As we continue to keep you up to speed with the latest in Insurance IT, Cloud technology is the new hot topic under discussion. The question is, does the technology possess the potential to transform the Insurance industry?
Being a part of the industry, you may have been hearing about:
- Daunting regulations in areas such as consumer protection and capital ratios
- Declining growth as a result of reduced premiums and investment incomes
- Increasing mobility and aging workforce
- Changing customer expectations for greater innovation and revamping traditional insurance models
Cloud for the Insurance Industry
The insurance industry is at a turning point. Profitability and growth, deploying emerging technology, the need to transform business processes and revamping legacy applications, is leading them towards adoption of Cloud technologies. Additionally, recent Research by Cognizant puts the cloud among the top three technologies to have the biggest impact on the insurance industry. With this in mind, we wanted to share with you these 3 ways that cloud technologies, like Desktop as a Service(DaaS), are helping the insurance industry.
HIPPA Compliant Cloud
Cloud technology meets the regulatory and security requirements of the insurance industry, given the confidential nature of the data. Your Cloud Service Provider (CSP) works with you to build a compliant and robust infrastructure. Additionally, cloud technologies like Desktop as a Service (DaaS) provide an additional layer of security. What happens when an employee’s official laptop gets lost or stolen? Not only does the employee have the issue of losing all of their work product, but the corporation as a whole now has to think about the ramifications of that information falling into the wrong hands. With cloud solutions, all of the data is stored in the cloud and not on the end point. So even if an unauthorized user tries to access the data on the end point, they will be unable to find anything. And the employee can simply continue working from another endpoint.
We know that no business is immune to the threat of downtime or data loss, especially when it comes to a natural disaster or a disruptive event. The Cloud helps mitigate the risk with a redundant off-prem solution as a business continuity and disaster recovery strategy. Data is backed on various servers across different geographical locations, making sure that your client’s data is easily accessible, safe and secure.
Today, many industries are in search of technologies that can help them respond instantaneously and cost-effectively to the changing conditions. The insurance industry can leverage cloud solutions to reduce their operational costs related to on-prem infrastructure, eliminating hefty updates and maintenance and free your IT staff to focus on more important tasks all while saving on your IT budget. By freeing up these resources, they can be redirected to your customers and building more competitive offerings.
Insurance agencies, like other industries today, are facing an increasingly mobile workforce along with expanding competition. By leveraging Desktop as a Service (DaaS), Insurance companies can allow their users to access virtual desktops from any device. Employees are no longer tied to a physical desk, increasing employee loyalty and productivity.
With Virtual desktops or new business process management applications, getting new users up and running can be done in a few minutes. Hosted Virtual desktops are accessible from any internet connected device. This technology removes the burden of processing from the endpoint, allowing agencies to increase the lifespan of the equipment. Additionally, Cloud technology has the ability to scale up or down based on the workload requirements, allowing your business to grow at your speed and removes the barrier of paying for services you don’t need.
We see it as no surprise that the cloud services market is expected to grow 33% by 2018. Like many other industries, including insurance, there’s an increasing importance of cloud technologies with their ability to reduce costs, drive customer engagement and new business opportunities with new distribution models.
At dinCloud, we help the Insurance Industry leverage the cloud to stay competitive and efficient. In order for us to provide personalized content, tell us the size of your organization.