The insurance industry is under tremendous pressure from changing risks and customer expectations, amazing new capabilities from technology and data, and new business models that are picking away at established companies all along the insurance value chain. Many established companies recognize this but are hampered in their ability to innovate by outdated systems, siloed data and limited analytic capabilities.
Cloud-based solutions can help insurers overcome these barriers and take advantage of the burgeoning new opportunities in the market. Leveraging the flexibility and speed of cloud-based technology, this approach integrates disparate sources of data to power prescriptive analytics that identify opportunities for new products and services and greatly enhance the accuracy of pricing for profitable new and renewal business.
This paper describes how this approach can be used by insurers to overcome barriers to innovation as well as significantly increase sales and profitability.