- Moving to the cloud has become an absolute requirement for companies in many industries – especially insurance companies, for which it is a transformation game.
- American and European insurance companies lead in their journey to the cloud; their APAC peers are lagging behind – partly due to traditionally high growth rates in their markets, which has led them to focus less on the need for digital transformation. However, this changes when growth slows in mature markets and when other challenges arise – such as low barriers to entry for competitors.
- Accenture's research shows that well-structured cloud migration provides transformative benefits. It also shows that companies that go the furthest are significantly more likely to reap their intended cloud benefits.
- A cloud-based strategy is crucial for APAC insurance companies and can help them meet many challenges, including consumer dissatisfaction with digital offerings and increased willingness to buy insurance from non-traditional players.
- An effective cloud strategy contains three important aspects: growth acceleration; data-driven digital transformation; and conversion of cost curve.
- While each trip to the cloud is unique to each insurer, three common patterns to our MAGIC framework are mapped: Migrate which is about cost and resilience; Accelerate focusing on agility and modern IT distribution; Grow & Innovate which covers the reinvention of business results and models.
- APAC, where regional insurers operate in several markets, can create barriers – which insurance companies should include in their plans. Barriers can include rules for residence permits for data, the complexity of applications, regulatory requirements and skills shortages.
- Archetypes are the building blocks for the journey to the cloud. These let insurance companies track where they are on their conversion and guide them where to focus next to maximize value.
Click here to download a copy of The Cloud Imperative for Insurance – Silver linings: Cloud Migration for APAC Insurance.
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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 advisor.