How Cloud Computing will Transform Insurance – Accenture

Article Synopsis : The success stories of cloud computing across so many industries have compelled insurers to capitalise on the benefits that cloud offers. 

Ready for the cloud?

In the report titled “How Cloud Computing will Transform Insurance – Using Cloud to help drive future high performance in the insurance industry”, Accenture, presents an overview of the Cloud, its advantages for insurers and the road map to implementation that will help maximise every penny of the digitisation budget. According to the report, the four key areas of opportunity for insurers beyond cost savings are: 1. Building a frictionless and flexible ecosystem 2. Consumer cloud computing 3. Applications when you need them 4. More powerful and pervasive analytics The report also suggests that there are seven key steps that an insurer can take to ensure it stays on course to make the most of what the cloud has to offer: 1. Understand the condition and scope of your entire IT infrastructure and application portfolio to create a prioritized list of what should go to the cloud and when. 2. Establish a clear governance structure for cloud computing. 3. Inspect what you expect. 4. Keep cloud efforts on track. 5. Set the standards for success. Provide the necessary oversight to the IT organization. 6. Provide the necessary support. 7. Buy cautiously, appraise frequently