Insurance is evolving – more and more, insurers are innovating to gain competitive advantage. Today’s next generation technologies are creating opportunities for insurers to grow their business and more effectively engage customers, employees and the rest of their ecosystem. In an environment of increased focus on customer experience and ever changing regulations, insurers are focusing on technology to help them reduce costs and gain the agility and scalability to drive growth.
One of these technologies is undeniably the cloud. Faster deployment, low acquisition and operating costs and the ability to update and upgrade seamlessly underscores the inevitability of cloud.
The Cloud is here to Stay
Cloud adoption is rapidly growing among insurers: in a recent survey, over half of insurers responded that they plan to use cloud for enterprise and infrastructure and 44% will implement cloud for core services. Cloud technology offers insurers irresistible opportunities to not only reduce their burgeoning IT costs, but to gain the flexibility and speed to bring products to market quickly.
More insurers today are realizing that a well-designed cloud environment mitigates many of the security concerns that have been an issue in the past. With the possibility to deploy solutions in public and in private clouds, operational and data security becomes less of a concern.
The cloud is an inevitable part of the future of insurance to reduce IT costs, enable flexibility and foster growth. Not convinced? Watch this short video from Ross Wainwright, Head of Financial Services at SAP, in which he discusses how insurers are using the cloud to innovate and accelerate growth.
– Claudia Waldeis, Senior Director, SAP for Insurance