The Future Of Insurance Is Built In The Cloud

By Joe Pacor, Senior Director, Industries Marketing, Insurance, SAP

As the global climate and population rise, the insurance industry is quickly adapting to its customers’ needs. Costs are exponentially increasing, and insurers are needing to invest in prevention to save the industry – and their customers’ best interests.

This means insurance companies are no longer there for their customers only in times of disaster. Modern approaches to insurance increasingly require incentives to better align customer and insurance company goals and ensure the business model can work for the future.

In fact, this model is already working for several organizations when it comes to healthcare. For Instance, Discovery Health have long used incentives to encourage members to adopt a healthy lifestyle – which Maia Surmava, CIO at Discovery Health revealed on a recent webinar, 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.