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September 25, 2017
Nimble will be the new normal in 2017 as insurance companies confront a marketplace that is changing more drastically than perhaps ever before. In addition to macroeconomic, social, and regulatory changes likely to impact the industry, insurers are coping with longer-term, game-changing trends including the increased connectivity among household and workplace devices, the development of autonomous vehicles, and the rising threat of cyber attacks.
Insurance Industry Outlook
Deloitte’s outlook for the insurance industry is all about technology. Perhaps that’s because the insurance industry is finally being forced to adopt new business models that center around the cloud technology that has become a staple in every other industry on the planet. We’re talking about the transformation of the last holdouts that have been reluctant to adopt cloud technology. Insurance, finance, and banking – even the most traditional industries are going to the cloud or adopting hybrid models that include on-premise and cloud-centric models. How can this migration to the cloud help insurers stay competitive in a digital world?
Insurance Industry Pressures Spurring Cloud Services Adoption
From a new party in the White House to Brexit in Europe, global economies have ventured into new territories this year. Insurers, ever conservative in the face of change, have responded by tightening their belts.
In this new economy, insurers are seeking cloud solutions as a scalable and affordable option in response to consumers who are demanding the immediacy of the Internet.
Some of the factors influencing cloud services migration and some of the opportunities this migration offers include:
Deloitte recommends a widespread embrace of cloud services models for the insurance industry to stay competitive. Developing new products, expanding digital distribution and virtual services, while managing cyber security threats, all made it into the 2017 market forecast for insurance providers.
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To stay ahead of insurance industry technology trends, consider partnering with a cloud services provider to help create and implement a strategy to capitalize on new cloud models. Request a quote on TOSS C3 managed cloud services; we would love an opportunity to partner with you.
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