The cloud has been around for a long time. But as the focus of many insurers turns toward digital innovation, managing big data and exploiting it to offer more personalized products and services, and of course the Internet of Things, the cloud is really coming into its own.
The financial benefits are widely recognized – not only cost reduction, but the ability to shift from capital investment in IT to operational expenditure. But I think the big attraction, as the industry hurtles towards a future that looks very different from its past, is agility.
The cloud makes it so much easier for insurers to develop, pilot and launch innovative new products and services. If you consider that a core system deployment that normally would take a couple of years can be achieved in months, you can appreciate its impact on a carrier’s speed to market. The “as a service” business environment makes it possible to rapidly gain the capabilities needed to innovate in a particular direction, test the innovation, and then either retain, modify or dismantle them depending on the success of the pilot. All the while, these capabilities scale upwards or downwards according to the current requirement.
This would have been a boon for carriers anytime in the past. In today’s environment of continual disruption, unforeseeable competition and the explosion of data, we believe it’s become indispensable.
This is why we have partnered with Amazon Web Services (AWS), one of the leaders in the field, to form the Accenture AWS Business Group. Our aim is help insurers and other organizations move into the cloud more quickly and effectively. The new group will provide clients with the services and solutions to re-engineer their business processes, migrate legacy systems and build critical cloud-based applications, while reducing system and network redundancy.
Improved customer insights, personalized customer solutions, enhanced service levels and the quick identification of new market opportunities are key factors that influence insurers’ growth prospects. All of them depend on optimized data and analytics, and it’s here that the cloud comes into its own.
For more information about the role of the cloud in insurance operating models, feel free to get in touch. To learn more about our new partnership, click here.