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5 Reasons Cloud Services are Writing a New Future for the Insurance Industry

November 11, 2016

The cloud is opening new opportunities for professionals in the insurance industry. The technology of cloud computing is not new. However, this fresh model provides an on-demand self service that cannot be ignored by forward-thinking companies, and finding the right cloud service providers can be crucial. Download the white paper: Managed IT Services For Small Businesses to learn more on this topic.

1. The Internet of Things (IoT)
The IoT is every piece of hardware connected to the Internet. These things connected to the Internet does not just include phones, computers, and watches. Today the list includes cars, refrigerators, home security, and let’s face it, almost everything connected to a power supply. Insurance agencies have to consider biometric devices, such as toilets, heart monitors, watches, and many other medical devices that can send data directly to the doctor. These are all components of a much bigger issue, the evolution into the digital transformation age.

2. Digital Information
The ability to shop for insurance online is no longer relevant. Companies have been doing it successfully since 1999. What customers want is the ability to go online and track their claims. Instead of calling customer service, clients want to connect through a chat box, where they can get information quickly without holding a phone to their head for an hour. Insurance companies need more than a website that can be previewed through multiple browsers and operating systems; they need a way to connect to the customer. A personal experience the client can feel while they sit at home. According to Forbes, “Over 50% of insured clients won’t recommend an insurer that doesn’t have digital interaction options.”

3. Third-Party Integration
Cloud service providers, such as TOSS C3, can connect multiple business models to form a solid foundation between platforms of services. Insurance companies are constantly battling with each other over who has the best or newest extras. The cloud offers the ability for an insurance company to combine its assets with that of a home security company. The cloud can connect these two companies so the insurance company can offer an already established service to its customers for a fraction of the cost. This same proposal can work for contracting companies, tow companies, auto shops, hotel chains, travel agencies, and car rental agencies; with cloud integration services, the options are endless.

4. Cost Effectiveness
Google surveyed “over 800 CFOs in the United States and Europe, and we learned that almost 81% of our U.S. respondents say that they think completely implementing cloud technology would improve employee productivity, and 71% say it would reduce the time required to bring new products and services to market.” These numbers also include the fact that 67% of European companies already have, or are in the process of, initiating based resourcing. While 52% of the United States CFOs surveyed state they always include cloud-based systems, but not all of them take the step forward to initiate the process. The cloud allows a quicker product-to-market allocation to customers, and improves revenues by accelerating customer acquisition rates. If you are curious how it helps with your IT department, then check out this short video.

5. Big Data
Big data has become integral in providing solutions for the insurance industry. Claims data, financial data, and medical records are just some of the big data being mined to help insurance companies rate policy holders. This data is considered structured, but the unstructured data is becoming more prevalent as it moves toward the cloud. This unstructured data can be used to help with RSS feeds, social media, and other means of connecting directly to the customer.

Big data can be better handled through the cloud. The cloud can connect the actuary and the underwriter in real time. Having the ability to connect anywhere easily by just logging in gives users the ability to access materials and reports on the fly. No waiting.

This dynamic environment can also offer a form of transparency to the customer. Instead of relying on agents and call centers, the customer can access their claims or accounts in real time. It helps to redefine the customer experience and relationship with the company.

Don’t Get Left Behind
There is a shortage of individuals capable of integrating big data and analytics in the insurance industry, but TOSS C3 is a cloud service provider that can meet all your needs for the future.

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