.