It’s not just security where the cloud has something to offer the future of the insurance sector. A cloud-based approach will provide customers with a great deal more flexibility, make insurers more agile and make it easier to simplify insurance products and the process of buying them. Via a cloud-based system, changes can be completed swiftly and new products and services rolled out quickly in response to consumer demand. This type of approach allows insurers to be more responsive and will help to build stronger bonds with consumers by empowering them to make more choices about the type of guarantees that they want.
There is a clear desire among consumers for services that are more flexible, easy-to-use and digitally driven and this is something that is fully supported by technology. More modular products allow customers to tailor services to their individual needs, choosing for themselves the products that they want to include in their coverage and providing options for self-management of claims and amendments. This greater range of choice is empowering the consumer to do more for themselves and is something that is going to be possible for any insurance business thanks to technology.
For many insurers, the traditional approach has been to rely on a variety of different technologies, systems and processes to manage all different elements of the business, including quotes, purchasing, claims, customer services and a range of other activities. This can create a lot of interruption and complexity between software and hardware across various different systems. The ongoing wave of digitisation making increasingly more integrated technology solutions available provides insurers with a different way of doing business, moving away from legacy systems and data centres to a much more streamlined approach. One example of an insurer doing just this is Liberty Insurance, which is moving to a digital ecosystem based on customer centricity and leveraging Amazon’s public cloud API and consumption-based mentality.
Technology has the potential to help insurers transform what they do and better meet customer needs, now and in the future.