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Is Your Organization Ready for the Cloud?
By NIIT Technologies

Sweeping change is difficult for any organization. But in an industry such as insurance whose operations are tethered to a complicated aggregation of legacy systems, will the organization’s ability to adapt and embrace cloud-based technology be especially challenging?

Incorporating any new technology into an embedded business infrastructure is always difficult. But multiply the risk in an industry whose infrastructure is typically comprised of myriad platforms serving a plethora of products subject to a range of regulation, and it’s possible to get a sense for the considerable challenges faced by the insurance industry.

Cloud-based products represent the industry’s greatest opportunity to move the dial forward. Implementation of private or public clouds in conjunction with a SaaS delivery model is a fast, cost-effective strategy to keep legacy systems current, and support ever-changing products and services by linking disparate channels and products, distribution and claims. And, as the insurance industry moves to embrace new mobility channels, working within a cloud framework is certainly the only way to tap into customer segments that cannot be reached through more traditional channels. Cloud not only provides the ability to reach users via channels they prefer, but can also support an insurer’s efforts to retain brand salience.

Cloud’s implications for the insurance IT organization are considerable. Despite the emphasis upon cloud computing and SaaS over the past few years, the insurance industry is still a slow mover. Seemingly, a number of questions are still open: are the products truly fit-for-purpose? How will cloud’s adoption change the way the department functions – are new capabilities required? Will the landscape of providers change dramatically? How can risks be best assessed and managed?

With cloud-based applications readily available, the question is not whether cloud is right for the insurance industry, it becomes a question as to when the IT function is ready to deal effectively with the implications of cloud.

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