There is no such thing as ‘business as usual’ anymore. The advent of digital has changed the insurance landscape almost completely. The problem is that most insurers haven’t understood the depth and profundity of the change and have had trouble keeping up with it. What they need to understand is that social media and mobile phones are changing the way sales, operating models and distribution work.
This is where cloud computing can help insurers transform into digital insurers. The tools are all there. There are plenty of cheap and fast mobile and online applications available for download and use. There are tools for services and technical integration available on social media. Insurers can use cloud computing, big data analytics and services to maintain or improve their competitive edge in the digital scenario.
Digital Insurers and Cloud Computing
Using cloud computing, a digital insurer can put into action a complete digital service for its partners, employees and customers. In cloud computing, software is available as a service, infrastructure is available on demand and plenty of mobile and online applications are available for the insurers to use for their business, regardless of the device being used. The cloud also has the databases, integration systems and back end systems of the insurer. These come complete with all the systems and security measures that are necessary for compliance. Since cloud computing is fairly flexible in its scalability, digital projects can be started on a small scale. Once they are successful, the storage and bandwidth can be grown quickly and easily without IT delivery times being negatively affected. Together, cloud computing and digital insurance help to significantly reduce the cost of IT and operations.
Benefits of Cloud Computing for Digital Insurers
Cloud computing presents plenty of benefits for digital insurers. The insurer is available 24 hours a day, seven days a week on the internet. The insurer doesn’t have to worry about where their customers or employees or partners are located and what device they are using. The work environment becomes flexible and there are plenty of possibilities for collaboration. Insurers only have to pay for software that they use and only for as much as they use it. They don’t have to pay any initial investment amount. The self-service is scalable automatically and is flexible too. The storage is centralized and is easily available, reliable. In the event of some sort of disaster, recovery is fast and business continuity isn’t affected significantly.
Luke Lonergan is a resident of San Carlos, CA, United States. He has completed his post graduate degree from Stanford University. He is a founder of Didera, a database clustering company. In 2000 he served as CEO and Chairman. Luke Lonergan’s background includes 16 years of management experience in computing technology ranging from innovations in big data, cloud computing to advances in medical imaging systems.