By Lynne Sampson-Oracle on May 15, 2012
ACORD LOMA 2012 kicked off today in Orlando. While the official welcome doesn't happen until this evening, there were a few "pre-conference workshops" today that provided educational content for early arrivers. One of these was Oracle's session entitled "Flying High: How the Cloud Can Make Insurance Firms More Successful." While there is lots of information out there on cloud, it was nice to get some specific information about why the cloud matters to insurance.
Mary Pilecki, who came to Oracle from the RightNow acquisition, opened the session with an overview of how consumer expectations are changing, driven by their experiences with banks, communications providers, and even social media. Consumers want to be able to research insurance offerings, shop online, compare rates, and get recommendations from other customers before they make the decision to buy. Yet many insurers still struggle to provide a consistent level of online self-service. The cloud enables this by acting as a central place for data, providing the same information to consumers whether they are purcashing online, via a call center, through a mobile app, or from a broker.
Another way in which the cloud can help insurance companies is through scalability. Rather than operating a large call center, which is expensive in terms of real estate and equipment, insurance companies can use the cloud to let customer service agents work from home. This allows the insurer to save on infrastructure costs, and makes the company an employer of choice. In addition, it can help the insurer ramp up service quickly during a catastrophe. Agents can get online easily from home, allowing the insurer to add more staff to handle the higher volume of calls. Even if the insurer's head office is in the middle of the disaster zone, the cloud infrastructure is often located elsewhere—meaning the company can keep serving its customers.
Oracle's David Krauss then outlined Oracle's strategy for the cloud, which includes offering customers a choice of cloud arrangements: private, public, or hybrid clouds. He also discussed security concerns, which are always top of mind for insurers. One of the advantages of Oracle's approach is that it embeds security into every level of its cloud offerings: hardware, database, middleware and applications. Learn more about Oracle's cloud strategy and how it can help insurance companies in this video.
Wednesday's sessions include a presentation from Oracle VP Srini Venkat and Senior Director Roger Soppe. Please join us in Panzacola H1-2 at 3:30 PM, as they discuss strategies and options around business transformation for insurance. And don't forget to drop by Booth #711 to pick up your red wristband for our Wednesday night customer celebration, poolside with live DJ. See you then!