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Smart insurance companies are changing in the cloud




Some insurers see cloud processing in the same way that tourists see holiday packages – an opportunity to hand over responsibility and include costs.

That's a mistake. Cloud computing offers insurance companies much more than cost and efficiency levers. It has the power to transform its business.

Accelerating into the cloud seems to be a game changer for insurance companies. Carriers that move important applications and critical workloads to the cloud can quickly grow and adapt their business. They can also accelerate the digital transformation that is so important to their organizations by using digital technology to open up new revenue streams, increase competitiveness and strengthen resilience. And at the same time, they can reduce costs significantly.

Stylish insurance companies are already using the cloud to change their business.

Some far-sighted insurance companies have already discovered opportunities to use cloud processing to review their companies. We found that about 1

0 percent of insurance companies have started inventing their companies around cloud services. Guardian Life, Allianz and the Berkshire Hathaway company THREE Insurance, for example, all build cloud-based companies.

About a third of the insurance companies I meet modernize their applications by switching to software as a service (SaaS) offerings from vendors such as SAP, Oracle, Workday and Salesforce. While almost a quarter of insurance companies seem to migrate established applications to the cloud. Few transport companies use platform-as-service (PaaS) services for key functions such as damages management.

Most insurance companies that have traveled into the cloud have chosen to work with one of the three major service providers: Amazon, Microsoft or Google. Some have chosen to work with a combination of service providers. The majority of operators, about 90 percent, experiment at least with cloud services.

Early movers who make a great commitment to the cloud are already withdrawing from their more dubious counterparts. They are starting to generate significantly higher revenues. Our research showed that some insurance companies that made early and bold moves into the cloud are about to double their revenues between 2015 and 2023.

Lots of operators are aware of the benefits of increasing their use of cloud computing. But as I mentioned in my previous blog post, many of them are wary of moving important applications and complex workloads to the cloud. One of the obstacles holding them back is their large investment in older applications. Some insurance companies still have critical home-grown applications running in Cobol. Such older "technical debts" are not easy to overcome. Rewriting older applications is likely to be far too expensive and disruptive for most organizations. Alternatively, switching to off-the-shelf commercial solutions can be costly and complicated.

Insurance companies have another choice: they can use a cloud-enabled method to migrate important applications. They can work with multiple vendors to migrate to a hybrid mix of private and public cloud platforms. This allows for a smooth upgrade of the use of cloud services while ensuring that core systems are not compromised. It enables insurers to maximize the value of their capital investments while moving applications from their older technology to their new cloud environment.

All organizations should consider these cloud migration lessons.

Migration of critical applications and complex workloads to the cloud must be part of a comprehensive business transformation strategy. Such a change goes far beyond technology. It is likely to affect almost every aspect of an organization.

Each insurer will need to tailor its own business transformation strategy to guide it as it migrates its applications and resources. Much depends on the company's current technology architecture and the scope of modernization and digital innovation. Nevertheless, our experience of cloud migration has highlighted some "best practices" methods that all organizations should consider. They include:

  • Move non-core applications and features to SaaS in the cloud.
  • Recreate high-volume scalable features on IaaS platforms.
  • Build a cloud-based data infrastructure to take advantage of data analytics, artificial intelligence and machine learning.
  • Replace applications to take advantage of the growing range of cloud-based software solutions and tools.
  • Use PaaS offerings from major cloud service providers to develop advanced products, manage data, and deliver AI
  • Disconnect older technologies to improve agility and reduce computing requirements.
  • Once a roadmap has been agreed and migration priorities have been defined, proceed quickly to maximize business benefits and limit costs.

post, I will discuss the three key components of a successful cloud strategy – cost control, digital transformation and business growth. In the meantime, take the time to look at the links below. They provide plenty of insight into how companies can get the most out of the cloud.

Cloud imperative for insurance (PDF)

Considerations for an effective cloud strategy (blog posts)

Cloud services and solutions [19659003] Cloud Migration Services and Strategy

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