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Library: ITL – The cloud: Connecting the insurance ecosystem

Executive summary

 The Digital Insurer reviews Insurance Thought Leadership’s Report on The Cloud: Connecting the Insurance Ecosystem

The cloud is here and hard at work

Cloud-based platforms will let auto insurers make a critical pivot away from purely reactive claims response and processing to claims minimisation and avoidance.

Cloud brings better value

More than any other area of insurance operations, claims is best-positioned to benefit from a digitised, unified and continuous ecosystem to meet the needs and exceed the expectations of today’s consumer, support management’s key strategic objectives and bring compelling new value to policyholders.

It is generally understood that, with a connected ecosystem, data and information flow easily and quickly among myriad stakeholders, speeding decisions and improving outcomes. This holds true for insurance, where digitally connecting all providers necessary to quickly resolve a claim can radically improve consumer experiences, customer loyalty and retention.

Nothing new under the cloud

Connected ecosystems are enabled by cloud technology. Cloud is not new – its roots tie back to 2006 – but the insurance industry is now moving to the cloud in growing numbers. In fact, the recent Arizent/Digital Insurance 2022 prediction survey revealed that nearly 70% of responding insurers will be investing new or incremental resources in cloud in the next 18 months.

Insurers are beginning to recognise the benefits as some of the insurance industry’s information and technology providers have been supporting them using cloud technology for years, and the value it has brought to insurers has added additional validation and encouragement to those yet to migrate to cloud technology.

From an operational and technical perspective, these benefits include the ability to adapt to different work environments, facilitate experimentation, accelerate innovation and drive more efficiency into the business. From an end-customer perspective, cloud means better, faster service experiences and outcomes across touch points with the insurer.

Cloud is hard at work

Many insurers are already using the cloud in claims and other external transactions. For example, when an insurer uses a third-party information provider solution to manage external aspects of claims, such as requesting an estimate of repair cost and making a damage inspection assignment, chances are that the connections among carrier, customer, adjuster and the repairer are taking place in the cloud.

To validate this, we spoke with Marc Fredman, chief strategy officer at CCC Intelligent Solutions. He confirmed that the cloud is hard at work for its insurance clients, adding that the CCC cloud has facilitated more than 150 million interactions on behalf of its customers.

See the full report for more…

Link to Full Article:: click here

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