My previous blog post looked at the obstacles preventing some property & casualty (P&C) carriers from deploying core systems over the cloud. Here are five tremendous benefits that should persuade them:
“A cloud environment offers insurers tremendous accessibility to leverage the SaaS provider’s information security expertise whose offering already meet the needs of state, federal, and where needed, global compliance requirements. This is especially beneficial for smaller businesses, who don’t have the necessary resources or time to study and implement new and extensive security and compliance protocols…” “How Insurance is Riding the Cloud for Rapid New Growth,” eWeek, March 28, 2019.
Enhanced Scalability & Elasticity
Distribution channel pressures and evolving consumer demands for mass customization and hybrid products mean that the flexibility of P&C insurers to quickly respond to new opportunities or challenges is vital. By using Sapiens CoreSuite for Property & Casualty, applications such as short-term segmented marketing campaign applications can be designed, developed and deployed quickly. Also, insurers can scale-up as their needs increase and scale down again as demands decrease, eliminating the need for massive investments in local infrastructure, which are always required on an ongoing basis.
As with all industries, property & casualty insurers are under pressure to cut costs. The cloud significantly decreases operating and capital investment costs. It provides greater flexibility in IT function and scale at a lower cost, and in a shorter time frame, than traditional IT systems. Sapiens CoreSuite for Property & Casualty cloud deployment enables simplification of architectures and processes, while eliminating inefficiencies across the organization.
Improved Customer Engagement
Utilizing the cloud enables non-life insurers to focus on and improve the user experience at virtually every touch-point. This results in improved customer engagement via the ability to develop innovative and relevant products. Insurers can also optimize claims and policy servicing capabilities towards improved customer retention and profitability.
Single Focal Point
As previously noted, part of what attracts carriers to the cloud is the convenience. This convenience is negated if insurers have to manage their own cloud in-house or are constantly communicating with multiple parties. Having a single vendor accept full responsibility for the core P&C suite, as well as the cloud, streamlines and accelerates processes and tasks.
For more information on how Sapiens CoreSuite for Property & Casualty and cloud deployment can help you transform your business, click here.