Cloud Services In The Insurance Industry
In recent years, the insurance sector has undergone rapid transformations. Cloud services have become an integral part of insurance businesses. In fact, more than 90% of insurers have switched to cloud solutions in most of their businesses processes, according to Novarica. Insurers are reaping huge benefits from cloud computing, including improved internal processes, policyholder loyalty, and new customer acquisition.
Insurance companies no longer want to operate in the traditional office set-up where members leveraged insecure emails to communicate to clients and shared documents using an on-premise server. With cloud computing, insurance businesses can now leverage underwriters’ cloud-based platforms, secure storage of folders in the cloud, and encrypted emails to communicate sensitive customer details. These measures do not only benefit the insurance companies and their clients, but they also help with HIPAA compliance.
Read on for more insights.
Integrated Services on the Cloud
Cloud computing gives you access to a wide range of vital services in the insurance industry. You can get comprehensive packages of multiple features, including Amazon Web Services, Google Cloud, and Microsoft Azure availed by top cloud providers. Some of the available features that you can use include:
- Data storage and backup: You can store data in the cloud since it’s scalable, reliable, and secure. Still, you can access this data via any device through an internet connection, making it ideal for backing up your sensitive information.
- Platform hosting: Since the cloud is a perfect avenue to host insurance platforms, you can easily deploy new services and applications.
- API integration: Using API, you can connect your systems with third-party providers, allowing them to access new data and functionalities.
- Insurance claim management: Insurance companies can manage the entire insurance claim process via the cloud from recording claim details, tracking their progress, and giving payments.
- Machine learning: You will have better decision-making tools for both external and internal processes through machine learning.
- Analytical tools: Analytics is an essential element that you can get from cloud services. You will improve efficiency in evaluating customer satisfaction, risk assessment, and fraud detection.
Whether you are a new or established insurance company, you can leverage a wide range of services in a single platform.
Microsoft 365 and RingCentral Makes Remote Working Easier
Work from home has become the new standard in almost every sector, including insurance companies. However, with the existing regulations in the insurance industry, only the most vetted cloud vendors can infiltrate into this sector. Currently, RingCentral and M365 systems have proved to be reliable systems. Microsoft 365 enables remote employees to achieve their daily tasks with basics such as file sharing, collaboration, and communication. Also, M365 Azure Virtual Desktops gives employees the flexibility to access Windows Desktop with any device and work from anywhere, provided they have reliable internet access.
Moreover, you accomplish better collaboration thanks to RingCentral’s phone system. This system is cloud-based, so workers can collaborate seamlessly regardless of their location. By integrating both M365 and RingCentral systems, your remote teams will embrace remote working leading to increased productivity.
The Advantages of Cloud Computing In the Insurance Sector
Insurance companies benefit immensely from the implementation of cloud technology in the following ways:
Cost Reduction and Optimization
By utilizing a cloud computing system, insurance businesses minimize the cost of purchasing software and hardware. You no longer need to buy data centers and local servers, which take up a company’s physical space and consume power every time. Moreover, you will need to hire specialized professionals to maintain and manage these systems.
Due to the availability of on-demand services, insurance companies have access to abundant computing resources easily and quickly. With more resources available, without expensive software and hardware investment, you can easily optimize performance and the internal processes. Moreover, by hosting databases, platforms, and software remotely, you free up computing power and memory on individual machines in your organization.
Acquiring New Customers
You can collect large data volumes and analyze them effectively while still focusing on the most valuable and significant metrics by leveraging cloud computing. This way, you can search for useful digital traces that customers leave all over the web.
Once you gather all these traces, you can easily identify your real audience. You can further segment the audience to know the one you can approach using targeted actions and ensure that you personalize them as much as possible. This has proved to be one of the most effective ways for businesses to secure new customers in recent years.
Data Management
Data has become one of the most valuable elements in almost all sectors. And in the insurance industry, data still remains an essential part of things such as analysis, structuring, identification, and managing several aspects within a company’s workflow. And with cloud computing, both internal and external data management have become an easy and affordable solution for insurers.
Securing Systems Within the Insurance Industry Using Blockchain Technology
As the insurance industry continues to move to the cloud, cybercriminals are also targeting this new technology to steal sensitive data. And with the increased cases of cyber-attacks, insurance businesses will need to adopt more security solutions to keep the bad actors at bay. This brings in the need for blockchain technology for better security measures. This technology enables individual systems and devices to make security decisions independently instead of being dependent on a centralized authority. Although this doesn’t guarantee 100% security, blockchain technology will make it harder for cyberattackers to infiltrate your system.
Get the Best Cloud Solutions From MainStreet IT Solutions Professionals
Cloud services offered by leading vendors such as RingCentral and Microsoft 365 have provided an effective pathway for the insurance industry’s future. Service such as AWS, Google Cloud, and Azure allows employees to access sensitive data easily and securely while working remotely. Insurers can also engage well with customers, leading to a better customer experience and more profits.
If you are in the insurance industry, it’s time to switch to cloud services. This will guarantee better analytics, data management, and you’ll grow your customer base quickly. MainStreet IT Solutions can help you through this crucial transition. We provide reliable cloud solutions, security solutions, and IT services. Reach out to us to evaluate your IT system and determine the technical support you need from our professionals.
Thanks to our colleagues at DataEcon in Dallas for their help with this article.
