Other parts of this series:
Executive Summary
- Moving to the cloud has become an imperative for firms in many industries – particularly insurers, for whom it constitutes a transformation play.
- US and European insurers lead in their journey to the cloud; their peers in APAC lag – in part due to traditionally high growth rates in their markets, which has seen them focus less on the need to digitally transform. However, this is changing as growth slows in maturing markets and as other challenges arise – like low barriers to entry for competitors.
- Accenture’s research shows a well-structured cloud migration delivers transformative benefits. It also shows that firms that go farthest are significantly more likely to reap their intended cloud benefits.
- A cloud-based strategy is crucial to APAC insurers, and can help them to meet numerous challenges including consumer dissatisfaction with digital offerings, and increased willingness to buy insurance from non-traditional players.
Abracadabra
- An effective cloud strategy incorporates three key aspects: growth acceleration; data-driven digital transformation; and cost-curve transformation.
- While each journey to the cloud is unique to each insurer, three common patterns map to our MAGIC framework: Migrate, which is about cost and resilience; Accelerate, which focuses on agility and modern IT deployment; Grow & Innovate, which covers reinventing business outcomes and models.
- APAC, where regional insurers operate in multiple markets, can generate barriers – which insurers should factor into their plans. Barriers can include data residency rules, the complexity of applications, regulatory requirements and skills gaps.
- Archetypes are the building blocks of the journey to the cloud. These let insurers track where they are on their transformation, and guide them on where to focus next to maximise value.
To download a copy of The Cloud Imperative for Insurance report – Silver linings: Cloud Migration for APAC Insurers click here.
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