A cloud technique each life insurer might be taught from | Insurance coverage Weblog

On the AWS re:Invent Convention a couple of weeks in the past, Accenture had the nice fortune to share a breakout session with our consumer, Guardian Life Insurance coverage Firm. As they described their enterprise technique for enhancing top- and bottom-line development, one thing struck me: all of it flowed immediately from their cloud technique. Every little thing they described made good enterprise sense, however one factor stood out. Flexibility.

Flexibility is a necessity for insurers as we speak. Know-how and market calls for are altering so quick there’s barely any time to decelerate. It’s virtually like altering the tires whereas the automobile continues to be shifting. However firms which might be versatile sufficient to alter course when crucial – even because the tires are being modified – may have a transparent benefit. Guardian did simply that when it adopted the cloud for its core insurance coverage programs.  It leveraged cloud flexibility with a configurable, no-code coverage administration system. By adopting these two applied sciences concurrently, Guardian sped up their product growth and lowered their working prices.

Guardian isn’t alone in adopting the cloud for his or her core insurance coverage programs. We’re seeing a rising demand for cloud companies amongst life insurance coverage and annuity carriers. Like Guardian, they’re on the lookout for versatile cloud pricing and internet hosting choices that can maximize the cloud’s advantages for his or her particular person enterprise wants. For some insurers that would imply managing their very own cloud; for others, internet hosting would possibly make extra sense. Regardless, the life insurers we work with are discovering that cloud offers improved service and safety, together with lowered working prices.

Extra importantly, cloud empowers life insurers to drive enterprise development by higher assembly their clients’ wants. It permits them to create new and differentiated services particularly tailor-made to their clients’ particular person circumstances. Cloud additionally makes attainable a seamless omnichannel expertise for purchasers to entry these new services. That’s a cloud technique each life insurer can profit from.

Whether or not you’re planning to function within the cloud or are already there, I invite you to learn this weblog submit A Cloud Transformation at Guardian Life. It explains Guardian’s cloud method and describes how they’re growing merchandise sooner utilizing the Accenture Life Insurance coverage & Annuity Platform (ALIP) working on AWS.

I’m blissful to reply your questions or talk about how we will advance your digital insurance coverage cloud technique.

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