The insurance industry has been rather reluctant to accept the potential benefits of cloud computing, the on-demand delivery of services like databases, analytics, storage and software over the internet which exploits flexible, shared resources and economies of scale to increase efficiency and lower operating costs.
This November, UNIQA – one of the leading Austrian insurers – introduced their new Digital Sales Platform based on our cutting-edge cloud solutions at the MCC “IT Options for Insurers” congress and the industry’s central event, the Versicherungsforen Leipzig meeting. Topics discussed ranged from digitalization in the insurance business and the threat of cybercrime to the role of regulations, and the number of guests in attendance at both events highlighted a notable amount of interest.
We, as NOVUM-RGI, spoke at both events and presented our products and services.. NOVUM-RGI is acknowledged and perceived as a driving force in the field of cloud-based solutions, and not only does this fortify our own brand image, but it increasingly shapes the image of RGI as a brand.
It is therefore hardly surprising that we were the only ones to present a specific cloud-based approach in a successful project: “Developing Strategic Business Models in the Cloud – the UNIQA Digital Sales Platform as an Example.” This current best practice example for UNIQA’s international bancassurance business illustrated why digitalization is not a choice but rather a necessity for successful future business models, and furthermore explained which conditions need to be put in place and what role regulations and compliance play for the insurance business.
As well as receiving extremely positive feedback regarding our talk, we also gained many important new insights. Firstly that the IT insurance market in Germany is currently undergoing major changes, not least those caused by the Corona pandemic, and while digitalization is on the rise, insurers continue to be cautious about investing in it. We also learned that large IT projects have slipped from the top of the agenda and are being postponed until further notice, even though the renewal of existing, outdated legacy systems is increasingly urgent. Since most insurance employees are now working mainly from home, it also became apparent that most insurers are for the moment focusing on maintaining day-to-day business. And that while until developing innovative new insurance products and processes was trending until recently, optimizing existing products and processes is now coming into fashion.
NOVUM-RGI’s pioneering work is helping to highlight the need to adopt cloud solutions and inspiring growing numbers of insurers to explore cloud-based approaches. Given the importance for the insurance industry of adopting innovative new technologies to ensure it is ready to face the future, that can only be a good thing.