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1、Reimagining insuranceThe new cloud imperativeOver the last decade,the insurance industry has moved to action on technology enhancements and cloud services.These moves were initiated by experiences quickly pushed customer expectations beyond what traditional To succeed in this new business climate an

2、d grow revenues,insurers need to reimagine management.That calls for both external,market-facing shifts and internal changes enabled through a cloud-powered strategy for future-ready technology and operations.While cloud adoption strategies may be nuanced depending on the insurers size,market positi

3、on or book of business,the need to migrate to the cloud is near universal.In this report we explore how insurers can reimagine insurance in the cloud.We identify common challenges insurers encounterfrom accelerating the cloud transformation to optimizing a multi-cloud environment.2Reimagining insura

4、nce|The new cloud imperativeElevating the case for cloudElevate the cloud discussion beyond infrastructure and savings on IT run costs.Cloud is a value-based discussion that supports enterprise priorities and drives CEO imperatives:Revenue Insurers who lead in software as a service(SaaS),platform as

5、 a service(PaaS),and adoption of native-cloud applications show higher rates of revenue growth.ii Customers To retain existing customers and attract new ones,insurers must deliver on new demands for cloud-powered digital services that incorporate usage-iii For the insurance industry,cloud has long b

6、een more aspiration than realit.In our Cloud Readiness Survey published in July 2019,only 56%of insurance company executives said they had developed and implemented a new IT operating model to support the transition to the cloud.i In less than a year,amid the disruptions of COVID-19,the lack of read

7、iness was apparent in the correlation between cloud readiness and operational resilience.Workforce Cloud-based workforce analytics can promote talent retention,by responding to hardships that Environmental,Social,and Governance(ESG)iv Security Data breaches and cyber-attacks,including ransomware,are

8、 threatening the security of insurance systems,operations,and customer trust.The security measures and regulatory compliance of public cloud platforms have matured and now Chapter 1Accelerating your cloud transformation3Reimagining insurance|The new cloud imperativeOvercoming bubble spend SaaS solut

9、ions acquired on a subscription basis minimize upfront costs and reduce ongoing hardware and software maintenance costs.Sequencing the migration with a cloud service provider and systems Overall,cloud costs have decreased consistently in recent years with continual price drops and accelerate the jou

10、rney in exchange for committed workload consumption.Case study A large U.S.life insurer partnered with Amazon Web Services(AWS)to innovate and meet changing customer expectations.Mass migration to AWS enabled the insurer to reduce its data production workloads to AWS,including mission critical funct

11、ions,such as its data analytics platform,customer portals,and direct-to consumer services.They took advantage of the secure,fault-tolerant infrastructure for prototyping and developing new applications.They also built a data lake on AWS and Amazon EMR to support increasing volumes of data and a robu

12、st analytics strategy.Engaging key business stakeholders to identif their pain points and business challenges ahead of any technology challenges can help elevate the cloud conversation.Trough these conversations,lighthouse use cases with the potential to illuminate the migration path for others may

13、emerge.vTomas Schelenz,Head of Cloud,AXA Group Operations4Reimagining insurance|The new cloud imperativeDepending on the needs of the organization,insurers will have migration.Bubble spend may not be a barrier for all insurers.It can operating expenditures for big technology spend if it can be capit

14、alized.Insurers can also achieve cost gainshare from making cloud migration part of their discretionary IT spend.While not possible for hosted solutions,incremental spend on legacy systems might also be partially capitalized.“Carriers need to think deliberately about impact to the income statement w

15、hen planning a cloud migration.Shifting from a managed data center(hardware acquisition and refresh)mindset to renting in the cloud may cause the P&L to shift in unexpected or uncomfortable ways.There a componentized manner or even through business-as-usual formalized project may enable capitalizati

16、on of the internal and external resources and should be considered.”Adam Edelstein,COO,Munich Re Specialty Insurance 5Reimagining insurance|The new cloud imperativeChapter 2Automated updatesThe cloud capabilities in insurance platform solutions now help insurers stay on top of technology advancement

17、s and adapt regular improvements to their core systems.Migrating to the same stack of base code with an industry SaaS solution means required of the insurers IT teams,and without preparing a separate business case.Standardization Organization(ISO)circular requirements Regular access to features tail

18、ored for the industryLike many domain-specifc systems,insurance core platforms such as Guidewire,Duck Creek,and ALIP are on their own cloud journeys.While they were not created as cloud-native,in the last two years we have seen their cloud-based solutions and services and operational support capabil

19、ities greatly enhanced.New capabilities are also being introduced specifcally for their SaaS products.“Cloudifying”insurance industry platforms to insurers,such as speed to market,agility,insurance-updates,automated upgrades,and DevOps,in a measured service model.While they provide rapid elasticity,

20、reliability,and security,they are still evolving their operations,workforce,and processes around As the leading insurance core platforms continue to“SaaSify”themselves,insurers using transformation journeys.6Reimagining insurance|The new cloud imperativeDigital decouplingDecoupling allows carriers t

21、o unlock that value and create an experience layer that enables standardizing the core with the new platform.libraries of ecosystem partners to consolidate system footprint while reducing overlap and redundancies.They can also enable an optimized customer experience faster and with modern delivery m

22、ethods.Case study AXA Belgium sought a paperless document solution to improve data quality and expedite data entry.A SaaS solution using AWS,Google Cloud and neural network technologies helped automate document improved data quality.With this solution,the AXA Belgium team were able to decrease error

23、s from manual entry,increase automation and operational experiences with real-time processing feedback.Empowered with deeper insights for data-driven decisions,such as preventing and detecting fraud,they are also better positioned to reduce overall claims costs and expense ratios.Reimagining insuran

24、ce|The new cloud imperative7Achieving agile with waterfall-era systemsto adapt the platform to the business need.This enables insurers to respond quickly to customer demands,workforce dynamics,or the data requirements of ecosystem partners.They can also enable the launch of a new company or new mark

25、et play by integrating the rules,systems,and local hardware and IT support needed.Case study Synergy through integrated application and infrastructure services is important for both cost-savings and operational resilience.A global insurance company was struggling with disparate systems and support f

26、or their IT and applications.This led to higher maintenance costs and problems with quality.In addition,the insurers IT infrastructure was unstable and disconnected,which caused constant outages and impeded productivity.Integrating application and infrastructure services into one holistic ecosystem

27、in the cloud is expected to save the insurer approximately market needs and speeds time-to-market,promoting innovation and boosting competitive advantage.8Reimagining insurance|The new cloud imperativeCyber threats and security breaches are on the rise.Cyber threats are both pulling and pushing many

28、 insurers to the cloud with urgency.Legacy systems are no match for todays sophisticated cyber threats,such as ransomware,wiperware,and unauthorized account access schemes aimed at stealing customer data.There are no minor data breaches.Any attack that compromises a customers personal or business in

29、formation or disrupts service erodes trust and threatens retention.Shifts in the revenue landscape call for disruption and innovation plays.Going big in the cloud now may also help insurers opportunities.These revenue opportunities could be seized through a disruptive play in a new market with outsi

30、zed GDP growth.Whether the insurer decides to“go big”in the cloud now or frst lay groundwork,being prepared for the sea change is critical.Events that signal its time to go big may emerge quickly from an internal organizational push,from external market pulls,or from both directions at once.And insu

31、rers are seeing indicators that the time to go big has come.Whatever the market,insurers have new opportunity to serve growing demand for behavior-based insurance data.vi As insurers work with ecosystem partners to create real-time experiences for customers,cloud upstream and downstream partners.Cus

32、tomers and capital can be found in digital distribution.Customer-facing innovations enabled by the cloud,especially those focused on product distribution,are attracting the attention of investors.vii This is a critical time to think strategically about that.Due to changes in the risk adjusted cost o

33、f capital,insurers need substantial reserves to be well-rated and to underwrite the new risks faced by their customers.Making innovation investments in the cloud and communicating those in the market can help insures stay relevant and grow.Chapter 3When and how to go big in the cloudFinance and risk

34、 models and actuarial models are getting more complex.This is an area to focus on and to not build on the scalability for these use cases.Randy Epright,CIO,Athene 9Reimagining insurance|The new cloud imperativeUncoordinated cloud migrations across the enterprise can lead to fragmentation.CIOs are lo

35、oking for opportunities to diversif beyond one cloud provider for their in-house infrastructure and technology needs.In the process some are fnding business groups from other C-level functions have acquired their own cloud solutions.Chapter 4Deterring cloud proliferationMany clouds multi-cloudHaving

36、 multiple clouds operating around the enterprise and managing an optimized multi-cloud environment are not the same.While multiple cloud platforms may enable collaboration across the enterprise and lines of business,they can present risks and challenges.Problems arise when there are overlapping or d

37、isparities or compromise data security.As cloud becomes an enterprise-wide conversation,robust and strategic vendor management becomes imperative in achieving overall business objectives,governance,and compliance.Optimal cloud coverThe insurance ecosystem is becoming increasingly connected with mult

38、i-cloud platforms and multiple vendors.Optimal cloud cover is not about a depend on factors such as incremental cost and associated risks,data sprawl,cyber penetration,and downtime.Insurers building future-ready technology and operations will need to consider:In the multi-cloud architecture,which wo

39、rkloads cloud-native services?How can the cloud enable business continuity while encouraging optimal data,security,network routing,and cost management?In this growing complexity of web-based cloud platforms,how can the enterprise maintain compliance and governance?10Reimagining insurance|The new clo

40、ud imperativeReimagining insurance as a business of continuous customer engagement means putting AI and data at the heart of decision-making.Only strongly sponsored top-down support for cloud migration and initiatives designed to build a data-driven culture will make this vision reality.architecture

41、 and their maturity state in modernization.We believe CIOs need to:1.Accelerate the cloud transformation in an elevated,well-structured approach.2.Realize value in existing industry platforms;recognizing that cloud perfection doesnt have to impede cloud progress.3.Strategize the cloud ascent based o

42、n leading indicators that the time has come to go big.4.Optimize a coordinated,programmatic journey to the cloud.At Accenture we help clients migrate,accelerate,grow and innovate in the cloud.We would appreciate the opportunity to talk with you and your team about how you are reimagining insurance.C

43、onclusion11Reimagining insurance|The new cloud imperativeKenneth Saldanha Global Lead Insurance Blog LinkedInSteve Murphy Insurance Lead Technology LinkedInJim BrambletManaging DirectorInsurance,North America Blog LinkedInKeval Mehta Managing Director Insurance,North America LinkedInPatti BurroughsM

44、anaging Director Insurance Bidisha ChakrabortiManager Accenture ResearchJo ChandramohanSenior Manager InsuranceDavid GabrelSenior PrincipalInsurance,North AmericaAtul KarkhanisSenior PrincipalInsurance,North AmericaJohn KoepkeManaging DirectorTechnology,North AmericaKankeyan Murugavel Technology Con

45、sulting Senior ManagerAndre SchliekerResearch LeadInsuranceVenkat ViswanathManaging DirectorTechnologyAuthorsContributors12Reimagining insurance|The new cloud imperativeAccenture is a global professional services company with leading capabilities in digital,cloud and security.Combining unmatched exp

46、erience and specialized skills across more than servicesall powered by the worlds largest network of Advanced Technology and Intelligent Operations centers.Our 514,000 people deliver on the promise of technology and human ingenuity every day,serving clients in more than 120 countries.We embrace the

47、power of change to create value and shared success for our clients,people,shareholders,partners,and communities.Visit us at .i “Exploring cloud readiness in insurance,”Accenture(July 10,2019).ii “Future-ready insurance systems,”Accenture(April 15,2020).iii “Guide insurance customers to safety and we

48、ll-being,”Accenture(January 20,2021).iv “The green behind the cloud,”Accenture(September 22,2020).v“Aiming for the Sky-How Insurers Maximize Potential of the Cloud,”CB Insights(May 2021).vi “Insurance revenue landscape 2025:Innovate for resilience,”Accenture(April 12,2021).vii “The insurers guide to

49、 digital value investing,”Accenture(October 12,2020).Disclaimer:This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors.This document refers to marks owned by third parties.All such third-party marks are the property of their respective owners.No sponsorship,endorsement or approval of this content by the owners of such marks is intended,expressed or implied.Copyright 2023 Accenture.All rights reserved.Accenture and its logo are trademarks of Accenture.About AccentureReferences