On the AWS re:Invent Convention a couple of weeks in the past, Accenture had the great fortune to proportion a breakout consultation with our consumer, Mother or father Existence Insurance coverage Corporate. As they described their trade technique for bettering top- and bottom-line enlargement, one thing struck me: all of it flowed without delay from their cloud technique. The whole thing they described made excellent trade sense, however one part stood out. Flexibility.
Flexibility is a need for insurers nowadays. Era and marketplace calls for are converting so rapid there’s slightly any time to decelerate. It’s virtually like converting the tires whilst the automobile continues to be transferring. However firms which are versatile sufficient to switch course when vital – even because the tires are being modified – can have a transparent merit. Mother or father did simply that once it followed the cloud for its core insurance coverage programs. It leveraged cloud flexibility with a configurable, no-code coverage management device. By way of adopting those two applied sciences concurrently, Mother or father accelerated their product construction and lowered their running prices.
Mother or father isn’t on my own in adopting the cloud for his or her core insurance coverage programs. We’re seeing a rising call for for cloud services and products amongst lifestyles insurance coverage and annuity carriers. Like Mother or father, they’re in search of versatile cloud pricing and website hosting choices that may maximize the cloud’s advantages for his or her particular person trade wishes. For some insurers that might imply managing their very own cloud; for others, website hosting may make extra sense. Regardless, the lifestyles insurers we paintings with are discovering that cloud supplies stepped forward carrier and safety, together with lowered running prices.
Extra importantly, cloud empowers lifestyles insurers to pressure trade enlargement by way of higher assembly their shoppers’ wishes. It permits them to create new and differentiated services and products particularly adapted to their shoppers’ particular person cases. Cloud additionally makes imaginable a continuing omnichannel revel in for patrons to get admission to those new services and products. That’s a cloud technique each and every lifestyles insurer can take pleasure in.
Whether or not you’re making plans to perform within the cloud or are already there, I invite you to learn this weblog put up A Cloud Transformation at Mother or father Existence. It explains Mother or father’s cloud way and describes how they’re growing merchandise quicker the usage of the Accenture Existence Insurance coverage & Annuity Platform (ALIP) operating on AWS.
I’m satisfied to solution your questions or talk about how we will advance your virtual insurance coverage cloud technique.
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