Cloud in Insurance – Impediments and Resolution

Scale, elasticity, and innovation are the most-commonly talked-about benefits of moving to Cloud, especially in data- and volume-intensive industries like insurance. And there is no denying these as definite value-levers.

However, there still are some fundamental fear factors that have prevented frictionless enthusiasm for Cloud within our industry. The presence of numerous siloed legacy infrastructures and a stagnated sprawl of old applications is a bottleneck. This has been further aggravated by the industry’s belief that our business processes are too complex and difficult to automate. Third, security and data privacy concerns still ride high in the minds of business leaders. And finally, there is the fear of the unknown – “we do not know what moving to the Cloud means, so we are good where we are.”

As solution innovators for the insurance sector, it is our responsibility to eradicate these fears. Prime in this regard is to draw the line backward from the end-consumer and highlight how Cloud is the solution to demystifying insurance for the common buyer. This will necessitate the insertion of Cloud into business strategy conversations, versus just being cocooned as a technology play. We need to develop seamless, intuitive cloud-native solutions that unburden businesses from having to worry about security, operational administration, or data integrity concerns. The #1 value of a cloud-native solution is its simplicity of procurement, usage, and administration.

At Majesco, we are committed to this end – to deliver simple intuitive functions so you can focus on business differentiation. Please check out the Majesco CloudInsurer? product portfolio to learn more.