The future of insurance is built in the cloud Sponsored by SAP
, is resulting in a 10% decrease in hospitalizations, a 15% reduction in lengthy stays, and in some cases a 50% reduction in claim costs for those members who act on the incentives.But to drive true business model changes and enable company flexibility and agility, insurance companies are investing in cloud-based technology. Digital transformation and modernization are underway for insurance companies as they work to introduce updated insurance models for an ever-more unpredictable future.
After all, you need to be able to measure and report on the work and impact, both for an immediate digital transformation to the cloud, but also as newer projects are approved to catch the company up with the competition and build a larger partnership network. In addition, suspense accounts and reconciliation have been kept separate. Now, data is sitting in multiple data stores, and when employees need to resolve the financial gap between operations and finance, the work is manually intensive. The data is hard to access, and teams are highly dependent on IT. Thus, the need for an integrated financial platform becomes ever more evident. The insurer’s role is changing.
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