Other parts of this series:
In the last part of this series, we shared the success story of one multinational insurance company that achieved an 80-percent reduction while using the lift-and-shift approach to cloud application migration.
How can other insurers achieve similar significant cost savings? There are three main steps to consider:
- Prioritize and optimize migration to the cloud balancing decision factors like application cloud readiness, demand fluctuation and digital insurance business data needs.
- Track value realization, focusing on metrics such as claim response times, ratio of cloud to legacy applications and the number of hours saved. This can help your insurance team validate the business case for cloud, while making future moves into cloud more precise. Making the business case for cloud is easy, but many insurers fail to validate its success.
- Quantify the return on agility beyond cost savings, measuring the additional revenue achieved through faster roll-out of new cloud-enabled capabilities to better understand the total value.
For far too long, slow, incremental progress has been the norm for the insurance industry. Rapid technological changes, ever-evolving customer expectations, not to mention the disruption caused by new entrants to the market, are making it impossible for traditional players to bide their time. As a business asset, cloud has the capacity and firepower insurers need to make digital happen – and a possible 80 percent cost saving requires lightning-speed innovation.
To learn more, register to download the report: Cloud as Rainmaker