Why P&C Insurance Carriers Need the Cloud
January 5, 2017
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Cloud computing is taking over the insurance world as P&C carriers look to transform the way they offer value to their customers. To support this, insurance companies are seeking a holistic cloud computing strategy that will help them reduce costs and enhance business agility without compromising customer data and security. With this in mind, it is important to find the right cloud service providers to help you with your transition. A solid provider, such as TOSS C3, will help with your network integration, IT management, and client data propagation, and build the most secure and cost effective network for your company.
Why Go Cloud?
The cloud is growing. Corporations and medium- to small-sized businesses are hopping into the cloud. The technology has become more reliable over the years, and it is considered by many the safest way to protect your network.
According to the National Institute of Health (NIH), “Many managers and experts believe that it can improve health care services, benefit health care research, and change the face of health information technology.” Learn the 5 facts every business executive must know before moving to the cloud.
The End of Legacy Software is Here
As we mentioned before in the article, 5 Ways Cloud Services are Writing a New Future for the Insurance Industry “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 their 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.'”
But, don’t just take our word for it. The Insurance Innovation Reporter states, “Legacy systems continue to consume valuable financial resources without giving P&C insurers the computing firepower they need to transform operations and deliver the quality experiences today’s policyholders expect.”
Criteria P&C Carriers Should Consider
Cloud service providers play a pivotal role in the cloud infrastructure, since they provide the connectivity solutions to the cloud. When contacting a provider you should already have an idea of what to ask them about your network. You need to know how sensitive your data is (can it be in the cloud or must it remain in-house), how important overall security is (local computers, network, smartphones, laptops), bandwidth requirements, and accessibility to applications and client data. Although you may not know the answer to some of these questions, cloud service providers can provide multiple packages and software, so you can get what is needed for your company.
The cloud is transforming the insurance industry. P&C carriers must develop a cloud strategy of migration to ensure the safety their data, and their clients’ data.
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