Hauser Insurance Group Details How the Cloud Will Become Essential for Insurance Operations

Hauser Insurance Group, a leader in adopting technology within the insurance realm, reminds readers that sophisticated digital technology is increasingly becoming integrated into global business operations. Lightning-fast communications, AI-driven applications, and other advanced operations are regarded as “business as usual” in many arenas.

With this trend as a backdrop, insurance agencies have often been criticized for their adherence to traditional (or legacy) systems and processes. To illustrate, some agencies’ policy services and claims departments have not traditionally worked together due to computer system limitations. Other departments, often in the same building, have also functioned in a vacuum because of difficulty in manually accessing customer data.

Not surprisingly, the legacy agencies are facing increasing pressure to better sync customer expectations with company goals. By adopting a 21^st-century business model that integrates cloud-based technology, agencies will be better positioned for future growth.

On the positive side, many insurance agencies are making these calculated investments that will deliver long-term value. Hauser Insurance Group continues to be a leader in the adoption of cloud-based insurance operations.

The Insurance Industry’s New Paradigm

Forward-thinking insurers are utilizing data to educate the agency’s insureds about prevention strategies that can make these customers a better insurance risk. Examples of desirable prevention strategies include healthier eating, regular exercise, and sufficient sleep.

Now, an agency can monitor a prevention strategy’s benefits across multiple types of policies. The company is also well-positioned to improve incentives that encourage additional insureds to adopt healthier habits.

3 Trends that Drive this Strategic Shift 

This increased focus on prevention has resulted from three emerging trends. Each trend reflects a change in certain societal preferences and priorities. Collectively, these trends may continue to evolve, bringing even more changes in the coming decades.

Simpler Financial Management

Younger policyholders, such as millennials and Generation Z consumers, don’t want to overcomplicate their financial affairs. They want easy-to-understand insurance coverage that they can obtain with minimal delays. Finally, they want this insurance coverage to smoothly integrate with their existing technology-based lifestyle.

Omnichannel Engagement Partners

In 2022, retailers are increasingly adopting omnichannel (or multichannel) shopping experiences that cater to consumers’ desires for instant gratification. In a similar vein, B2B insurance services providers are designing new ways for agencies to interact with policyholders who have telegraphed their preferences for simple, fast interactions.

Ideally, insurance agencies will offer these “plug and play” digital solutions as a value-added service to their policyholders. However, agencies will need to adopt digitally based cloud technologies while phasing out increasingly obsolete on-premises methodologies.

Focus on Sustainability and Longer-term Value

Younger consumers increasingly want to do business with companies that demonstrate a commitment to sustainability. Insurers that have already achieved this goal are likely to be regarded more favorably in the marketplace.

Together, these priorities signal an emphasis on long-term value. To measure it, agencies must adopt digitally based reporting methodologies that can accurately interpret the new trends.

Advantages of Cloud-based Operations

The utilization of cloud technologies enables insurers to capitalize on these landmark trends. Specifically, cloud-based operations provide insurance agencies of all sizes with four significant benefits. These advantages facilitate increased operating efficiencies and a stronger competitive position.

Enhanced Operations Flexibility

A smoothly integrated information technology (or IT) network is integral to efficient agency operations, according to the experts at Hauser Insurance. Information technology department functions include system hardware and software selection, installation, maintenance, and effective data storage management.

An independent insurance agency likely hosts and maintains its own computer network. Multi-office agencies typically link to the corporate headquarters’ company-wide computer system. Regardless of the network structure, everyone wants system components to run smoothly without any downtime.

Switching to an external cloud services provider can solve multiple problems. First, the cloud services company offers more flexible options. If the agency recognizes a need for increased bandwidth, the provider can quickly fulfill that request. An internal upgrade would likely involve a costly, complex IT infrastructure upgrade.

Increased Collaborative Potential

Successful team collaborations depend upon reliable information sharing and communication. A cloud-based computer system enables seamless team meetings with universal access to graphics, reports, and other support materials. Strict cloud security protocols are in place to protect sensitive information.

Certain cloud-based services offer collaborative social platforms that enable agency employees to connect across multiple offices and regions. These beneficial engagements help to foster a sense of cohesion throughout the organization.

Enhanced System and Data Security

Some organizations have expressed concerns about the security of cloud-based operations and data storage. Cloud hosting services have implemented complex security protocols designed to thwart even the most determined cybercriminal.

Maintaining system and data security is the cloud services provider’s overarching task. The company’s cybersecurity professionals are not distracted by multiple operational concerns.

Increasing Shift to Cloud-based Operations

An increasing number of insurers have switched to cloud-based insurance operations. Within the next decade, these new technology innovations will likely see mainstream adoption. Hauser Insurance Group recognizes cloud technology’s advantages, and the firm implements this methodology in many of its systems and processes.

Legacy insurance agencies must change their business models, operating processes, and products to reflect this new emphasis on cloud technology. Insurers who don’t jump on the cloud bandwagon will find themselves left behind.

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