The single purpose of technology is to reduce the complexity of operation of any exercise or activity. Companies, industries, and sectors who adapt to emerging technologies have always stayed ahead of their business curve. One such industry is insurance, which has already moved a significant portion of its operations to the cloud. How has this transformation happened, and what is in store for the future? Let’s take a peek.
How Cloud Computing Services have helped Insurance Companies
Fundamentally, cloud services and solutions have allowed developers to take advantage of their ease of deployment and flexibility to develop truly transformative applications and software which, in turn, allow insurance companies to easily automate and manage operations remotely. Ultimately, this has led to increased revenue, improved networking, and impactful data analysis within the industry. Here are a few of the specific areas through the implementation of which cloud computing has helped insurance companies evolve:
- Reduced IT costs
- Easy integration of insurance companies’ operations with third-party software
- Integration of data, which helps the company become more customer-friendly
- Development of the personalized distribution model, which helps with customer retention
- Access to newer business possibilities through better system designs and service-oriented architecture
However, the truly groundbreaking changes have come with the combination of cloud computing with other technological breakthroughs like IoT (Internet of Things). IoT allows insurance companies to use data collected across all customer touch points in order to carry out a more comprehensive analysis of customer habits and the other conditions that drive insurance premiums.
One of the biggest advantages of the cloud is its ability to digitize paperwork – and when it comes to insurance handling, that is a lot of paperwork! With digital signatures and PKIs becoming the norm to approve and sign documents digitally, cloud computing is all set to eliminate the use of paper and on-premise server rooms for large insurance organizations. By removing storage constraints in the office, and allowing employees to perform data analytics remotely, the cloud helps your company come across as a partner that’s extremely easy to work with. Ultimately, a move to the cloud is extremely impactful, and allows insurance companies to scale and significantly improve their efficiency while staying extremely cost-effective.
Cloud Computing: The Threats and Solutions
When making the move to the cloud, companies should also be aware of the security concerns that come along with such a move – especially in a field like insurance where data security is of paramount importance.
CloudNow Technologies offers a range of software products that address precisely this need. With high-end cloud security solutions, you can protect your company’s business-critical data thoroughly and easily, while using cloud technology to its fullest potential. Employing a reliable security solution can also go a long way towards making customers feel that your company is more trustworthy, possibly the most important concern for any business! Get in touch with us today to know more.