An effective cloud management capability can make the difference between achieving the business case and missing the mark.

Before embarking on a journey to the cloud, insurers should consider their strategy for effective cloud management to ensure costs are managed properly. Since carriers operate in a highly regulated environment, being able to identify risks to data privacy, security and regulatory compliance is also critical for an effective cloud transition.

Managing cloud capabilities

Ideally, insurers adopt automated management tools to gain greater control over costs, improve governance and increase accountability in their cloud consumption. To achieve effective cloud management, they should focus on five key elements:

  1. Cloud operations including support, cost management and billing, cloud engineering, cloud service management, service desk and monitoring.
  2. Security operations defined as flexible cyber and data protection services that can secure cloud environments and infrastructure.
  3. Cloud enhancement services that enable insurers to manage cloud costs through analytics, actionable recommendations and operational improvement, as well as application remediation and re-architecture.
  4. Application management including support, ongoing maintenance, enhancements and upgrades that leverage proper architecture, design, development, testing, maintenance, modernization and renewal.
  5. Business process operations, which is the business layer on top of cloud technology assets and services focused on delivering improved business outcomes.

Securing cloud capabilities

Before moving a cloud journey from the periphery to being a mainstream IT strategy, we encourage insurers to:

  • Address the security and risk associated with cloud computing to protect customers’ information and assets.
  • Develop a robust security reference architecture.
  • Map the regulatory requirements and approach.
  • Build internal trust in cloud-based operations, management and control around the maintenance of resiliency, high availability and disaster recovery capabilities.

Accenture’s Cloud Security Reference Architecture can help insurers navigate these demanding challenges.

The cloud landscape is complex and continues to evolve at a rapid pace. Through a strategic, comprehensive approach and the right ecosystem, insurers can use this powerful business asset to take giant steps toward creating the right business models, operating efficiencies and customer experiences that will ensure success in the digital era.

To learn more, download Making Cloud a Business Asset.

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