by Markus Latzel, CEO
For over three years now, Palomino has been providing insurance industry clients with solutions for online quotation and policy management, based on our WebPal Content Server platform.
Naturally, we have become somewhat of an expert in the insurance business and understand the processess around clearance, binding, issuance, endorsements, and application forms. Not to mention actuary calculations, stock market data queries, and automatic financial performance rating.
What compels underwriters to trust the cloud with sensitive client and rating data? Where are the benefits for storing information off-site as opposed to in-house servers or a private data co-location?
First off, our solutions are exclusively web-based. Ubiquitous access is paramount for underwriters, satellite offices, agents, and brokers alike. Since our client’s business processes never rest, access to the underwriting work flow from anywhere, anytime, is a huge benefit compared to native desktop applications.
Secondly, cloud security actually has a leg up over on-site storage. The anonymity and logical separation of a WebPal cloud server provides better isolation from intrusion attempts than on-site data servers do. Not to mention the risk of user negligence related to data stored on local desktops and laptop computers.
However, the single most important reason cited by our clients is the agility of developing cloud-based applications. Using multiple cloud components, a work flow application can be built by a “connect-the-systems” approach, using Web Service APIs to connect document management with online application forms, or public stock market queries with a financial rating engine. This flexibility is what allows us to provide quick turnaround of online quoting forms, broker portals, rating engines and performance dash boards needed for a successful product development.
Finally, information technology is keeping pace with the launch of new insurance products, instead of holding them back.