In today's digital age, insurers are facing increasing pressure to provide personalized and convenient experiences to their customers. They need to find ways to engage customers more effectively in order to retain their business. There is also a need for better business intelligence. Many insurers lack the data and analytics capabilities they need to make informed business decisions. This can lead to problems with pricing, risk assessment, and customer service. The industry is also becoming increasingly competitive, as new names enter the market and existing ones expand their offerings.
Effective cloud migration is the need of the hour across industries especially for Property and Casualty Insurers. While cloud migration offers enormous benefits such as improved scalability, enhanced security, cost-efficiency and agility, migrating such complex insurance systems and business processes without affecting business continuity and within the planned budget and timeline is a big challenge that requires careful planning and execution.
There are some challenges that come up when an organization decides to migrate to Cloud, but this is how they can be overcome:
Start with a clear understanding of your business needs: Before you start the migration process, it is important to have a clear understanding of your business needs. This will help you to determine which applications and data need to be migrated.
Develop a detailed migration plan: Once you have a clear understanding of your business needs, you need to develop a detailed migration plan.This plan should include a timeline for migration, a budget for migration, the list of applications and data to be migrated, a plan for testing the migrated data and applications
Get the right people involved: The migration process will require the involvement of a variety of people from different departments within your organization.
Use a cloud migration service provider: If you do not have the internal resources to manage the migration process, you can use a cloud migration service provider.
Coforge’s AzureAssure is a comprehensive consulting framework specifically designed to assist P&C Insurers to undertake an optimized Azure Migration journey. The framework helps insurers to effectively navigate across the various hurdles associated with cloud migration and also to unlock the full potential of the Azure ecosystem.
AzureAssure involves 9-13 weeks of joint effort, where through Coforge’s combined (P&C Insurance, Azure and Consulting) expertise and experience, we ensure that the client undertakes the cloud migration journey with clear goals prioritized and aligned to their organization’s strategic objectives.
The enterprise-wide framework is tailored towards the P&C Insurance Company leadership team who are just about to undertake the Azure cloud migration journey in pursuit of achieving critical strategic goals but would like more clarity about the pathway and milestones in between. This framework essentially helps them to avoid the mistake of undertaking a generic cloud migration approach without clearly setting out functional objectives and strategic goals, resulting in cost boomerangs and drastic timeline overshoots. With Coforge’s status as Microsoft Tier-1 Cloud Solutions Provider and Microsoft Gold Partner, we have on offer the skills, tools and frameworks to help an insurance leader navigate through the myriad pathways of cloud migration in the most optimized manner.