UNION INSURANCE
256 introduction of artificial intelligence technologies , such as image and voice recognition , Union Insurance has gained an edge over competitors by bringing new solutions to the market at a rapid pace .
However , such changes would not have been possible without the adoption of cloud technology and the business ’ s focus on data virtualisation . Srivastav explains that this has been a major game changer .
“ Cloud has enabled us to provide on-demand type services . We now don ’ t invest in IT prefecture but pay per use , similar to on-demand . It ’ s like the ‘ Uberisation ’ of insurance . We ’ ve converted IT infrastructure as a utility , where similar to water or electricity , customers pay for what they consume .
“ It has helped us bring products to market quicker . When we come up with a new product or service , we don ’ t have to wait for eight to 12 weeks to get our IT prefecture commissioning set up . It has now been reduced to a couple of hours .”
Whilst the adoption of cloud technologies has sought to
“ ON-DEMAND INSURANCE IS GOING TO BE GAME CHANGER , ESPECIALLY IN LIFE , HEALTH AND P & C INSURANCE ”
— Anshul Srivastav , Chief Information Officer and Digital Officer
strengthen Union Insurance ’ s security services , the company has also partnered with Amazon Web Services and Microsoft , who jointly manage its cybersecurity operations 24 / 7 .
Developing tailored products and services , whilst looking at the commercial impact such decisions will have on the business , Union Insurances ’ investment in data analytics cannot be underestimated .
AUGUST 2018