Cloud Insurance Solutions Are Imperative for Insurers

Cloud_Insurance_Solutions
Insurance customers look for result-driven insurance services and products. To meet those demands and grow revenue, insurers need to move beyond conventional methods and envision their insurance business' customer interaction as aiding in the management of product and service deliveries. This necessitates a cloud-based strategy for future-ready operations. This is where the concept of cloud insurance comes into play.

Insurers are receiving signals that the moment has come to invest heavily in the cloud ecosystem. But how? Read about it in the following points.

  • The revenue landscape is shifting
Investing in cloud infrastructure allows insurers to gain a competitive advantage in new revenue streams. In addition, it depicts a protected sphere where all the insurance business operations are risk-free, free of cyber risks and intrusions.

  • Digital distribution appeals to customers and capital
Customer-centric innovations, such as product distribution or cloud-enabled services, draw investors' attention. This results in increased revenue production.


Why is There a Need for Cloud Insurance Solutions for Businesses?

Insurance businesses face numerous obstacles in a continually shifting market position each day. As a result, insurance companies must primarily respond to the demanding and rising needs of customers.  Cloud technology provides accurate solutions for the same.

Let's look at the need for cloud solutions amid the trending approach.




Customers expect personalized products, services, and experiences to support chosen communication channels like social media, a website, or a portal. Consequently, insurers need to improve their “speed to market” approach, which is possible through cloud technology and provide competitive products and services.

Furthermore, sales growth remains under constant pressure. As a result, cost reduction is another eye-catching feature for insurance companies. By streamlining procedures and operations under one roof, decentralized, and digitalized, cloud insurance best suits to decrease costs and expenditure.

Not to forget, globalization demands insurance businesses be more flexible and agile to win new markets and obtain new prospects. Cloud insurance infrastructure solutions are critical today and, in the future, to achieving all of these objectives.


The Insurer’s Viewpoint is Critical for Success




According to the report, leaders are more likely to use Cloud SaaSs, big data, AI and machine learning, and the Internet of Things (IoT). However, given the findings of the aforementioned study, it is clear that moving to the cloud is merely a baby step on a long journey of technological advancement.

Cloud computing has emerged as a critical tool for digitization, and the significant challenges posed by the COVID-19 issue have highlighted the benefits of cloud computing."

Peter Heidkamp, Head of Technology at KPMG.

The Internet of Services and SaaS as a service is particularly appealing to insurance businesses when it comes to cloud insurance (SaaS). In addition, SaaS licensing options allow customers to obtain software to reduce internet and operational costs.

The real use cases or benefits of the cloud are:

  • Business scalability and flexibility
  • Increased customer satisfaction
  • Optimizing business processes
  • Cost reduction
  • Encourages business backups


Cloud Insurance: A Wake-up Call for Opportunities

Cloud technology and its solutions enable insurers to leverage cloud capabilities and resources to stay abreast with market developments. The technology meticulously encourages customized products and services on time, develops corporate networks, and implements new business processes with high revenue.

However, adopting cloud solutions is not always an easy decision for insurers, but those that overcome security worries can reap the benefits of cloud insurance. Therefore, utilizing cloud solutions is a continuous journey that necessitates constant innovation and adaptability.


Spotlight

AMERISAFE, Inc

For over 30 years, our policyholders have taken comfort knowing a workers’ comp policy from AMERISAFE carries clout. We do one thing, but we do it well. Focused claims management, along with an AM Best rating of “A” Excellent proves further our longstanding reputation of integrity is unwavering. The same foundation our company was built on carries throughout every policy and relationship. We’re in it for the long haul. Our determined, close-knit team makes tough choices, ensuring a dependable AMERISAFE policy remains the proven gold standard of workers’ comp. Pride runs deep at AMERIAFE and safety overcomes hazard. Our perseverance and reliability stands the test of time.

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Additional innovations, such as Virtual Underwriting which allows clients to undergo underwriting from anywhere they choose, have been developed and are being refined in order to make this goal for a seamless digital journey a reality.” This is an important innovation in the South African insurance and investment landscape, which is highly developed and innovative, and characterised by frequent product updates and enhancements. While products are fine-tuned to meet customer needs, it’s difficult for brokers to keep track of various products in the market and how they compare from one competitor to another. Clients are also not in the position to understand how exactly their financial products compare against competitors. “The South African insurance industry is a complex environment with a vast array of sophisticated products. Financial advisers are faced with numerous competitors each with multiple products and options, resulting in countless different quoting combinations. 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Security Think Up: It’s Time to Give a Thought About Cyber Insurance

Article | July 7, 2022

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Spotlight

AMERISAFE, Inc

For over 30 years, our policyholders have taken comfort knowing a workers’ comp policy from AMERISAFE carries clout. We do one thing, but we do it well. Focused claims management, along with an AM Best rating of “A” Excellent proves further our longstanding reputation of integrity is unwavering. The same foundation our company was built on carries throughout every policy and relationship. We’re in it for the long haul. Our determined, close-knit team makes tough choices, ensuring a dependable AMERISAFE policy remains the proven gold standard of workers’ comp. Pride runs deep at AMERIAFE and safety overcomes hazard. Our perseverance and reliability stands the test of time.

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PR Newswire | January 29, 2024

AgentSync today announced the launch of its first commercially available ProducerSync API for carriers, MGAs, and agencies to manage producer and adjuster licensing and appointment validation without the paperwork. The ProducerSync application programming interface (API) acts as a menu, allowing insurance businesses to draw from a selection of National Insurance Producer Registry (NIPR) data on licensing, appointing, and personal information for producers. AgentSync humanizes and contextualizes the data so end users have actionable information from the industry source of truth without hours of manual research. "ProducerSync API represents a key step in our long-term strategic vision. By streaming accurate and comprehensive data to our customers' existing systems, ProducerSync API drives better business decisions," said Jenn Knight, Co-Founder and CTO of AgentSync. "We're focused on building modern technology that unlocks value for our customers, and highly flexible and adaptable products like ProducerSync API do exactly that by leveraging current data for better all-around business outcomes." The ProducerSync API uses REST API architecture, making it lightweight, scalable, and flexible, and is the first of AgentSync's planned suite of APIs to be available to the wider insurance market. It joins a family of modern business solutions the company uses to connect the industry. "Our first product, Manage, has had strong customer adoption by delivering superior business data with a modern user interface and comprehensive features for compliance and producer management," said Knight. "ProducerSync API builds on this vision, giving customers programmatic access to NIPR data elements in a way that is highly modular and reusable for a variety of use cases." Insurance runs on data, but maintaining the accuracy and quality of producer data across ecosystems is, historically, a challenge for all stripes of insurance organizations. With ProducerSync API, users can have confidence in their data while reducing maintenance, driving down business risks, enabling better-informed decisions, and eliminating inefficiencies with a scaled, secure solution. About AgentSync AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. With customer-centric design, seamless APIs, automation, and unparalleled service, AgentSync's solutions provide data intelligence and streamlined onboarding and compliance management processes that reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks. Founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight, and headquartered in Denver, CO, AgentSync has been recognized as one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, and as an Insurtech Insights Future 50 winner, and was ranked 65 in Forbes – America's Best Startup Employers 2023.

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Ladder and Envestnet | MoneyGuide Announce Integration to Provide More Advisors Digital Access to Term Life Insurance Offerings

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Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

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