The consumer insurance industry is one of the more reluctant industries to migrate from internal Data centers to cloud based infrastructure platforms. Our cloud platform supports many of the complex applications to run on cloud to support the current process of getting various insurance policy through a traditional vendor. Customers might shop for quotes online, visit an agent in person, or have companies compete over your business.
Think about all the back-end computing that goes into running an insurance operation. Agents are always in the field assessing damages, administrative personnel are fielding customer inquiries while claims can be placed 24 hours a day.
Traditional IT systems become inefficient when expanded to this scale which is why the cloud model is starting to make more sense for insurance agencies that are looking to reduce costs and increase IT efficiency.
The reality today is that many insurers are held back by their legacy IT infrastructures. Much of their IT budgets go towards maintaining their core systems, and these budgets are being reduced. They have limited resources left over to innovate in areas such as distribution channels or new product development.
Cephissus helps with typical cloud integration that involves SaaS/ PaaS as a small, subtle entry point for organizations. We help the insurance industry start to embrace the cloud as a whole by moving mission critical functions into public, private and hybrid clouds.
Cephissus proven 7-steps process for successful cloud journey
We believe cloud computing offers insurance companies enormous opportunities not only to substantially reduce the amount of money they spend running IT, but also to dramatically improve how they attract and retain customers, expand the markets they serve, and design and deliver products and services.
Based on our market research; we see 4 areas in which cloud computing can create significant opportunities for insurers to create new business models that are more customer-centric & nimble and can help our clients grow more quickly and more profitably.
- Building a frictionless and flexible cloud computing’s most compelling use case for insurance companies is the way innovative services can be created. Cloud gives insurers an opportunity to break apart their own value chain be it underwriting, product development, claims adjustment or back-office fulfillment. In each case, cloud means an insurer can re-configure its business quickly and flexibly by dynamically sourcing from several service providers. We will also help insurance companies team up with other parties, such as Telco’s, post offices and retail locations able to provide access to consumers with whom the insurers have no existing relationship and that are difficult to reach.
- Consumer cloud computing Insurers also will be able to provide a more engaging and relevant customer experience that will both attract and retain customers. There are numerous opportunities in the areas mobile and location-based services supported by cloud, and using social media for building customer relationships and sales. With consumers spending considerable time having online conversations, insurers need to determine how to monetize the time that is spent on these conversations. Another benefit of the cloud is giving consumers 24/7 access to their insurers, 365 days a year. Collaboration technology can make customer information available at the best point in time and combine the know-how of multiple experts across multiple locations.
- Cephissus provides easy tools and technology for powerful and pervasive analytics. Analytics has always been a differentiator for insurers seeking ways to personalize interactions with customers as well as their products or services. Yet many companies still have analytical capabilities that are essentially immature either because they lack the appropriate tools, or have difficulty sharing, integrating and storing vast amounts of customer data for analysis. In fact, our analytics are tailor-made for the cloud for several reasons:
- The cloud enables insurers to store an enormous amount of data and put dormant data to work.
- It provides a cost-effective platform for developing analytical models, reports and driving business intelligence.
- It can enable an insurer to work with historical as well as real-time or transaction information as a variety of sources.
- It enables insurers to churn through vast amounts of data and decipher patterns and anomalies not only in the past, but also projected into the future much more quickly, efficiently and cost effectively.
- Insurers can also use the cloud to help design their web personalization engines, customer behavior analyses and data mining algorithms.
- Security concerns: taking a measured approach based on data sensitivity Security and data privacy remain prime concerns for cloud implementers in the insurance sector, and have been key issues behind the industry’s cautious approach to cloud to date. Cephissus expertize in the move to cloud computing to drive more consistency and automation in security and data privacy may actually provide a catalyst for driving greater security and reduced costs.
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