Put Core Assurance Techniques within the Cloud | Insurance coverage Weblog

A brand new strategy eases the transition to the cloud for insurers who need cloud efficiencies without compromising system performance.

There has by no means been a greater time for the life insurance coverage and annuity business to undertake the cloud for core insurance coverage processing. This is because insurers do not have to decide between cloud effectiveness and sustaining the prolonged system performance they anticipate. For years, the complexity of transferring insurance coverage merchandise, processes, and performance to the cloud has hindered adoption and created a conundrum for IT leaders. They needed the size and value advantages of the cloud; however, they weren’t positioned to rebuild these capabilities to work within the cloud.

Accenture acknowledged years ago that the normal “cloud-native” strategy adopted by many industries was not splendid for all times and annuity carriers. Firms like Netflix and Amazon lacked mission-critical programs of documents with a long time of knowledge and customized capabilities. Carriers should preserve their priceless options and performance and repeatedly evolve their capabilities to stay aggressive.

A “cloud-enabled” strategy is the reply. We have taken this strategy with the Accenture Life Insurance coverage and Annuity Platform (ALIP), serving to main insurers rapidly reap the advantages of the cloud. Three key components of our cloud-enabled technique create the best stage of platform flexibility that helps carriers transition and evolve—primarily future-proofing their IT environments:

1. Cloud agnostic implies that insurers, tied to a particular software program vendor for coding and database, are not locked into a particular vendor for the cloud—the results of ALIP’s single code base, mixed with microservices. This mixture seamlessly transitions insurers to the cloud, eradicating the complexity of managing a number of software program variations, and permits insurers to decide on what to place within the cloud and maintain on-premises.
2. Microservices maintain the enterprise capabilities and processes—technically the “macro companies”—which might be important to day-to-day operations. This strategy for microservices allows steady innovation of those macroservices and delivers them on a steady deployment foundation.
3. Configurations drive the orchestration of enterprise capabilities, enabling insurers to maneuver to the cloud while nonetheless preserving the attributes that differentiate their merchandise and processes.

Insurers’ cloud methods can differ—and they need to. Nevertheless, one factor stays constant. Their core programs of document are priceless, and so is their depth of performance. We have created a path ahead that helps insurers flip correctly to the cloud by first modernizing their core programs with a configurable system constructed with a single code base. This path offers carriers extra choices as they consider what to maneuver to the cloud, what to maintain on-premises, and how they can handle a mix of each.

Discover if the time is correct to place your core insurance coverage processing within the cloud. Obtain our newest positions: Evolution versus revolution: Why cloud native is not yet the answer and Microservices: A flexible approach to deployment.

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Is it time to refresh your cloud strategy? Siki Giunta, Managing Director, Accenture Cloud