What are the benefits of cloud-based core systems?

A cloud-based, unified core and digital platform is the key to a customer-focused business model says Glenn Lim from EIS Group

By Guest on 23 July 2018
What are the benefits of cloud-based core systems?

This article was originally published in the Summer 2018 issue of The Record. 

Our digital-connected world is forcing numerous changes on insurers. Most importantly, insurers are implementing customer-focused business models to mirror those of digital platform giants like Amazon, Facebook and Alibaba. However, the underlying core technology of many insurers is product- not customer-focused and it was not designed for digital connections. Insurers who want to play in the digital economy are building new cloud-based business platforms that will support consistent and engaging customer experiences at each point in the customer journey.

The cloud is a key enabler of the new digital insurance platforms insurers need to easily connect to new B2B and B2C ecosystems, opening new channels and marketplaces. Cloud-based infrastructure and services can give insurers affordable, reliable and scalable support for business applications and access to markets, while providing greater security and business continuity.

Insurers need business platforms that provide speed and agility to respond to the market and customer expectations. To enable them to do this EIS Group has committed to building a unified core and digital platform of insurance applications based on cloud-native architecture. We have also implemented a cloud-based continuous integration/continuous delivery application on a DevOps model that allows insurers to get new capabilities to market much quicker than traditional approaches. Microsoft Azure supports these applications at several of our customers.

New innovations in cloud technologies are happening at an unprecedented pace. Over the next few years, they will enable insurers to take advantage of advances in artificial intelligence, machine learning, digital channels and advanced analytics systems.

Glenn Lim is executive vice president and chief marketing officer at EIS Group

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