Insurance carriers’ success in the hyper competitive insurance market depends on their ability to leverage and quickly deploy the latest technology. But their enthusiasm can easily be dampened by the fear of a lengthy, costly implementation and the cold reality of an IT backlog. Thus, it should come as no surprise that insurance companies are increasingly relying on the cloud to help them realize their overall business objectives and alleviate concerns about technology adoption.
The industry’s preference for the cloud, which is significantly on the rise, stems from the carriers’ need to get to market quickly, scale their business without the burden of up-front investment in IT infrastructure, all while improving data security and enhancing efficiencies in the insurance process for both front and back-end systems. Insurity has driven the most cloud technology implementations in the industry with over 200, and we consistently see the positive impact for our clients and partners.
This is no less true for Victory Insurance, one of our latest clients to join the cloud. Victory recently went live with our cloud-hosted Workers’ CompXPress Suite to streamline internal operations and customize user experience based on employee and policyholder needs. Victory employees now have access to an end-to-end policy and claims administration system with advanced underwriting and loss control tools, as well as improved cloud security from decades worth of Insurity experience aimed at protecting data and complying with ever-changing regulations. Moreover, our team was able to deliver a complete implementation in a short four months, which included the conversion and migration of a decade’s worth of data to their new platform.
Cloud migration to replace legacy systems requires significant time and resources. Delivering a cloud-based solution in such a short timeframe can only be achieved when the provider is adept in both the nuances of the commercial insurance space and delivering enterprise-grade cloud capabilities.
The Victory Insurance cloud deployment is an excellent example of how a diligent, well executed implementation plan and close collaboration between insurers and solution providers can deliver an accelerated project timeline. The cloud isn’t just another technology to add to the list of emerging insurance innovations, it opens doors for carriers to focus their valuable resources in advancing their business products without the burden of IT-related capital expenditures.