Cloud computing is the perfect place for insurers to implement the digital version of your company faster and cheaper item. Due to the current changes in the market, insurers have to accelerate its digital ambitions and deliver excellent functionality of mobile and self-service online to customers, distribution partners and servicemarket challenges
It is "The End of Business as Usual" (Brian Solis), Digital is transforming the outlook for rapid insurers and most insurance companies have difficulty adapting to these changes. mobile and social media change sales, distribution and operation models and require adaptation of new marketing strategies and innovative services and technologies. New technologies and services are available for insurers that change rapidly and become a complete digital insurer. Online and mobile applications are delivered quickly and cheaply, social networks are providing all the technical integration and services necessary for integration with the insurance business, great tools for data analysis, services and cloud computing are available for create a digital competitive advantage and change the current paradigm.
Secure Digital ambitions
Each insurer has a strategy to become a digital insurer in the coming years. The result will be different for each insurance company depending on the capacity of internal change. A Digital insurer has digitized interaction with customers, distribution and service partners as far as possible the use of mobile applications and online for new business, policy service, renewals, expirations, complaints and queries. It includes digital and social marketing and analysis of large volumes of data, such as claims management based on rules. The Digital Underwriter has fully digitized internal processes, personnel and internal management have access to online applications and mobile, are able to work from anywhere, at any time and use their own devices. These changes will change the operating model of a traditional administrative organization to an organization driven sales and service. More employees work in sales, distribution and customer services compared to employees working in departments traditional processing and administration. The digital Insurer is able to create competitive products with fast time to market, excellent services and work cheaper than today. The digital Insurer is available anywhere in the world, at any time and on any device.
The benefits of digitization of the insurance company are:
The ease of doing business
Mobile applications and online that provides new functionality and insurance renewal including illustrations, quotes and payment.
advanced tools for reporting claims, endorsements and self-service consultations.
Understated and fully automated subscription references.
24x7 availability on any device, anywhere in the world.
rapid business growth
the availability of large data and analysis.
personalized advertising and offers.
campaigns and price changes every day.
digital and up selling cross.
Greater retention.
Reduced operating costs
Direct processing.
Minimizes and controls the manual labor of BPM.
paperless organization.
digital integration with service partners.
Subscription based on simple rules for mass products.
management claims based on simple rules for mass claims.
Improve service to customers and partners
All information online and mobile available, including advanced call center access.
digitized manipulation notifications and decision-making based on fast complaint rules.
Claims staff service "on the road" with mobile devices.
And download functionality.
Cloud Computing
Cloud computing is distributed computing using the Internet as a communication network in real time. cloud providers offer integrated IT services charged based on usage. Cloud computing is provided by organizations specialized IT services provided by public clouds outside data centers worldwide. data storage applications and databases are provided as "software as a service" and are available anywhere, anytime and on any device via the Internet. There are many ways to use cloud solutions (SaaS, PaaS, IaaS) cloud solutions and implement public, private, hybrid and multiple clouds. In public clouds, infrastructure, software platforms and are shared with other customers cloud providers, private clouds they are shared only internally within the company. In theory, large global companies are able to implement a private cloud. However, the risk of failure is high due to internal management, culture, knowledge and insufficient budget. If companies do not feel comfortable with a public cloud and want to implement a private cloud, the council is to outsource the entire IT infrastructure, including applications to IT companies specializing in the cloud and make use of existing infrastructure in a cloud hybrid.
Insurer digital cloud
Cloud computing allows a digital insurer to implement a complete digital service for customers, partners and employees. Cloud computing provides software as a service and infrastructure demand and connects all types of online and mobile applications to do business with the insurer at any time and anywhere on any device. Online applications and mobile connected to the backbone of cloud integration is available to customers, partners and employees. The back end systems, databases and Underwriter backbone integration are implemented in the cloud and protected with all necessary safety measures and systems to prevent compliance problems. Cloud computing comes with flexible scalability and digital projects can start small and when you have quick success and easily grow in bandwidth and storage seamlessly with IT delivery. insurance and digital cloud computing together reduce the cost of operations and substantially.
The advantages of cloud computing for digital insurer are:
24x7 availability on the Internet.
Device and location independence.
short time to market.
Flexible work environment and opportunities for collaboration.
collection based on the use / pay as you go.
No initial investment cost, capital expenditure spending to operating expenses.
Automated self-service and flexible scalability.
Load balancing, although optimized infrastructure worldwide.
Centralized storage.
High availability, reliability, disaster recovery and business continuity.
maintenance services outsourced IT.
IT departments can focus on managing online and mobile application exchange, process and service improvement, analytical, efficiency and agility.
How does it work?
All IT infrastructure, servers and network are available in the data center cloud IT service provider and connected to the Internet. At the top of the infrastructure, a secure operating platform is available to implement back-end systems specific insurer. Typical systems are deployed in the cloud:
Customer Management.
Policy management (Life, P & C, Health, Group).
Claims management.
financial management.
Content management.
Correspondence Management (printing).
Business Process Management / Workflow.
Product development and management.
Other (HR, partner management, government projects, acquisitions, etc.).
All systems are connected to a system of integration, integration of systems back-end, connecting store transactional data and / database analysis (s) and providing connection to the line and mobile applications and external doors link. will be available in the cloud or mobile application stores online and mobile applications. Customers, partners and employees will be able to download the applications they need on their own devices.
Depending on the strategy of centralization of the company and the choice of systems and tools of this model can be applied on the department, national, regional or global which provides flexible solutions for local differences in language, currency, products, regulations and market practices.
The challenge
The urgency of digital Insurance is more or less taken in the boardrooms. However, digital Insurance is not fully approved by sales and distribution departments, insurers and operations. A paradigm shift in the insurance industry is necessary to adopt digital Insurance and cloud computing. Even if the benefits are clear, control, security, compliance, knowledge and mindset internal issues could prevent the rapid adoption of cloud and delay the implementation of digital Insurance. This not only affects IT departments face a major outsourcing, but also all other departments of the company, for example, actuaries to store and run their models in the cloud?
Cloud computing is safe and should be managed in the same way as outsourcing. Cloud providers have invested heavily in the external and internal security, business continuity, high availability and performance. IT outsourcing is a common practice for many years and experience is available to ensure sound governance, property, business continuity and a smooth migration.
A bigger challenge is to improve back-end systems to the cloud safe disposal. In most cases, back-end systems are not integrated and front end systems are built on top of back-end systems without a software architecture based on loosely coupled components. A layer of integration and transactional database are the basic components required to implement and integrate with back-end systems and to provide access to data and functionality of online and mobile applications.
implementation considerations
TI digital strategy will be the basis for the implementation of digital Insurance and cloud computing. To adopt cloud computing, a good way to start is moving non-critical mission systems to the cloud and gain experience with the use of the cloud. However, to accelerate the implementation of digital Underwriter, the priority today should be the cloud transformation disposal of mission critical systems and migrate these systems to the cloud. Critical components of the preparation are cloud integration between online and mobile applications and mainframe systems, and the availability of large number of integrated customer transaction data, policies and claims. To implement digital Insurance cloud a project should include:
Definition and scope of services and service levels.
cloud architecture.
Application and integration architecture.
Security and compliance requirements.
Cloud governance.
cloud provider selection.
Contract and Service Level Agreement.
disposal system cloud and database development.
mobile application development and online.
technical migration.
digital and cloud transformation.
Paul de Bruijn has over 20 years of international work experience in leadership positions in the insurance industry, the IT industry and the public sector. He specializes in insurance operations and IT transformation.