Moving to the cloud allows insurance companies to invest their time and money in developing new products, services, and technology. As a result, they can handle difficult challenges better by revisiting their strategies with fresh ideas.
The recent global virus outbreak has been getting a lot of attention from businesses. The insurance industry, many banks and other many financial firms have been affected. The companies’ customers will want to know that their solutions also work during a crisis event.
The widespread effects of the coronavirus are an important reminder about the vulnerability behind any system and how unpredictable threats can affect them. Crises such as natural disasters and terrorism can weaken unprepared businesses without adequate business continuity policies in place.
Insurers that have on-premise, legacy systems or data centers will find it harder to deal with challenges of this unprecedented pandemic due to their dated infrastructure. This is in contrast to insurers with a cloud-based, managed services approach who may have the opportunity to prevent the epidemic from spreading further. Employees may no longer be on site if they need to adhere to the organisation’s remote working policy. If there are key individuals on staff that are integral to the management of legacy insurance systems, then they may need assistance in getting their tasks completed.
Decades ago, businesses used one of two solutions for business continuity: they might have had backup facilities or they might have covered one of their bases with a secondary solution. These were costly and not scalable. With the internet becoming faster & more reliable all the time, insurers can focus on building their business & not worry about physical infrastructure.
To make sure your business keeps running smoothly, you need to think about key functions and important capabilities. These are useful both in day-to-day operations and in more volatile instances.The cloud can be a great risk management tool, as it can store critical files without relying on specific hardware. The cloud is distributed across many different communications hubs. By choosing managed cloud services, you also benefit from reduced IT geographical exposure; this could be beneficial for your business.
A distributed, cloud-based solution that is used by employees, customers and partners via web browsers or mobile applications (software as a service, or SaaS) is the most resilient option for large-scale business-critical processes. Outsourcing & offshoring can sound risky in the wake of in-house servers. However, the cloud’s technology is now advanced enough to provide better security than in-house servers. Cloud-hosted solutions are highly reliable and much better than using external servers. With the expertise of our gifted technicians, we’re bringing together cutting-edge technology with good practice.
Investing in cloud-based services can be a wise choice for your company, as it will help you to save time and money on infrastructure issues. With these new tools there’s no need for expensive IT infrastructures or permanent software licenses. A managed services approach usually provides more flexibility and options for insurers to respond quickly when demand increases. This is what many business owners are choosing because they want the freedom to rely on company-owned services less. One example of where this can come in handy is with a coronavirus outbreak, since it’s not wise to rely too heavily on local resources.
Want to know which cloud insurance-based solutions will work best for your institution? Contact us so we can help you create a plan that matches your budget and can work with your existing infrastructure.