Driving Business through Cloud
The cloud-based technologies are triggering a paradigm shift in the way businesses operate as old business models are being replaced by new ones. Companies are implementing new cloud technologies to modify themselves into smart organizations that can grow in tandem with the rapidly evolving customers’ requirements. However, the pace at which businesses are adopting this new technology differs from one industry to another. For example, hotel and taxi industry have already been disrupted with the resounding success of Airbnb and Uber.
Although the insurance industry is reaping the advantages of big data to manage risks, it is still far from leveraging the cloud for handling the levers and gears of insurance IT. In fact, the industry has just got onto the track to get the cloud solution on board. For instance, MetLife is working on leveraging cloud to improve the insurance product development. Like MetLife, there are many others in the race to be revolutionized by the cloud technologies.
Socotra, an architect of cloud-based insurance core platforms, is another case in point that is aiming to develop an efficient cloud platform. Socotra proudly announced that its first-of-its-kind cloud-native system is empowering carriers to effortlessly manage complex interactions throughout the lifecycle of policies—from single line, single state, to multi-line, and multi-country. Because of the platform's agility, flexibility, reliability, and sophisticated design, carriers can reduce the cost while being able to easily integrate with other technologies.