Cloud, mobility, and advanced analytics are transforming the way insurance companies offer value to their customers. As competitive pressures within the industry increase, insurance companies will turn to technology for assistance in this changed environment.
To prosper in this new environment insurance companies can look to the cloud, in conjunction with other technologies, to help drive reinvention of their business model to offer new services and create direct, multi-channel relationships with customers.
Real-time data collection from multiple sources will become core to carriers’ business and a primary source of innovation. Not only will it allow carriers to offer better pricing and better estimate risk but it will serve as the basis for the creation of new services and products by which carriers will reinvent themselves.
Furthermore, with competition increasing from non-traditional players, carriers must move fast. They need the computing power to handle big data. They need to bring services to market quickly and create networks of partners in which the insurance carrier is at the centre of the customer relationship. To achieve these goals, carriers will need different types of cloud services.
Customers will also be encouraged to engage more deeply with their insurance company as the public image of insurance carriers’ shifts. Many of these new services will require direct relationships with loyal customers. That requirement is a trigger for the insurance industry to evolve from a product-centric to a customer centric model. As part of that evolution, carriers are actively trying to