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Cloud: Next NEW NORMAL
expected to drive wider adoption – Part I
- Ruth Fisk
- 04/16/2021
- Insurance
- No Comments
By the end of 2019, “Cloud Computing” had started to become common place across the very conservative insurance industry. With the Property & Casualty, Life and Health Payers all at the forefront of that growth.
Now industry leaders report; while we struggle with the challenges of dealing with a global pandemic, insurers are reaching the tipping point where consideration for moving to the cloud is beginning to feel more like a “must” rather than a “let’s see”. Let’s look at industry actions driving this new level of adoption:
More than $1 trillion in IT spending will be directly or indirectly affected by the shift to cloud computing during the next five years, according to Gartner Inc.
This will make cloud computing one of the most disruptive forces of IT spending since the early day of the digital age. What was originally considered as an IT strategy should also now be considered as a business strategy. As the impact of this shift goes way beyond the impact to IT Budgets.
Working with insurance organizations from all over the world, I have discovered that there are significant benefits for insurers to consider in their decisions of moving to the cloud that include:
#1
Beyond the savings related to infrastructure costs, as part of transformation efforts, insurers can get the solutions that have the greatest impact to their business to market faster by use of cloud offerings.
#2
Opens up new avenues for insurers in terms of how to create, deliver and service products as it provides new ways to reach customers, to collaborate with and interact with partners, constituents and others within the insurance value chain.
#3
Provides insurers the ability to build a more flexible, nimble and customer centric business model that drives profitable growth and increases performance capability.
#4
Providing real promise in developing new markets and services giving insurer competitive advantage in rapidly changing markets.
Leading insurance core systems providers, Guidewire who is very forward thinking company have been working to deliver their best in breed solutions in the cloud which will enable customers to have more agile, flexible solutions to meet the increased demands of the insurance market. But core systems in the cloud are not the only applications that insurer should consider when looking at hosted solutions. There are also major opportunities and benefits from also storing their critical business information and content that support their business operations in a hosted solution.
Companies like Hyland Software who have been providing OnBase, their leading Content Services Platform in the cloud for more than thirteen years and have over 800+ customers across 10 data centers in the world who reap the benefit of the expertise that Hyland has developed offering OnBase in the cloud.
Now that you see the movement insurers are making in the move to the cloud and better understand the benefits beyond IT budgets that can be achieved and that consideration should be made to host not only core system but also mission-critical applications like your content services platforms, stay tuned to and make sure to catch my next blog to learn about key considerations when considering a move to the cloud.
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Ruth Fisk
has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.
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Cloud: Next NEW NORMAL
expected to drive wider adoption – Part I
By the end of 2019, “Cloud Computing” had started to become common place across the very conservative insurance industry.
With the Property & Casualty, Life and Health Payers all at the forefront of that growth. Now industry leaders report; while we struggle with the challenges of dealing with a global pandemic insurers are reaching the tipping point where consideration for moving to the cloud is beginning to feel more like a “must” rather than a “let’s see”. Let’s look at industry actions driving this new level of adoption:
More than $1 trillion in IT spending will be directly or indirectly affected by the shift to cloud computing during the next five years, according to Gartner Inc. This will make cloud computing one of the most disruptive forces of IT spending since the early days of the digital age.
What was originally consider as an IT strategy should also now be considered as a business strategy. As the impact of this shift goes way beyond the impact to IT Budgets. Working with insurance organizations from all over the world, I think there are significant benefits for insurers to consider in their decisions of moving to the cloud that include:
- Beyond the savings related to infrastructure costs, as part of transformation efforts, insurers can get the solutions that have the greatest impact to their business to market faster by use of cloud offerings.
- Opens up new avenues for insurers in terms of how to create, deliver and service products as it provides new ways to reach customers, to collaborate with and interact with partners, constituents and others within the insurance value chain.
- Provides insurers the ability to build a more flexible, nimble and customer centric business model that drives profitable growth and increases performance capability.
- Providing real promise in developing new markets and services giving insurer competitive advantage in rapidly changing markets.
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Leading insurance core systems providers, Guidewire who is very forward thinking company have been working to deliver their best in breed solutions in the cloud which will enable customers to have more agile, flexible solutions to meet the increased demands of the insurance market. But core systems in the cloud are not the only applications that insurer should consider when looking at hosted solutions. There are also major opportunities and benefits from also storing their critical business information and content that support their business operations in a hosted solution.
Companies like Hyland Software who have been providing OnBase, their leading Content Services Platform in the cloud for more than thirteen years and have over 800+ customers across 10 datacenters in the world who reap the benefit of the expertise that Hyland has developed offering OnBase in the cloud.
Now that you see the movement insurers are making in the move to the cloud and better understand the benefits beyond IT budgets that can be achieved and that consideration should be made to host not only core system but also mission critical applications like your content services platforms, stay tuned to and make sure to catch my next blog to learn about key considerations when considering a move to the cloud. Cloud_Payers to consider a move to the cloud Part II
Ruth Fisk
has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.
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