Cloud System for Insurance
In response to a dramatic increase in catastrophic events, a decrease in underwriting profits, and the desire to optimize underwriting, processing and insurance policy management, Insurers have been actively seeking alternative approaches to the traditional, time consuming and costly deployment of IT infrastructure and software.
Cloud systems have emerged as a leading choice for many companies, and Oceanwide’s cloud software for insurance delivers benefits too numerous to ignore:
- Speed to market & Lower operating costsImplement Bridge in just weeks, rather than years, without the large investment in professional fees or hardware related costs that traditional deployed solutions typically require. With Bridge's cloud-based software there is no infrastructure to set up or servers to configure.
- Lower-risk implementation & market agility and scalabilityMitigate the risk of introducing new products with uncertain success, thanks to the hosted model which keeps Bridge's up-front costs low. Bridge also lets you respond to changing market conditions and scale as required without incurring additional IT costs.
- Legacy PAS enhancement Oceanwide's cloud software makes it easier to implement and integrate it's different modules easily with your existing systems. Quickly incorporate its online rating, 3rd party data, documentation and analytics to your existing policy administration system or portal.
- Pay only for what you use-Bridge's modular approach lets you select only those modules that you may require, with the ability to easily and seamlessly add new modules as and when you may require them.
- Instant system access with no equipment to buy
- Fully redundant, world-class hosting infrastructure
- 24x7 operations & network support team
- Regular 3rd party security & penetration tests
- Comprehensive SLA and SSAE 16 certification
- Robust infrastructure with built-in disaster recovery and monitoring
- Bridge can be implemented in the Oceanwide Cloud, or deployed "in-house" in a private cloud.
Software vendors that offer to install their software on servers that they deploy or rent at a 3rd party data center and then charge on a subscription basis:
- Do NOT represent true "cloud-based" software applications
- Do NOT represent true "Software as a Service - SaaS"
- DO represent significant risks to your organization
Risks of using immature “cloud” software vendors include:
- Introduction of application defects due to poor change controls and insufficient automated regression testing
- Significant downtime due to lack of tested redundancy, disaster recovery and business continuation processes
- Performance issues due to untested scalability of all aspects of vendor's offering - ie. What is actually required to scale?
- Liability for disclosure of private user data
- Lack of available technical and user support
- No recourse to vendors due to poorly monitored or enforced SLA's
Careful examination of cloud software offerings is required to safely realize the benefits of the cloud
- Review of all aspects of your SLA
- Insistence of current and annual SSAE 16 certification
- Tested failover to disaster recovery site with continued operation from the backup site
- 24x7 help desk from technicians certified through formal testing in the application and infrastructure
- Dedicated CSO (chief security officer) with industry certification such as CISSP;
- Internal and 3rd party testing for infrastructure security, intrusion, application security, user experience
- Formal procedures for data privacy and security enforcement
Please contact us to find out more about Oceanwide's cloud-based insurance software.