Insurers are at different stages of the shift to the cloud, yet expected benefits and challenges are common to all. Expected ROI has shifted away from purely financial goals; the focus is now on realizing benefits far more critical than cost savings. These include:
Agility: Cloud enables insurers to deliver new capabilities and transform the employee and customer experience. Embracing the opportunity to modernize core platforms and applications for the cloud – rather than simply lifting and shifting – will enable this agility
Scalability: By using the cloud to break free from the constraints of on-premises legacy infrastructure, insurers are gaining an infinitely extensible environment and scalability on demand
Stability: Cloud strategies demonstrated immediate business value in terms of stability during the COVID-19 pandemic. Organizations could quickly scale their remote capabilities to maintain business continuity while employees worked from the safety of their homes
Whether it's migrating data centers to the cloud, deploying digital commerce technologies, or optimizing and modernizing existing cloud footprints, cloud initiatives should look to business value, priorities, and desired outcomes to guide them.
Though an opportunistic approach is common early in the journey, a holistic strategy with a clear roadmap for change is essential to gaining buy-in from stakeholders, keeping momentum, and delivering value in an iterative and agile way.
IT and business teams must closely align and closely track KPIs to demonstrate effectiveness. Regularly providing these KPIs to stakeholders via intuitive tools such as scorecards or dashboards is a great way to keep leadership engaged and get ongoing, top-down support for cloud initiatives.