Transport companies can increase their revenue growth if they match their current – and future – business needs with cloud providers' offerings.
Insurance companies can significantly improve the benefits of cloud services if they adapt their business needs to the products and services offered by large cloud providers. In addition to increasing the migration of key applications and workloads to cloud services, choosing a provider with the right cloud solutions and tools can help them grow their business and increase revenue.
Too often, insurers insure their views on their current technology as they travel into the cloud. They want to ensure that they can migrate important applications and systems to their cloud providers. That makes sense. It is important that this transition goes smoothly.
But it is important that insurers also look at their future business needs.
By identifying how their companies are likely to change and understanding what technology they need to support new business initiatives, insurance companies can build relationships with the cloud service providers that best meet their evolving needs.
We have found that the most successful cloud projects are collaborations between organizations that are transformed to meet the demands of the future and technology providers who are keen to facilitate change. AXA, for example, works with both Amazon and Microsoft as it moves many of its core data resources to the cloud and develops new business applications. Deutsche Bank recently announced a partnership with Google that will enable it to migrate its IT services to the cloud while collaborating with the digital service provider to develop a range of innovative financial products.
Renault-Nissan outside the financial sector. -Mitsubishi alliance uses Microsoft's Azure cloud platform to deliver a variety of digital services to connected vehicles in nearly 200 markets around the world. Renault has also announced plans to use Google's cloud services. The vehicle manufacturer intends to migrate the IT activities that support its production facilities and supply chain management to Google Cloud. Renault will use Google's cloud-based data analytics, machine learning and artificial intelligence to improve the efficiency of its operations and improve its industrial data management platform.
Some technologies are critical for insurance companies but give cloud providers a little extra revenue.
So what should insurers keep in mind when choosing a cloud provider? The selection of products and services offered and their pricing can sharpen their focus.
Our insurance industry cloud ̵
This value adjustment matrix is a broad guide. It maps insurance companies' current and expected needs against the average cloud consumption requirements for users of Microsoft, Amazon, Alibaba and Google's (MAAG) cloud services. Each of these cloud service providers has a broad product set. The features and pricing of offerings, such as Platform-as-a-Service (PaaS) and Infrastructure-as-a-Service (IaaS), can vary considerably. Insurers should look closely at the products and services offered by each of the major cloud providers and adapt to the companies that will best serve them now and in the future.
Migrate, accelerate, grow – when companies develop along typical cloud tours, business value can be strengthened if it is defined and actively sought.
Business benefits are often overshadowed by the search for cost savings.
A business-driven cloud agenda is a major change from the way insurers tend to see the cloud in the past. Cost savings, as I mentioned in my previous blog post [Link]are the most common motive for insurers moving to the cloud. Better control and management of technology resources will follow. Business benefits, such as greater flexibility or the ability to scale new services or applications, rank much lower.
A business-driven agenda requires insurers to deal with three important steps as they travel further into the cloud.
- Migrate: Migration of infrastructure and software to the cloud reduces IT operating costs and "technology debt" caused by inefficient older systems and provides users with on-demand scalability.
- Accelerate: By building on robust cloud infrastructure, insurers can accelerate technology improvements and accelerate business efficiency improvements. Rapid gains include improvements to service centers, reduced administrative overhaul and less IT downtime.
- Innovate and grow: Platform solutions enable insurers to accelerate business improvements and improve risk management. A number of proven solutions, which continue to be upgraded, are available for applications such as claims handling, product distribution and business development.
Technology improvements and cost control are important components of all cloud agendas. But they should never overshadow the business benefits of cloud migration.
In my next blog post, I will discuss how insurance companies can use their cloud services to increase the efficiency of their digital ecosystems. Until then, take a look at the links below. I'm sure you'll find them useful.
Cloud Imperative for Insurance (PDF)
Considerations for an Effective Cloud Strategy (blog posts)
Cloud Services and Solutions
Cloud Migration Services and Strategy
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