Insurance companies are a High-Value target to hackers. The reason is the multiple vulnerabilities included in the insurance provider data. They could be customer portals, credit card transactions, insider threats, external hackers (credential acquisition), Big data warehousing and applications, cloud data storage and more. Some of the insurance companies use outdated or not reliable security solutions which very often leads to cyber criminals’ attack with serious consequences for the company. As a result, Insurance companies become more and more willing about cloud adoption and instead of asking ask “why”, they make plans about “when and how”.
Several factors provoke the insurance companies to move their applications and data into the cloud as they reassess their business opportunities. These factors include the need for enhanced agility, the need for technology operating efficiencies and the opportunity of reducing infrastructure costs. For insurers navigating a complex risk, regulatory landscape and adoption of cloud comes with multiple challenges of data privacy, architecture, system interfaces and IT security. All that could be handled with a Cloud solution which offers rapid provisioning, clear visibility of assets, robust data governance and a seamless mix of delivery models.
The advantage of moving to Cloud for Insurance Companies
When we talk about Cloud computing, it is not enough to justify its implementation only in terms of cost and effort. Moving to the cloud changes the overall operation of the enterprise. It creates new ways of operating, creates value for the clients and makes your business grow faster.
When deploying and implementing cloud computing solutions, insurance companies could better drive revenue, improve collaboration, gain customer insight and reduce time to market for products. But that’s not everything: there are several other key strategic benefits that would change the way of work and connections in insurance companies.
Benefit #1: Fast Deployment
Cloud computing offers rapid deployment allowing businesses to be ready to take advantage of it in short order. Cloud has enough resources available at its disposal to allow for multiple tenants in the shared environment. These resources are always scalable.
Benefit #2: Higher Productivity and Collaboration
Cloud computing can help insurers provide their agents, brokers and partners with a common, unified platform. It allows them to easily gain access to real-time data and at the same time increases the productivity.
Benefit # 4: Business Growth and Progress
Cloud systems help insurers to deploy new business models, which are more customer oriented. A cloud-based solution offers better understanding of the customers’ needs and successfully develops the services to meet them.
Benefit # 5: Become more innovative
Insurance companies all over the world are in a constant competition to innovate and offer new things on the market. That’s why insurers need to make sure that their application portfolios meet the emerging needs of the customers. Thanks to the Cloud system, they can test and deploy new technologies and that helps them to better collaborate and to develop new products and services.
Benefit #6: Optimized Risk Management
Cloud allows you to integrate risk data, risk assessments and risk indicators within its environment. That allows insurance companies to protect their data against data breaches and data theft.
Benefit #7: Cost effectiveness
Insurance companies are also concerned about their regular expenses. The theory that Cloud is expensive is completely denied by the fact that Cloud computing can help insurers save a great amount of money which they can invest in better marketing activities or in the execution of specific insurance plans. That’s the reason why we say that Cloud ensures efficiency and flexibility.
Benefit #8: Simplified access with Single Sign-On
PATECCO has IAM consulting capabilities that can help insurance companies gain the benefits of moving to a cloud environment. Identity and Access Management supports single sign-on (SSO) and leverages protocols to integrate with enterprise’s cloud ecosystem. The IAM tools can also simplify the partner access. All user log-ins and activities are precisely managed and when an employee at your partner’s organization leaves, you should not worry about whether they still have access to your application. All access rights are strictly provided or removed according to the user status.
Cloud Computing is no more considered as a specific term in the business sphere. It’s more often regarded as a mandatory initiative and activity. As the number of breaches increases, more and more insurance companies start using the cloud technologies which defenitely changed the face of the insurance industry. Cloud computing is the first step of the insurance firms’ digital transition – from ordinary to modern insurance software. The adoption of cloud computing is beneficial not only for the insurance companies, but for their customers, as well. It efficiently encourages collaboration, communication, improves the security and productivity.