How Insurance is Riding the Cloud for Rapid New Growth

During the past decade, the once stodgy, tech-averse insurance industry has evolved to become tech-savvy. The modern insurance community has embraced robust solutions that improve operational efficiencies, leverage analytics in more actionable ways and build intuitive front-end systems. One primary result of this has been an improved customer experience that meets the heightened expectations of policy buyers.There are many areas of technology adoption in the industry. However, one major initiative that continues to skyrocket is the migration to cloud-based solutions. According to Novarica’s latest “Insurer IT Budgets and Projects” report, 63 percent of insurers are looking to expand the migration of their applications to the cloud in 2019. This might be shocking for a 300-year-old industry that is often held hostage by antiquated internal processes. However, with carriers often encumbered by legacy systems that are no longer sustainable or efficient, there isn’t much choice left for those wishing to compete in the modern customer landscape.