Covid-19 has accelerated the adoption of cloud-based services; it is predicted that in five yearsâ€™ time all insurance distribution will use this technology.
Leading brokers know this and understand the need to take a cloud-based approach, particularly as the pandemic has accelerated their digital strategies and the need to work on the move.
However, the challenge for many brokers is understanding what their options are, the benefits of each, and how they can find the best solution for their business.
Novidea recently hosted a webinar that explored these issues in detail, together with leading insurance technology experts: Ben Potts, Novidea MD UK; Craig Beattie, Senior Analyst at Celent; Keith Bucknall, IT and Programme Director at specialist broker SRG; and James Willison, MD of WCL, the global re-insurance messaging provider.
Eight levels of cloud solutions
To kick off proceedings, Craig Beattie explained how Celent has defined eight levels of cloud-based adoption that covers where are you today and where do you need to be to succeed in the future.
Craig covered the pros and cons of each, including how brokers wishing to move up the scale should approach the situation, whether they are looking to go step-by-step or â€˜Big Bangâ€™.
Ben Potts of Novidea then described why their cloud-based, data-first platform is deemed to be at level eight, i.e. being completely scalable, flexible, and enabling broking on the move, 24/7. This has clearly become increasingly important in the current Covid-19-affected world.
Keith Bucknall, then explained, from a brokerâ€™s stance, how SRGâ€™s approach has supported them in working seamlessly throughout the pandemic, as well as during ongoing M&A activity. SRG is taking a progressive, phased approach to moving up the scale in partnership with Novidea.
James Willison, WCL, spoke about how his international software company that is working with 80 companies in 11 countries is providing answers, as in 2020 the majority of his customers are now signing up for messaging solutions hosted in the cloud.
Watch the webinar to find out where your business is on its cloud journey and what level it needs to go to next, and how.