By Matthew Segreti, CTO and SVP Product Development at LIDP
The life insurance industry is transforming to keep pace with today’s digital era. Cloud technology is central to the industry’s evolution — driving innovation and operational efficiency. But while the industry’s excitement is presently over the potential of artificial intelligence, it’s essential to recognize that life insurers must modernize their environments to utilize AI effectively. Cloud technologies provide immediate benefits while creating a foundation to test and implement AI use cases, positioning insurers to take advantage of AI in the future.
Cloud as the foundation for agility and scalability
Adopting new technologies faster has been difficult in the industry due to the complexity of managing large volumes of sensitive data, regulatory requirements, and the need for seamless customer interactions. However, market demands are shifting, and customers now expect personalized digital experiences. Cloud-based platforms offer unparalleled agility and scalability, allowing insurers to respond to these evolving expectations.
Cloud infrastructure allows insurers to scale operations rapidly to meet fluctuating demands. Whether processing an influx of new policies during a new product launch or handling unexpected claims spikes, cloud platforms allow life insurance companies to adjust their resources quickly. This scalability ensures optimal performance without the high upfront costs associated with traditional on-premise infrastructure.
At LIDP, we’ve seen how cloud technology has empowered life insurers to streamline operations and lay the groundwork for future advancements like AI. By moving away from the limitations of legacy systems, insurers are creating a platform that can grow with their business and evolve to incorporate next-generation technology.
Read the full article at insurancenewsnet.com
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