As companies seek new technologies to get the competitive edge, Smart Communications believes cloud adoption will help insurance companies be agile and improve business outcomes.
After taking part in an event, Smart Communications’ attendees heard many discussions about the key thing’s insurance leaders are monitoring. These included cyber risk, new distribution models, data and analytics potential. One of the biggest focal points it saw in discussions was cloud adoption and how it can help attract top talent.
The InsurTech company stated that while skills shortages are prevalent in most industries, it is particularly notable within the insurance industry. However, it believes that cloud adoption will allow organisations to be agile and look appealing to potential employees. It said, “Today’s talent wants to be part of something bigger than themselves – to be seen as an innovator and a game-changer.”
As a result, insurers need to drop their manual processes and legacy systems so digital savvy employees can get excited to work for a ‘forward-thinking organisation.’ Cloud technology can also make the jobs of employees easier, making them happier with their roles and more likely to perform better, it said.
Finally, cloud technology allows employees to be more proactive in their daily tasks. “Legacy, on-premise systems can offer band aid approaches to daily issues, but they’re not helping staff work toward larger challenges and/or wider company goals.” Whereas cloud technology allows them to be strategic and get ahead of the customer’s needs.
The boons of cloud technology are not exclusively based around attracting staff. It also enables cross-functional agility. Smart Communications explained that cloud solutions help modernise IT operations and part of this includes enabling teams across the business to work cross-functionally with less friction and more ease. The need to maintain stable, resilient systems as well as the ability to innovate, requires an agile platform. The cloud is the perfect partner to this.
It said, “With solutions like the Smart Communications Conversation Cloud, insurers can connect all data, applications and history, giving them actionable data in real time. Of course, this is made possible by leveraging cloud solutions with strong APIs.
“With the ability to act on this data, insurers can scale as needed to deliver personalised, omnichannel conversations that help their policyholders feel seen and heard as individuals. This also helps insurance companies prepare for the future and increases their internal efficiencies—all feats made possible by pure cloud solutions and impossible by sticking with on-premise solutions or legacy systems.”
Read the report here.
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