A few years ago, the cloud was a novelty and maybe even a joke – now it has been baked into our technological vocabulary and is revolutionizing the world of business, not least of all the insurance industry. The cloud could be explained as an all-online software program, able to be accessed from anywhere and updated any time. Insurance has been a rather “stuck” industry when it comes to technology, but now that is changing as insurers are racing to catch up to those who had enough foresight to invest in tech early. The cloud in particular has the potential to accelerate the game of insurance, and those effects are already being seen.
Speed, Convenience and Scale
The easiest benefit to see from the cloud is the speed and versatility that it offers. Rather than dealing with scads of paperwork and trying to decipher illegible forms, information is uploaded straight to the cloud from the computer or mobile device. This allows insurers to receive, analyze and respond to requests and claims faster than ever before. It reduces man hours needed for busy work and frees up agents and other employees to focus on the job itself. And when the entire system is built on the cloud, scaling up is not a matter of space, hardware or payroll anymore. Customers themselves are able to access the information they need, reducing the need for emails, phone calls and other communication.
Reduced Maintenance Issues
Because the cloud is not physical, it does not break down, it does not spring leaks, it does not get jammed up. Aside from the occasional software update, there is nothing that can stop the cloud, and maintenance is largely reduced to cleaning up inefficient filing systems. Most companies will be using third-party cloud services, so the maintenance (or tech support) area is entirely given over to the experts. This is not only a huge time-saver for insurance companies, but a financial relief as well.
Real-Time Data Analysis
The cloud is not just a digital filing cabinet. Sophisticated cloud programs are able to include policies, risk algorithms, and other necessary data. As the cloud proliferates, insurers will be able to draw information from other sources to complete their analyses and reduce wait time for customers and supervisors.
In fact, much of the analysis usually done on a case-by-case basis will be able to be done instantly through the calculations performed by the cloud. In some cases, insurers may have their own in-house systems that can tailor the cloud software to their exact specifications. And in the future, there will undoubtedly be cloud services created specifically for insurance use, enabling the whole process to be faster, more accurate, and easier to use, even for those not technologically savvy.
https://www.healthcareitnews.com/news/what-future-cloud-computing-holds-health-insurance-companies
https://www.eweek.com/cloud/how-insurance-is-riding-the-cloud-for-rapid-new-growth