Regulations, technology and customer engagement are 3 huge issues concerning businesses in the insurance industry in 2018 and into the future. Insurance agencies, now more than ever, need to be leveraging the cloud in order to quickly adapt to changing customer expectations, emerge into new markets, and ensure data compliance, among many other reasons. According to a study done by Novarica, 70% of insurers are now using cloud computing in some shape or form. With the cloud computing market exploding, insurance agencies will continue to demand these services. Here are some of the following areas where insurance agencies can benefit from the cloud:
Adapting to Customer Demands:
Insurance agencies need access to the latest technology that facilitates communication and interaction between the agency and customers. Customer touch points are always changing, from laptops to mobile apps and traditional phones, having the latest technology is crucial to keep customers happy and engaged. Examples of customer expectations in the insurance industry include the ability to file claims from a mobile phone, access a live agent instantaneously, and modify policies with the click of a button. In the cloud, there is flexibility to quickly and easily innovate to meet these growing needs with cloud software, platforms, and infrastructure. Testing and development of new applications that customers want can be simplified and improve time to market. Hosted phones, or hosted PBX can improve customer communications, providing insurance agencies with the latest features that help deliver a seamless customer experience, increase availability, and present convenient options for customers.
Insurance agencies that move to the cloud can save money and reduce the upfront capital expenditures of buying expensive hardware and other costs associated with constructing a data center. These costs are instead assumed by the cloud provider (Otava) and as a result, you pay a monthly fee for the infrastructure, storage, and computing resources you actually use. The cloud supports a pay-as-you-go model, allowing insurance agencies to better handle peak seasons. These peak seasons tend to be November through January, but also during the months of common disasters like hurricanes. Preparing computing resources to help customers create, renew, or add new policies during this “high-season” is a tall task, but scalability in the cloud provides great flexibility during these busy seasons.
Moving into Emerging Markets:
Emerging markets present enormous opportunities for insurance agencies. As the standard of living and physical infrastructure improves worldwide, so will the global reach of insurers. Utilizing cloud infrastructure and platforms can allow businesses to quickly expand into new locations, build new offices, and equip employees with up-to-date technology. This is facilitated by the cloud which enables businesses to easily provision new employees and provide them access to computing resources from anywhere at anytime over the internet. Imagine opening up a new office and being able to access all of your IT resources via an internet connection. That the simplicity the cloud can bring to the insurance industry!
Managing Sensitive Information for Compliance:
Cloud-based data storage and data backup are also crucial for the insurance industry as it frequently handles seriously sensitive information, including addresses, phone numbers, email addresses, and policy information. Insurance firms face audits, not only from the government, but from prospective partners, businesses that buy insurance, and end customers. The cloud provides data compliant solutions to address these concerns. Likewise, in the cloud, your business can backup its sensitive data offsite with the peace of mind it can be accessed in the case of a failover situation, accidental file deletion, or other error.
The Bottom Line:
Insurance agencies need a cloud plan that facilitates growth, assures compliance, and adapts to growing customer demands. With cloud infrastructure and data backup services here at Otava, we’ll get your business well on the way to a successful cloud-based strategy so that you can grow and meet growing industry standards.