By Romil Turakhia: Head of Product Management and Product Engineering – Insurance at Azentio Software
Traditionally, Insurers have been slow technology adopters. This has changed radically over the last 2-3 years. This is driven by significant market changes – especially competition from new entrants that don’t have any legacy and are therefore nimble in adapting to the modern digital demands from their customers. Insurers are now realising the importance of new technologies enabling end-to-end intelligent automation. The current pandemic has exacerbated the situation for Insurers that are under-invested in technology or have not prioritised the right technology initiatives.
There is an emergent need among Insurers to take a complete end-to-end view to their transformation. Their digital journey needs to address the inner workings and operations as much as putting up good looking digital front-ends. Without that, the outer digital interface wouldn’t be able to fulfil its promise and vision in terms of the speed of delivery, engagement and other essential outcomes to insurance customers. Looking at digital as being different from enterprise is not a solution for an industry that is deeply rooted in multi-layered and complex processes.
A new vision for Insurance leaders to win in the post-pandemic future
Azentio Software is helping Insurers, which are embarking on their digital journey, connect the dots between enterprise and digital. It is helping Insurance industry leaders go a step further by enabling enterprise transformation internally, connected with a responsive external digital fabric. In the post-pandemic world where remote sales, fulfilment and servicing is becoming a reality, this is now a necessity.
An end-to-end view helps Insurers drive digital transformation for every stakeholder in the process. By connecting these dots, innovators at Azentio Software are changing the way Insurers, Insurance customers, agents, brokers, partners and internal staff interact with each other.
Getting on the Cloud: What the insurance industry needs
Once Insurers agree with taking an end-to-end view to their transformation, the discussion shifts to the Cloud. This extends to adopting SaaS based platforms vs. hosting applications on their private clouds.
Insurers are realizing today that they can truly leverage the power of the Cloud, with dynamic capacity and SaaS based models. In the past, regulations and a lack of sufficient security prevented this. Today, Cloud technology has progressed to address regulatory needs. Given that the Cloud, and even more so SaaS, provides significant cost efficiencies and allows for digital needs like 24/7 access, non-disruptive upgrades and other such benefits, Insurers are making it a natural next step in their transformation journeys.
A common inhibitor to end-to-end transformation has been the length of such programmes, the investments required and a leap of faith with technology partners. SaaS based applications take away all these concerns in one swoop. Not only do SaaS platforms for digital transformation allow for quicker and lesser expensive implementations, but they also cut down the risks of not knowing what comes out at the end of a transformation programme. SaaS platforms provide the benefit of trying before buying!
Typical process transformation programmes last for months and are time, effort and cost intensive. However, these challenges can be alleviated with Azentio Software’s new SaaS based Cloudflow that helps Insurers try before they buy, helping them make informed decisions on cost intensive, process transformation programmes. Cloudflow is a hosted solution with top-of-the-line security that truly increases operational efficiencies. In effect, if you are not sure about your processes and need to try, Cloudflow allows a much more efficient and cost-effective way to help you arrive at your desired outcomes and business case.
In an industry reeling with uncertainties, the need of the hour is to safeguard investments on solutions that Insurers want to build, test and run on the Cloud.
Introducing the value driven, consumption-based Insurance Cloud
Hosted Cloud services from Azentio Software help the world’s top Insurers with Cloud access and infrastructure on demand. Experts from Azentio Software have deep expertise in the Insurance domain and are well versed with the Insurance regulatory frameworks of different countries. They bring new and powerful automation to life for Insurers while adhering to all the security enhancements required to protect the end-customers’ interests.
Azentio Software’s Cloud based Cloudflow platform coupled with their proven and tested innovation capabilities is reimagining the way Insurance providers create and deliver their products and services. For an industry that plays a key role in managing risks for humans, this signals a bold move towards a more value driven future on the Cloud.