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Cloud Technologies in Retail Banking
In cloud technologies, you make use of different services, like storage of data, over the internet. In other words, you do not need to have high-end servers, PCs, or databases. It has brought about a revolution in many industries, and the Insurance industry is one of them.
Fintech Foundation Online Specialisation
Cambridge Professor of Finance teaches cloud technologies in finance
How has the Cloud Transformed the Insurance Industry?
Let’s look into some of the interesting transformations brought about in the insurance industry, thanks to cloud technologies:
Insurance Companies are Saving More and More
Before the days of the cloud, companies had to buy their own high-end computers and storage databases. First, they were quite expensive, and second, they had high maintenance costs. However, with the use of the cloud, it costs even less to buy a particular service, and maintenance costs are cut forever. This increases cost efficiency and savings significantly.
The rarity of Data Loss and Security Issues
Cloud service providers make use of professional methods, and thereby ensure that data is protected and secure. However, when each company had to secure their own data, it was hard for them due to the limitations of resources and expertise. They were also susceptible to more hacking and infringements.
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Companies are able to Scale themselves Better
One interesting thing about the cloud is that it allows scalability. Even if an insurance company had the resources, it was generally harder for them to buy more equipment and expand their business. However, the cloud enables you to do that without spending a lot of money or causing a furor. Moreover, even the smaller insurance companies and startups are able to expand their business easily, thanks to the cost efficiency that comes about with cloud technologies.
Applications of Cloud Technologies in Insurance
Below we have discussed some interesting applications of cloud technologies in the insurance industry:
– Insurance companies are buying cloud storage technologies to store important customer data on the cloud. This data can be retrieved immediately, even faster than the prior storage methods.
– Insurance industries are optimizing their risk management with the help of the cloud. The cloud enables them to integrate risk indicators, risk assessment, and risk data.
– Different hardware, like RAM or managing equipment, and softwares like the anti-virus services are being utilized via the cloud.
Insurance Companies using Cloud Technologies
Some insurance companies that are using key cloud technologies are as follows:
Samsung Life
Samsung Life, the largest insurance provider in South Korea is achieving big things with the help of cloud technologies in their insurance offices.
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Erie Insurance
Erie Insurance, a well-known insurance giant is making use of Microsoft’s Azure cloud services to enhance the quality of their services and improve the level of their overall security.
Conclusion
It is interesting to note that despite all the data being on the cloud, your data is more secure compared to if it was stored by people themselves. With time, almost everything is expected to be on the cloud, so it’s a good thing the insurance industry is catching up in time.
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The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.
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