The insurance industry is not immune from pressures to provide service on a 24x7 basis. Customers demand the ability to check coverage and file claims at any time and from any device.
Regulatory pressures continue to grow as well. Even as the Gramm-Leach-Bliley Act enabled insurance companies to branch out into financial services, the federal law imposed new reporting requirements and tightened privacy provisions.
Not that GLB is the only regulatory concern. Even as their customers purchase insurance coverage for peace of mind and a sense of stability, the insurance industry currently faces an extremely uncertain regulatory terrain. FASB and IASB reporting requirements are facing proposed changes which could increase the workload for insurers.
Our team has worked with regional, national and global insurance companies looking to upgrade their IT infrastructure to accommodate current demand and position themselves for future growth. For one client, we architected a technology refresh that reduced TCO over a five-year period. For another, we secured a 10 percent reduction in monthly software license costs for the systems at the company’s DR site.
You might say we insured their future growth at a reasonable rate.