Digital transformation has helped to accelerate the process and simplify the dialogue between companies and customers. The power and opportunities of Cloud Computing can help companies get to know their customers in greater depth.
Fremont, CA: Almost all sectors are resorting to Cloud Computing because of the attached benefits it has in terms of business processes, production dynamics, in relationships with customers, users, employees, and suppliers. In the same way, cloud computing has profoundly impacted the insurance industry.
According to a study by Gartner in 2018, cloud users will double by 2021, and its market will increase from $153 billion in 2017 to an estimated $302 billion by 2021. Another report says that by 2022, about 90 percent of organizations will use cloud services. With this, the skills in Cloud computing are also required by companies in any sector.
With time, even the insurance industry is going through digital transformation. It has helped to accelerate the process and simplify the dialogue between companies and customers. It has also increased the challenge for loyalty in the market with new players coming in. The users i.e., the insured, who was once at the final stage of the business process, are now at the center of the business.
Advantages of Cloud Computing in the Insurance Industry
Acquiring New Customers
Cloud Computing lets a company collect and analyze large amounts of data and – above all – to select the most important, functional, and "deep" data. In other words, it is just digitally tracing the data that we all leave, daily, on the web. Millennials are the largest web audience across the country who use the internet to research and choose the products that fit their needs. They are more likely to give away their data in exchange for downloads, quotes, and other services. This traced data makes it easier to identify the real audience, segment them, and approach them in a more personalized way.
Cost Reduction and Process Optimization
The principal advantage of Cloud Computing, among all, is the financial advantages. The use of the cloud greatly reduces the cost of purchasing hardware and software. Having cloud services, they no longer have to buy local servers and data centers, which needs trained personnel to manage and maintain. It also takes up a lot of physical space and consumes a lot of electricity. It makes the service more flexible and accessible without being expensive.
Build Policyholder Confidence
Providing better Customer Satisfaction is challenging these days, and acquiring customers through it is more challenging. Hence all companies are investing resources and attention in the Customer service department, which aims to increase the engagement first and retain customers and then initiate up-selling or cross-selling actions.
The power and opportunities of Cloud Computing can help companies get to know their customers in greater depth. It is the border of personalization, which goes beyond segmentation to turn up at a genuinely one-to-one dialogue between company and customer, in an interactive and omnichannel model.
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