A cloud technique each life insurer might be taught from
At the AWS re: Invent Conference a few weeks ago, Accenture was lucky enough to share a breakout session with our client Guardian Life Insurance Company. As she described her business strategy for improving sales and profit growth, something struck me: It all flowed straight out of her cloud strategy. Everything they described made good business sense, but one element stood out. Flexibility.
Flexibility is a must for insurers today. Technology and market requirements change so quickly that there is hardly any time to slow down. It’s almost like changing tires while the car is still moving. But companies that are flexible enough to change direction if necessary – even when the tires are changed – have a clear advantage. Guardian did just that when it introduced the cloud to its core insurance systems. It took advantage of the cloud flexibility with a configurable, code-free policy management system. By adopting these two technologies at the same time, Guardian accelerated its product development and reduced its operating costs.
Guardian isn’t the only one adopting the cloud for its core insurance systems. We see growing demand for cloud services from life insurance and pension providers. Like Guardian, they are looking for flexible cloud pricing and hosting options that maximize the benefits of the cloud for their unique business needs. For some insurers, this could mean managing their own cloud; hosting might be more useful for others. Regardless, the life insurers we work with are finding that the cloud offers improved service and security while lowering operating costs.
More importantly, the cloud enables life insurers to drive business growth by better meeting their customers’ needs. It enables them to develop new and differentiated products and services that are specially tailored to the individual circumstances of their customers. The cloud also enables a seamless omnichannel experience for customers to access these new products and services. Every life insurer can benefit from this cloud strategy.
Whether you are planning to work in the cloud or are already there, I invite you to read this blog post, A Cloud Transformation at Guardian Life. It explains Guardian’s approach to the cloud and describes how they can develop products faster by using the Accenture Life Insurance & Annuity Platform (ALIP) running on AWS.
I would be happy to answer your questions or discuss with you how we can advance your digital insurance cloud strategy.
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