Five Major Benefits of Cloud Computing

five major benefits of cloud computing

Five Major Benefits of Cloud Computing

Software packages can often scale too large for small-to-mid-size insurance firms or they may contain options that aren’t applicable. Cloud-based software for insurance companies offers secure, scalable and industry-specific solutions. Here are five benefits that cloud-based software packages can offer your firm:

Faster Revenue Growth

Recent data from Dell indicates that companies using cloud-based software solutions experienced revenue growth at 53% greater rates than their competitors. The reason behind these numbers is an increased ability to track data in meaningful ways across silos.

In other words, your insurance agents are able to track claims, update client data and generate reports without exiting an integrated software platform. Billing and receiving are also integrated into the dashboard. If your organization is small, you need only purchase the options that are necessary. With low-overhead and small start-up costs, cloud-based software offers a fast way to improve services and increase revenue.

Enhanced Customer Service

Customer-facing portals allow clients to interact with the information they need whenever they need it. They can use their mobile devices to access a secure portal and file claims, make payments or renew contracts. On the back end, customer service agents are able to update customer information in real-time and maintain communication with clients who need specialized assistance or more information.

As demographics shift and younger clients expect more self-service options, mobile insurance options help keep smaller companies competitive.

Sharper Workflows

Younger clients also mean younger agents. Insurance agents appreciate the ability to interact with clients via text messaging or other options. They also appreciate the ability to interact with colleagues and team members in the same manner. Fortunately, software for insurance companies is industry-specific, making communications secure and flexible. Agents access the data and information they need to offer quotes, work remotely and manage multiple sources of data – from customer relationship management to underwriting tools and risk management systems.

Rapid Updates and Increased Compliance

Risk management systems require frequent updates so that customer data can remain in compliance with security standards. Cloud-based software automatically updates when necessary. Frequent updates and automated reporting features are also helpful when preparing mandatory reports and filings.

Maximum Storage and Backups

The insurance industry has seen a surge in client-generated data. As behavioral analytics continually influence insurance quotes and risk management assessments, organizations must master the ability to collect, collate and store client information in a secure manner. Cloud-based solutions are a simple way for small businesses to increase data storage capacity without having to rely on costly hardware updates.

Overall, an investment in cloud-based insurance software is a means for your small organization to lessen its operations budget without compromising workflow efficiency.