Cloud adoption is changing the insurance industry and the list of benefits of insurance cloud adoption is quite lengthy and huge. From personalizing policies to increasing customer satisfaction, the list of cloud adoption benefits in insurance is quite long. As per industry insights, the cloud computing adoption in insurance has risen over 90% in the past couple of years. Cloud adoption in insurance will reduce IT investment by 30-40%.
Not only that, but the insurers will also be saving up on operational inefficiency by driving growth with numerous scalable benefits that cloud technology is being providing the insurers with.
How can Insurers Leverage Cloud Adoption in their Operations?
The cloud-based adoption will enable the insurers to store and process applications on remote services via the internet. It is similar to buying an expensive car, but it is quite expensive in its maintenance and also lacks practicality. However, purchasing a Maserati isn’t a feasible option for many. But when it comes to renting, it offers flexibility and cost–effectiveness in the long-run.
Insurance cloud adoption will enable the insurance companies to save up huge on their operational costs and also enable them to enhance their efficiency in the longer run. With the cloud-based solutions, the insurers will be able to securely store vast amounts of data that are related to claims, policies as well as customers on the cloud.
With insurance cloud adoption, the insurers are moving towards an innovative transformation.
Insurance Cloud: Top Benefits for Innovation in Insurance
Cloud computing has led to a paradigm shift in the way insurers are changing their mentality. They are willing to evolve from the ‘build-buy-acquire’ mentality to ‘rent, try and acquire’ mentality. By leveraging the insurance cloud solutions, the insurers will be able to get an upper hand in experimenting, innovating, failing and growing
Here are the top benefits of cloud adoption in insurance:
Optimized Cost Savings
Insurance cloud adoption can help in curbing IT spending by 30%. Cloud based solutions are enabling the insurers to go away from the legacy systems and infrastructure to advanced cloud technologies. This seamlessly enables the insurers to automate and optimize workflows contributing to operational cost reduction.
Scalability and Flexibility
73% of the insurance executives see scalability to be a significant benefit of the insurance cloud adoption. The key benefit of using insurance cloud solutions is that they fuel scalability. They enable the insurance businesses to be scalable and agile amidst rising risks, market shifts and changing consumer demands. With cloud computing the insurance companies will be able to adjust the resources on-demand and also avoid over or under-provisioning
Simplifying Data Management
One of the key benefits of insurance cloud adoption is that the insurers will get to simplify data management. The insurance industry runs on data and legacy systems run on fragmented data which effectively hinders information accessibility and impacts performance and efficiency.
Efficient Team Collaboration
Cloud based collaborations help businesses to shorten their time to market, quicken the product upgrade cycles and gives an efficient competitive edge. The cloud-based insurance platforms offer centralized platforms for accessing as well as sharing data securely. Teams get to enjoy the enhanced capabilities in communication, product and service delivery, information sharing, tapping into knowledge resources and group problem-solving. These collaborations actively help in contributing to improve the business process right from purchasing to technical support.
How iNube’s Cloud-driven Solutions can Help You Get a Competitive Edge?
Staying ahead in a dynamic insurance market requires scalable solutions. iNube’s modular solutions are cloud native that are agile, resilient and designed for modern needs. Easily configurable and offers you a competitive advantage in the dynamic insurance environment.
Explore the benefits of cloud insurance with iNube.
Book a session with our insurance technology expert to know more!
