Intelligent insurance means improving operations, enabling revenue growth, and creating engaging experiences—which is the result of digital transformation. The cloud has arrived with an array of technical capabilities that can equip an existing business to move into the future.
Legacy systems can be a nightmare for any business to maintain. In the insurance industry, carriers struggle not only to maintain these systems but to modify and extend them to support new business initiatives.
Actuarial risk modeling is a compute-intensive operation. It employs thousands of server cores, with many uneven workloads such as monthly and quarterly valuation and production runs to meet regulatory requirements.
No insurance company should keep on-premises compute grids for actuarial computing. In the past, resistance to the cloud went along these lines: the cloud has a lack of data security, the cloud is expensive, and no one has experience with the cloud.
Thought leader Matteo Carbone has titled his book All the Insurance Players Will Be Insurtech. He means that insurance companies that embrace digital transformation and technologies will lead the industry.
Insurers need to become the home page for their customers. A home page is a source of meaningful, targeted and useful content that the customer seeks out. Technology can now deliver innovative solutions directly to insurance customers.