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Insurance Technology Trends: Cloud Computing for Your Brokerage

cloud computing

There are several insurance technology trends that insurance professionals must take advantage of to stay on top of the competition. I would like to talk a little more in-depth about cloud computing and business automation in the insurance industry. 

Moving to the cloud is becoming commonplace in the world of insurance. In fact, 4 out of 5 of the world’s largest brokers, including Aon and Wells Fargo Insurance Services, use cloud applications to manage customer and carrier relationships around the globe. Adopting the cloud is inevitable.

However, many still fear the cloud, even when considering the efficiencies that come along with it. Salesforce.com, one of the leading cloud platforms for the insurance industry, notes significant improvements across their customer base in a new survey. Among the many improvements, Salesforce.com users reported:

  • An 86% improvement in data quality and data management
  • A 64% reduction in sales, service, marketing, or other operational costs
  • A 43% decrease in IT costs
  • A 33% increase in employee productivity
  • A 28% increase in customer retention
With results like these, it's hard to deny that cloud applications are changing the insurance world for the better. Imagine if these increases in productivity and cost savings could be applied to processes like Claims and Risk Management: multiple levels of collaboration, automated workflows and approvals, large volumes of data storage requirements, and simplification of reporting tools are now easily enabled by technologies like Salesforce.com and third party applications.
 
As a recent Claims Canada article says, "business rules ensure consistent quality in an automated claims-handling environment, while also enabling claims adjusters to focus their time and attention on more complex claims that require their expertise."


There is a need to change the industry mindset towards technology. I believe it is imperative to build a strategy around cloud technology to maintain competitive advantage. And I’m not alone; Deloitte's recent study concluded "Insurers are investing in technology enablement and seeding innovation processes in the realm of Information Technology (IT) with the goal of spurring real innovation now."

According to the study, technology is making the cloud more competitive, accessible, and relevant. "There is broad acknowledgement that [insurance organizations] need to catch up quickly and develop a cloud strategy before one is thrust upon them."

ClearRisk's Claims, Incident, and Risk Management System is cloud-based and built on the #1 cloud computing platform in the world. The result? Our customers streamline their processes, drastically reduce claims costs, and stay on the top of the insurance industry. Want more information?

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Topics: cloud computing for insurance insurance industry applications cloud applications for insurance professionals