Cloud is already an integral part of technology environment and business platform strategies.
Cloud computing is a delivery model that you can use to facilitate or accelerate business transformation. The cloud represents enormous opportunities for change in the insurance industry.
The traditional drivers of cloud computing, cost savings and pay-as-you-consume contracts, will likely continue to push usage. Yet the next round of adoption will likely be driven by other key benefits that cloud offers namely speed, flexibility, and scalability.
Beyond that, evolving technologies such as advanced analytics and cognitive applications generally demand newer technology capabilities that are both quickly scalable and flexible, given the amount of data being generated and the processing power needed to leverage it.
How are insurers using cloud?
- Placing email and system applications in the cloud so sales agents, employees, field representatives and developers can collaborate in real time, regardless of the device they use.
- Supporting agent management, including sales document management and application submission.
- Gaining access to new markets and new customers, increase customer loyalty and retention and enable new business models and applications.
- Preserving data for audits.
When you adopt a cloud-based platform, the cost of security failure could quickly exceed the benefits of cloud computing. If you are interested in moving analytics services to a cloud-based infrastructure, for example, you must seek assurances that the cloud service providers have processes in place that help ensure the physical and logical security of your data.
By using encryption technologies with enterprise-owned keys to store and manage data, you can alleviate concerns that unauthorized physical access to the cloud infrastructure would compromise data.
As insurers jump into the digital transition, they must find a way to balance strong security with creating a positive digital customer experience.
Which cybersecurity concerns should your organization challenge the most?
- Insurers can’t leave cybersecurity to the IT team in isolation. Most organisations have elevated cybersecurity to a boardroom issue and insurance providers must do the same.
- Organisations need to develop a cyber response plan and review it regularly to ensure they’re prepared for an incident.
- Define and facilitate performance of roles and responsibilities for personnel implementing, managing, and overseeing the effectiveness of the cybersecurity strategy and framework to ensure accountability.