November 201719 CXO InsightsThe Insurance and financial services industry is in a state of continual transformation. It's all about "Consistent Customer Experience" for your external as well as internal customers. Rapidly evolving customer expectations, rise of nontraditional channels, and increasing regulatory demand and Data Privacy, demands a swift response from Insurance companies to ensure retention of market share and a profitable sustenance. To function effectively in a customer-driven environment, business agility has emerged as a key imperative for all industries including Insurance.Cloud is disruptive technologies that can help organizations gain the required agility as they strive to reduce costs and streamline operations. Despite concerns around security, cloud adoption is gaining traction in the financial services industry due to its potential to bring down costs, drive innovation, and enable differentiated products and servicesMy point of view will focus on cloud adoption for Insurance, its drivers, benefits, and challenges with security controls and regulatory compliance. It also suggests an approach to adopting the right cloud solution to fully realize the desired benefits and enhance the return on investmentHow Cloud Can HelpSpeed is of the essence to conduct quick "Proof of Concepts" or rather more importantly "Proof of Value". This is quickly achieved through Cloud.Cloud eliminates the need for heavy infrastructure investments and offers flexible operating models. This translates into shorter development cycles for new offerings, thereby enhancing business agility and market responsiveness. By allowing on-demand infrastructure provisioning on a pay-per-use model, cloud solutions variable capital expenditure into operating expenses. Improved server utilization rates, software change management optimization, and automation and reuse enabled by standardized infrastructure help control costs and shorten the time to market. The other benefits of cloud adoption include flexibility, scalability to meet BY SANDEEP PANDEY, CTO, AIA MALAYSIAPros and Cons of Cloud Adoption in Insurance and Financial Services Industry
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