Other parts of this series:
- Cloud computing, Part 1: Is the cloud risky business for life insurance?
- Cloud computing, Part 2: The four basic models of cloud technology
- Cloud computing, Part 3: How insurers are incorporating the cloud into their business models
- Cloud computing, Part 4: Paving the way for a better cloud experience
Although many businesses have wholeheartedly embraced cloud technology—computing, storing and using network resources and associated services from a virtualized environment—the insurance industry has lagged in its use.
It’s not hard to understand why. Besides the fact that insurance has traditionally been slow to adopt new technology, many insurers are also held back by legacy IT infrastructures. However, a huge part of insurance adapting to digital disruption is the ability to respond quickly to customer needs.
Think about how people currently obtain life insurance coverage: they can research insurers and coverages online, get an online quote, speak to an agent on phone or in person, and get quotes from insurers in their email inbox. These customers expect 24/7 accessibility—an expectation that’s usually not deliverable through traditional insurer IT legacy systems. Life insurers who truly want to compete in the digital age can’t afford not to use cloud computing, while working to mitigate any risks involved.
Next time I’ll look at some cloud computing basics and how they can help insurers compete in the digital environment.
- Register to download, A new era in insurance: Cloud computing changes the game.