Many insurers today are being held back by their outdated IT infrastructures. Much of their IT budget goes towards maintaining core systems, and these costs continue to rise every year. As a result, insurance companies have limited resources left over to innovate in areas like marketing or new product development.
Customers expect products and services that are suited and responsive to their needs and wants. They also want to have access to consistent communication across every channel they use. Insurance companies need to make sure their agents are reachable at all times, and customer information is secure and accessible.
Insurers need to be able to run analytics and large data simulations. With traditional on-premise infrastructure, these activities can drain IT resources and can be very costly to support, especially during peaks in demand. Many insurance companies have had to decide whether to spend more money on IT to handle these spikes in demand, or choose a more cost-effective route that results in delays and problems maintaining capacity.
Insurance companies are required to meet specific industry standards and regulations including SOX, PCI-DSS, and FedRAMP. Every time a company upgrades to new technology, they have to make sure they still fall within compliance guidelines. This process can take a lot of time and effort when the on-site technology needs to be upgraded every few years.
The cloud can help insurance firms take advantage of the opportunities created by the demand for mobile connectivity. Insurers can jumpstart new product development and launch mobile insurance applications and products for their clients. The cloud also enhances project collaboration by allowing agents to communicate across multiple locations and devices.
Our cloud technology does not get viruses, slow down over time, or require IT upkeep maintenance. This reduces your company’s fixed costs and eliminates the need to constantly update your equipment with new technology. Our pay-as-you-go model lets you scale your services up or down as needed. After migrating to the cloud, your costs will reflect only the services you need to make your business thrive.
The cloud allows you to have constant communication with your customers through online customer portal applications. Clients can keep track of their accounts and access important documents whenever they want. They will also be able to have consistent interactions with your company’s agents. Great customer service will positively benefit your business and keep customers coming back.
CloudCompliance meets most compliance requirements in the financial industry, including SOX, PCI-DSS, and FedRAMP. CloudCompliance features a user-friendly web based portal software solution that offers businesses an easy, affordable way to prove they are in compliance with the latest standards and industry regulations, saving you time and a huge financial headache.
CloudApps simplifies application purchasing and license management for your business. We offers some of the most commonly used business apps, and also allow you to integrate your existing applications into the cloud. We can support 97% of business applications on the market, including:
As with most industries, cloud is proving to be a disruptive force in the insurance sector. It opens up opportunities across the board, helping insurers achieve faster speed to market, lower costs and greater flexibility. It also helps them address the demands of today’s consumers, including advances in social and mobile technologies.
Among the key drivers of cloud services for insurance are reduced costs, new business opportunities, amazing scalability, better customer engagement and business innovation.
There’s a reason that cloud computing is ranked as a top priority for CIOs today. The cloud truly facilitates transformation in the insurance industry, allowing organizations to react quickly and remain ahead of competition.