When Digital Insurance Goes on Cloud
Traditionally, insurance software have been implemented across global enterprises as on-premises client-server systems, often accessible only via desktops/laptops at office or through VPN or SSL (Secure Sockets Layer) tokens. However, in the present era, insurance companies have been feeling the exponential power that a web-based software, hosted on cloud. When the insurance industry is technologically evolving in the pandemic era, insurance companies are eager to embrace the next-gen technology of insurance products, and customer engagements. The leadership in insurance are primed sharply to lead from the forefront in terms of product and service innovations as well as technology implementations.
Following are a list of key technology implementations that are ready to radicalize the way insurance world will function in the upcoming decade:
- State-of-the-art IT architecture: This forms the fundamental platform with cloud computing being the core
- Re-thinking sales and marketing tactics: Sales and marketing departments in the digital world will source data for analysis primarily from big data repositories to leverage the power of data
- Wield the power of advanced digital analytics and artificial intelligence (AI)
- Machine learning (ML): Being a subset of AI, the ML technology facilitates insurance managers wield augmented decision-making applications. Managers can now digitally interact both in-house as well as with customers for personalized engagements, CX and new customer attractions
- Big things and Internet of Things (IOT) can do: Insurance customers have continuous, anytime-anywhere connections to agents and enterprise staff instantly, that have an enormous impact on productivity of insurance sector.
- Distributed ledger (DTL) and blockchain technologies: The DTL and blockchain technologies function based on distributed data registers. A single copy of the database is maintained at all nodes of the network. The database influences the power to be independently modified from their respective nodes.
- Redefined, disruptive insurance business through virtual reality: Today’s insurers focusing on virtual reality technologies can recreate calamities and accidents along with their intricate details. Use of 3D and IoT technologies are used here
Advantages of insurance going digitally web-based on cloud
Significantly reduced ownership cost
Traditional client-server based on-premises applications require you to install them on the office workstations. However, with web-browser based insurance software all the user requires doing is, just access the application hosted on cloud through web browser. User will be prompted to enter role-based authentication / login for accessing it. The webpage gives powerful feel of using a mainframe application, but with easy-use windows features.
Updating to the next version is extremely easy
Upgrades of insurance software on cloud automatically happens. As and when the next version is released by the vendor, updates to the same are automatically applied. So, the next time the user login to the application, they will find a prompt message indicating that the software is being updated before login. On traditional on-premises client-server, there are few challenges related to unsupportive releases and database errors, resulting in key modules becoming non-operative. These can be mitigated better is the browser-based applications are hosted on the cloud.
Being web browser-based applications hosted on cloud platform, user can access them anywhere-anytime by providing authenticated login credentials. With legacy on-premise, client-server applications however, user will require to physically be present in office and use workstation to access the application. The benefit of cloud-based web browser insurance applications is that they are accessible to a larger number of users, wherein decision-making will be far quicker.
Operational across platforms
The main advantage of web browser applications hosted on cloud is that, they are accessible via any type of devices such as desktops, laptops, mobile phones, tablets etc. Users can access the application even while travelling or at remote locations. Whereas this was unthinkable during the client-server application era.
Cloud-based applications accessed via browsers have the robustness to integrate multiple utilities and applications to insurance software. Whereas with client-server systems, activities such integrations required a good amount of time and money being spent with no guarantee of compatibility to newer features.
Best possible security feature
One of the best possible advantages of a cloud-based web application is that they can be configured for the intranet services of any individual enterprise system, with customized firewall and anti-malware features in place. This coupled along with role-based login authenticated access, there can be no better security feature for any enterprise.
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