How does the cloud exactly help the Insurance Industry?

The insurance industry is one of the rapidly growing industries because the number of people working in the insurance industry has grown tremendously and now the sector plays a vital role in the economy due to the amount of money it handles for the citizens. It is good to observe that the insurance industry is adopting cloud computing because they understood the importance of this next-gen technology.

Cloud Computing has been gaining a lot of popularity in recent years because it is shaping up industries in a more efficient manner. The cloud has transformed various sectors in regards to improved business functions. The insurance industry is no different because it can benefit from the flexibility and agility of cloud computing.

It is an excellent decision to move on the cloud and is a no-brainer to understand that hosting cloud applications is cost-effective and can be maintained easily.

Cloud services offer the scaling feature which balances work-loads. The insurance industry does not usually witness huge demand spikes, but when it does, there isn’t currently a tool or service which they use to tackle such a situation successfully. If the insurance industry avails the cloud computing services, they get the benefit of scalability, which means higher resources to balance when there is high demand or low demand in business.

Driving insights through data is easy as there is a lot of data generated in the insurance industry; cloud computing systematically assists in analysing Big Data. This industry heavily relies on data to make informed decisions and thus by the help of cloud computing, convoluted calculations can be made with higher accuracy and efficiency. Another necessary type of analysis is the Behavioural Analysis which can be made through the cloud. It can be a help to improve sales and improve customer experience and satisfaction.

When it comes to the insurance industry, one wrong analysis can significantly impact decision making and so managing a risk profile is a crucial component in the insurance industry. Through the cloud, a user can integrate and gather all the risk data in the insurance company’s environment which helps the user to analyse various profiles for further investigation to offer or not to offer insurance services.

The process of assessing risk which is known as Underwriting ensures that the premium of insurance cover is equal to the risk faced by the individual concerned. Cloud applications for the insurance industry are now able to collect all the relevant data of an individual to calculate the right sum amount for the correct insurance claims in the future.

Customer experience is crucial for any business, and the insurance industry is no different. Better customer experience is fundamental for acquisition and factors such as super-fast insurance claims, multiple product and services varieties are good indicators for growth. Here with the help of cloud solutions, the customers can be offered to customise services, faster claim processes, personalised support which can be digitally delivered to a customer.

So when an IT decision maker of an insurance company chooses ESDS as their preferred cloud service provider, they reap the benefits of scalable cloud applications which can match their fluctuating business demands. ESDS guarantees the best data security through its Tier III data centre which helps deliver state-of-the-art secure facilities. With Disaster Recovery as a Service (DRaaS), insurance companies can have the best Business Continuity Plan (BCP) which comes at a low cost as compared to the cost in the event of a natural or data centre disaster.

Benefits:

Cost-effective and low maintenance

Multi-tenancy for proper utilisation and efficiency

Consistent performance for uninterrupted processes

Best data security through centralisation