Many insurance businesses today face the challenge of limitations with legacy systems.
Moving to cloud insurance software allows greater accessibility to your data and faster reactions to market changes. Rather than relying on an internal network, your data is stored in the native cloud, giving you full database access, from anywhere and anytime, to realize the complete value of your data.
WaterStreet Company works with many incumbent insurers to shift to a new cloud-based solution, managing policies, claims, billing, reporting and more BPO services in an all-inclusive solution.
What is Native Cloud Hosting?
Native cloud hosting is a method of software development for building, running and accessing applications through cloud computing.
Native cloud hosting differs from other methods of cloud hosting by fully leveraging public cloud networks, making internal networks obsolete. This allows for drastic cost savings on a company’s technology infrastructure. A native cloud application lives in a container-based infrastructure, capable of updating over time and integrating with other innovative applications as the company grows.
The Progression of Cloud Insurance Software
The biggest players in the US P&C insurance industry hit their stride by developing in-house software to support major aspects of the business.
Around the turn of 2010, many incumbent insurers invested development resources into creating home-grown solutions to meet the exact needs of the company. These solutions triumphed for many years, allowing top-notch carriers to hone company expertise and gain trust, solidifying market positions as the most efficient and well-known carriers of the day.
As we approached 2020, established carriers began to find their legacy systems were outmatched. While legacy solutions were best in class for how they were designed earlier in the decade, developers simply could not keep up with desired changes requested from c-level executives to stay on par with emerging disruption. As industry leaders noted disruption on the horizon, the resources required to maintain and advance in-house legacy systems became heavy burdens on the company’s future.
Today’s most advanced insurance software is cloud based with the ability to rapidly adjust to market changes, enhancing speed to market on new products and allowing the ultimate flexibility for architectural changes. These solutions are purchased as Software as a Service (SaaS) where the software provider hosts the company’s solution and offers support for data storage, user onboarding, technical troubleshooting, ongoing software updates, and many additional automation services.
Cloud insurance software has gained tremendous traction thanks in part to growing interest in Application Programming Interfaces (APIs). APIs allow carriers to craft creative offerings by pulling data from third-party systems. With cloud insurance software, capabilities such as connecting to smart home sensors and artificial intelligence for claims management has transitioned from far-off possibilities and into present-day conversations.
How To Leverage Cloud Insurance Software
Here are a few common examples of how P&C insurance carriers can leverage cloud insurance software and APIs:
- Offer customers a custom dashboard providing environmental and weather-related insights around their home that may increase their risk of peril.
- Access an auto policyholder’s telematics data to gain the driver’s behavior metrics on how they use their cars, such as how far they drive and how hard they brake.
- Offer discounts to low-risk policyholders with improved risk segmentation through third-party data gathered, such as good driver rewards and reduced premiums based on evidence of reduced risk to home perils.
- Empower imaginative employees to enhance customer loyalty with never-before-seen ideas for offerings.
- Support the digital customer journey by unifying all paths to purchase coverage into one unified solution.
- Free up in-house resources through automation to focus employees on high-value objectives.
Why is Full Database Access Important?
One of the greatest aspects of native cloud hosting is having access to a single, unified solution.
When a company’s data is siloed, information gathered in one department may not be accessible by another, hampering the business from fully realizing the value of its data and slowing business processes. This is especially important in P&C insurance where separate departments, such as claims and billing, may have information gaps or issues with customer experience that can be solved with the use of cloud insurance software.
Insurers today require trusted and dependable transaction processing by an experienced provider. WaterStreet Company is an acknowledged favorite among agents and company users through easy connectivity with all the major data providers and comparative raters.
– Kelly King, CFO & Director of Business Development
WaterStreet Company is capable of shifting an insurer’s data to native cloud hosting, offering new solutions for bridging these information gaps. Insurers can then aim to improve time to resolve claims, document management, flexible invoicing and more. Cloud insurance software enhances an insurer’s ability to deploy new products, resolve internal bottlenecks, and react faster to market changes.
WaterStreet Company’s Cloud P&C Insurance Software
WaterStreet Company offers native cloud solutions, built with an advanced API, allowing insurers to connect to any number of third-party solutions. This offers insurers a central repository of information within one unified solution for efficiency when managing policies.
Native cloud hosting enhances insurers’ long term positioning in the market, allowing competition with anyone and anywhere in the digital age.
Ready to take action?
Reach out to WaterStreet Company today to request a free consultation and demo of our solutions.