The COVID-19 pandemic has shown North American insurance companies that teleworking can lead to increased productivity and efficiency gains. But there are also marked shortcomings in the current technology infrastructure and organizational culture. This means that it is time to take a good look at exactly how to best support the future workforce.
If insurers want to deploy a physical and digital hybrid force and a site strategy that enables maximum flexibility and employee choice, they must:
- Develop technical tools and infrastructure to support a scalable and flexible workforce, while managing the security and confidentiality of registers and document.
- Compete for and acquire talent with the right skills.
- Maintain workers' good mental health, job satisfaction, productivity and efficiency.
Is the cloud the answer?
A year ago, when we reported on our Cloud Readiness Survey in Insurance we suggested that insurers adopt technology strategies to support post-digital work and that the cloud could play a central role. One year later, we see the adoption of cloud features as a critical turning point. Insurers can either take the opportunity to embrace the cloud, place themselves in a better position to meet business and labor challenges, or stay on their current course, potentially lagging behind their peers.
Why do we think the cloud is so important? Our experience of working with insurance companies shows that those who have implemented cloud functions see many benefits. Migrating infrastructure and software to the cloud reduces IT running costs and technical debt. And it enables scalability on demand.
With a robust cloud infrastructure, you can also accelerate technology improvements. It streamlines business operations by reducing IT change costs, enabling service center improvements, reducing redesign and reducing system delay times.
In addition, business improvements accelerate and risk further cloud platform solutions. Some areas where we have seen success include optimization of claims and improved travel for agents / employees to retain renewal and new business.
Cloud Travel Guidelines
For North American insurance companies that want to take advantage of all the benefits of cloud features, we offer the following guidelines:
- Move non-core applications and software-as-a-service (SaaS) features to the cloud.
- Re-host high volume, scalable infrastructure-as-a-service (IaaS) features.
- Establish a modern cloud-based data infrastructure to take advantage of data, artificial intelligence (AI) and machine learning.
- Use platform-as-a-service (PaaS) and Microsoft, Amazon, Alibaba, Google (MAAG) innovation to drive advanced products and services.
- Apply a digital decoupling method to other older technologies, for example to reduce mainframe computing to reduce MIPS usage.
- Performs fast migration, guided by a value path that we can help define based on our industry experience.
Now that insurers have adapted to the realities of a remote workforce, it's time to develop a roadmap for lasting change – to maintain and build on the productivity and efficiency gains experienced in recent months. Cloud features should be an important part of the agenda.
See the Cloud Imperative for Insurance tire below to learn how other insurance companies put the cloud to work.
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