InsurTech Magazine September 2020 | Page 62

CLOUD & CYBER

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Stonell claims that the benefits of cloud overall extend past streamlining current operations , which are likely to be tested thoroughly by COVID- 19-related insurance activity , but also include empowering insurers to meet the ever-changing needs of policyholders in the future . Fernandes concurs , saying , “ Companies that adopted cloud technologies early on are now better positioned to ask themselves , ‘ how can we rejuvenate and transform our business ?’ or ‘ what products , services and use cases can we leverage for a greater customer experience safely in a highly regulated world ?’” Indeed , it would appear that the pandemic has signalled to those getting left behind in terms of digital transformation to reset their priorities .

Far from being a tech novelty or something reserved for ‘ greenfield projects ’ and startups , Stonell notes that cloud has become part of insurance companies ’ core systems over the last few years . Whilst gaps in IT have previously hampered achieving optimal levels of service “ the migration to a cloud platform offers a meaningful and sustainable solution .” This is rooted in the cloud ’ s ability to consolidate multiple data streams into one easily navigable framework , one which eliminates the complexities , restrictions and logistical difficulties caused by prior methods . Fernandes adds : “ The ability to securely collect , index , search , analyse , enrich , correlate and visualise across complex workloads requires centralisation of trusted , accurate and actionable intelligence to respond quickly and remain compliant within a highly regulated industry like insurance .”

However , just because cloud platforms provide distinct advantages in terms of driving value , competition and tech utilisation , this isn ’ t to say that intelligent planning and analysis isn ’ t

SEPTEMBER 2020