The benefits of cloud computing go beyond cost reduction. This week, I’ll talk about four ways that cloud computing can radically improve the performance of an insurance company.

Cloud computing: Cost savings in the cloud

Accenture Blog on Insurance Chart of the Week: Cost savings with cloud computing. This opens a new window.

There are more than just cost savings in the cloud. Here are four ways that cloud computing can benefit insurers:

  • Build a frictionless and flexible ecosystem. This enables insurers to create innovative services—by breaking down and reconfiguring parts of the value chain in a way that isn’t possible with traditional means.
  • Create a more compelling customer experience. Cloud computing allows insurers to better engage, attract and retain customers with relevant experiences. For example, cloud-supported mobile and location-based services, social media and 24/7 access can help build relationships and drive sales.
  • Access applications when you or your customers need them. Cloud-based applications support consistency, standardization and pervasive availability, making it easier to collaborate with users. Further, cloud-based applications for social networks can enhance an insurer’s brand, help advertise products and services, and inform and engage customers.
  • Unlock more powerful and pervasive analytics. Cloud computing can remove the technical issues that limit an insurer’s ability to really benefit from analytics. With the cloud, insurers can store enormous amounts of data and access a cost-effective platform for developing analytics models

To learn more, download How Cloud Computing Will Transform Insurance (pdf; opens in a new window).

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