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PATECCO Will Exhibit as a Golden Sponsor at “IT for Insurances” Congress in Leipzig

For a second time, this year, the Identity and Access management company PATECCO will take part in “IT for Insurance” (IT für Versicherungen) live Trade Fair in Leipzig, Germany. The event is planned to take place on 24.11 and 25.11.2020.  It is known as the leading market place for IT service providers of the insurance industry with a focus on the latest technological developments and IT trends. The congress unites all exhibitors, speakers, trade fair visitors and gives the opportunity to socialize, exchange experiences and discuss current trends and projects in the IT industry.

During the two days of the event PATECCO will exhibit as a Golden sponsor and will present its services portfolio. Besides, the sales manager of PATECCO team – Mr. Karl-Heinz Wonsak will be a presenter of the company’s innovative solutions in the so called “Elevator Pitch.” The topic will be about insurance supervisory requirements in IT and cybersecurity.

PATECCO will have a counter where its team members will welcome each visitor who is interested in Identity Access Governance IAG, Privileged Account Management PAM, Security Incident and Event Management SIEM, Funktionale Taxonomie, Managed Service, Management und IT-Consulting and Cloud Access Control. Each one, who looks for solutions in these specific areas, will be invited in a personal meeting where all details will be considered. The IAM company will also provide a coffee counter with a professional Barista and each coffee-lover can enjoy a cup of aromatic Italian Espresso.

PATECCO is an international company, dedicated to development, implementation and support of Identity & Access Management solutions. Based on 20 years’ experience within IAM, high qualification and professional attitude, the company provides value-added services to customers from different industries such as banking, insurance, chemistry, pharma and utility.

Its team of proficient IT consultants provide the best practices in delivering sustainable solutions related to: Managed Services, Cloud Access Control, Privileged Account Management, Access Governance, RBAC, Security Information and Event Management, PKI and Password Management.

Eight Reasons Why Insurance Companies Should Move to Cloud

The Insurance and financial services industry is in a state of continual transformation. Rapidly evolving customer expectations, rice of digital platforms and increasing regulatory demand and Data privacy, requires a swift response from Insurance companies to ensure profitable sustenance. To function effectively in a customer-driven environment, business agility has emerged as a key imperative for all industries including Insurance. Cloud is disruptive technology that can help organisations gain the required agility as they strive to reduce costs, drive innovation and streamline operations. Cloud eliminates the need for heavy infrastructure investments and offers flexible operating models which enables the business to enhance its agility and increase its market responsiveness.

Recent threats and frequent cybercrimes have provoked the insurance sector, dealing with large amounts of sensitive data, to be at the forefront of integrating cloud technology into their digital eco system. It enables insurers to reuse their IT resources more efficiently, reducing the cost of acquiring and maintaining infrastructure. Cloud based platforms, storage and applications change the way of creating and delivering their products and services, managing risks and claims, collaborating with partners, and communicating with customers, agents and brokers.

The main reasons why insurance companies use Cloud-based solutions include different factors such as security and flexibility, rapid provisioning, better asset visibility, and robust data governance facilities. But that’s not all – let’s have a look at some of the top reasons for of cloud adoption in the insurance industry:

1. Improving operational efficiency and performance

Private cloud improves the operational efficiency and performance of the insurers by ensuring data security and accessibility to its employees in low risk and efficient way. While public cloud helps insurers to reduce cost by ensuring the availability of data and services to the customers and external networks. Cloud is much more than infrastructure, insurers are now exploring the levels to which cloud can lead to. Starting from infrastructure to platform to process, cloud expands its opportunities in business process solutions such as claims and expenses processing, managing a whole business process unlike traditional BPO.

2. Improving speed to market

Having in mind the greater pressure to reduce the time to market for new products and services, insurers can use insurance-based cloud computing solutions to deliver greater IT agility and shorter project implementation time. Cloud‑based benefit enrolment systems can thoroughly automate the enrolment process to support real-time pricing and validation of eligibility, allowing insurers to deliver a more convenient and personalized way to shop for benefits.

3. Faster Deployment

Unlike the traditional IT services Cloud computing takes a short time for deployment. It allows businesses to leverage their services and functionalities in a short time. Cloud has more than sufficient resources available at its disposal to allow for multiple tenants in the shared environment. These resources are always scalable.

4. Simplified Access

Simplified access is one of the most vital reasons of using the cloud-based system. The insurance companies, while leveraging the cloud-based solutions, could gain immense benefits. With Identity and Access Management, the companies can enjoy a single sign-on facility that makes the working easier and simpler. Furthermore, all the user’s access rights are controlled by their status and as soon as someone leaves the organization, his or her accessing rights are be removed automatically.

5. Advancing business growth

Cloud-based services offer the users a more holistic view and help them to understand consumer needs better. Cloud-based solutions can provide better social listening and higher conversion rates from opportunity to sale through targeted campaign management and improved opportunity and lead engagement models. This could result in higher cross-sell, upsell and retention rates. Cloud can also enhance the claims experience by providing better service and better communication with end customers.

6. Driving customer centricity

In addition, cloud technologies drive customer centricity with data unification, allow products and services reach market faster and improve the renewal process with external systems. Insurance brokers have the opportunity to embed broker management system modules to advise insurance to customers through various websites and portals. Cloud based collaborative tools allow advisors to answer questions on products and services round the clock and independent of geography. Besides, it encourages unified interactions within the distribution channel.

7. Effective Innovation

Nowadays every insurance company wants to innovate and offer new things to outpower other agencies. In such a situation, cloud-based solutions could help them to stand out from the competitive market by fitting and meeting the emerging needs of the customers. Furthermore, with the cloud-based systems, the insurers could quickly test and deploy new technologies and robust solutions very efficiently.

8. Streamlined Operations

Thanks to the reliable features and functionalities, Cloud-based solutions help the insurance agencies to reduce their overhead costs and streamline their business operations. The insurers could seamlessly free up the room in their budget and could help the employees to focus on other vital things. Whether you the insurers virtually communicate with their customers, or deploy new systems, cloud computing always makes sure that all these functions are quicker and more comfortable.

As a conclusion, we can say that cloud computing has become an essential aspect of the global environment, because it helps the companies to secure not only their data from breaches and cyber thefts but also provides flexibility in managing that valuable data. With cloud computing, the insurers could seamlessly identify new trends and could deploy new systems satisfying the emerging customer needs.

How Does Cloud Computing Benefit the Insurance Industry?

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.