By digitizing solutions and partnering with new value-chain allies, they can connect with customers in innovative ways and increase operational efficiency. They gain further business value from their digital transformation by ensuring that they utilize an ever-increasing flow of data, protect customer and business information from cybersecurity threats, and retain customers when technology makes it easy to switch providers.
Frost & Sullivan’s latest article, Modernizing Customer Experiences Drives Cloud for the Insurance Industry, discusses the need for the insurance industry to digitalize processes to meet customer expectations. It also explores how leveraging the cloud’s ability to secure data, apps and systems can be as good, if not better, than that of on-premise infrastructure.
“Having a clear strategy and the right cloud management partners can greatly help organizations migrate to the cloud as well as reduce risks. The benefits of cloud utilization in the insurance industry are apparent,” said Roberta Gamble, Partner and VP at Frost & Sullivan. “Insurance companies that overcome internal obstacles early and increase their cloud usage more quickly will be able to gain precious advantages in scalability and flexibility, and excel at creating personalized but efficient customer experiences.”
When evaluating managed platform services, the key elements to consider when selecting a provider include:
- Ability to support all major public cloud providers and premises-based environments using open-source solutions. This allows applications to be developed with microservices, making it easy to integrate next-generation capabilities into the client’s applications.
- Offering multiple virtualization options such as different hypervisors, containers, and Kubernetes, enabling the organization to develop software using the platform.
- Capability to support a variety of dev/ops services, APIs, and microservices, which enhances the client’s ability to integrate advanced options like mobility, AI, and machine learning into their applications.
- Facilitates integration of services specific to an industry and common business application suites such as SAP, Oracle, Workday, or Salesforce.
- Provision of integrated security and compliance governance and hold certifications in all major industry or national regulations such as GDPR, HIPAA, and Centre for Internet Security benchmarks.