Carriers that can scale effectively, reduce costs and offer competitive prices have a strong competitive advantage. Cloud is the great enabler, helping carriers to configure and integrate quickly for innovation.
PwC helps insurers gain tangible value from the cloud. From pre-migration planning to execution to post-migration roadmapping, we’ve managed dozens of Guidewire, Oracle, SAP, Workday, Microsoft, AWS and other cloud transformations. We help clients prepare for and benefit from cloud’s broad impacts on
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Measurable value - In most of the areas we ask about, insurance respondents to PwC’s 2023 Cloud business survey are still waiting to see cloud technology deliver measurable value to their organizations. On the positive side of the ledger, moving to the cloud has already helped more than half of them improve their decision making and cyber posture, innovate in products and services, and improve resilience. However, less than half say they’ve seen measurable value in seven other areas, most notably in improved profitability and increased agility, at only 38% and 39%, respectively.
Industry cloud challenges - In addition, most insurance respondents – in line with other industries - are waiting to see benefits from using industry clouds compared to general purpose cloud solutions. While slightly more than half have gained process and workflow efficiencies, a majority hasn't observed benefits in the seven other areas we listed. Of note, only 23% of insurance respondents say they've enjoyed benefits in tools and technology to integrate industry-specific common data models, connectors and APIs. This is significantly lower than in banking/capital markets (43%), considerably lower than the all-industry average (35%) and lower than asset/wealth management (28%), indicating that industry cloud providers and carriers have some way to go to match solutions with expectations.
Talent gaps - Moreover, at 38%, insurance respondents perceive talent gaps as a considerably higher barrier to achieving measurable value from cloud technologies than in the all-industry average (26%), asset/wealth management (28%) and banking/capital markets (22%). The fact this barrier has affected a significant minority of insurers reflects broader concerns we've heard from the industry about competing for talent in today's robust job market.
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Changing consumer preferences, global economic pressures and technology advancements require a smart response from insurers. Our solutions help you drive innovation, reduce costs, and build a competitive advantage.
PwC and Guidewire strategically transforms businesses and maximizes your insurance technology investment by providing a seamless strategy - cloud, digital, data as well as core transformation capabilities experienced by internal customers, agents, claims personnel, and members alike.
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