On the AWS re:Invent Convention just a few weeks in the past, Accenture had the nice fortune to share a breakout session with our shopper, Guardian Life Insurance coverage Firm. As they described their enterprise technique for bettering top- and bottom-line progress, one thing struck me: all of it flowed straight from their cloud technique. Every little thing they described made good enterprise sense, however one component stood out. Flexibility.
Flexibility is a necessity for insurers at this time. Know-how and market calls for are altering so quick there’s barely any time to decelerate. It’s virtually like altering the tires whereas the automobile continues to be transferring. However corporations which can be versatile sufficient to alter course when needed – even because the tires are being modified – can have a transparent benefit. Guardian did simply that when it adopted the cloud for its core insurance coverage programs. It leveraged cloud flexibility with a configurable, no-code coverage administration system. By adopting these two applied sciences concurrently, Guardian sped up their product growth and lowered their working prices.
Guardian isn’t alone in adopting the cloud for his or her core insurance coverage programs. We’re seeing a rising demand for cloud providers amongst life insurance coverage and annuity carriers. Like Guardian, they’re on the lookout for versatile cloud pricing and internet hosting choices that may maximize the cloud’s advantages for his or her particular person enterprise wants. For some insurers that might imply managing their very own cloud; for others, internet hosting would possibly make extra sense. Regardless, the life insurers we work with are discovering that cloud offers improved service and safety, together with lowered working prices.
Extra importantly, cloud empowers life insurers to drive enterprise progress by higher assembly their prospects’ wants. It permits them to create new and differentiated services particularly tailor-made to their prospects’ particular person circumstances. Cloud additionally makes doable a seamless omnichannel expertise for purchasers to entry these new services. That’s a cloud technique each life insurer can profit from.
Whether or not you’re planning to function within the cloud or are already there, I invite you to learn this weblog publish A Cloud Transformation at Guardian Life. It explains Guardian’s cloud strategy and describes how they’re growing merchandise quicker utilizing the Accenture Life Insurance coverage & Annuity Platform (ALIP) operating on AWS.
I’m glad to reply your questions or focus on how we will advance your digital insurance coverage cloud technique.
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Disclaimer: This content material is offered for normal data functions and isn’t meant for use rather than session with our skilled advisors.