Kickstart your transformation
Discover how to move to the cloud with total confidence
MODERNIZE YOUR INSURANCE COMPANY SAFELY
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contents
Get peace of mind by design
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Defend in depth
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Assess security threats
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Modernize faster
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Make sure you’re cloud-ready
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Realize your potential in the cloud
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What makes a modern insurer?
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Thrive with resilient modern insurance operations
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Thrive with resillient modern insurance operations
WHAT MAKES A MODERN INSURER?
by 2025
Stephen Ramsey Senior sales executive Global Consulting Services, FIS
Moving to the cloud makes an insurance company more agile and able to respond to or even anticipate customer needs. Cloud migration should focus on the applications that drive the most business value, typically by having some level of interaction with policyholders.
Insurers join organizations across all sectors in expecting to significantly ramp up adoption and migrate a growing share of their compute environment to public cloud within the
Read on …
You want to digitally transform your insurance company. That makes sense. Your customers expect it. It will make you more efficient. It could improve your competitive edge. But how do you go about it – and where do you start? The short answer is, “in the cloud.” If you want to take advantage of the latest trusted innovations, scale fast to new requirements and provide a truly modern customer experience, the cloud is the answer. We won’t pretend that moving to the cloud is easy or free of risks. But we will show you ways to make modernization simpler and safer.
Cloud services are projected to reach an annual growth rate of
McKinsey What Every Insurance Leader Should Know about Cloud, 2022
IaaS + PaaS Revenue Gartner 2018 and 2020 Reports McKinsey Analysis, 2022
%
next five years.
0
Many migration projects don’t get the desired results because they are moving the wrong applications to the cloud. According to Gartner, of applications in client portfolios are candidates for lift and shift.
REALIZE YOUR POTENTIAL IN THE CLOUD
Ideally, you should start your digital transformation from the ground up – at the application level.
Make no mistake – the cloud is more than just another place to run your systems and store your data. It’s also about more than saving money. Moving to the cloud could bring your insurance firm a host of transformative benefits. But to maximize the opportunity and get real business value, you can’t just “lift and shift” your existing systems wholesale to cloud infrastructure.
Gain competitive advantage
of cloud migration projects stall or fail
Infopulse Top 7 Reasons Why Cloud Migration Strategies Fail, 2022
In an ideal cloud environment, you can:
Innovate constantly
Execute more efficiently
Scale at high speed to growth
Access new functions faster
Pay only for what you use
Reduce time to value
only 15%
MAKE SURE YOU’RE CLOUD-READY
With serverless cloud-native computing, you can focus on business logic instead of infrastructure and deliver more scalable, event-driven systems. But moving legacy applications to the cloud doesn’t make them cloud native. You’ll need to modernize them specifically for a cloud environment.
For insurance firms, some applications may be harder to modernize for the cloud than others. Again, automation is the answer …
To get the best from the cloud and drive down your time to value, you need to make sure your legacy applications are in the right shape for cloud migration. Automated source code analysis can help you do just that, with an objective assessment of your software portfolio. In seconds, a scan will show which custom-built applications to keep, consolidate or retire. For instant 20% cost savings, the same scan can show you what to rationalize, modernize and essentially make cloud native.
Old technology patched with new functionality
Insurers face major modernization challenges as they often maintain:
Cloud unfriendly applications
Large, highly complex systems
Outsourced solutions of poor structural quality
Gartner 2023 CIO and Technology Executive Agenda: An Insurance Perspective
of insurance CIOs have increased investment in application modernization
Reverse-engineering tools can swiftly provide the deep analysis of application structures that is critical to modernization – and identify not only downstream impacts but also candidates for microservices.
MODERNIZE FASTER
Now you can truly go native in – and get the very best from – the cloud. But how can you be sure your applications stay secure?
A new generation of innovative development tools allow you to rapidly reverse engineer the architecture of applications: their database structures, code components and interdependencies with other software. So, if it’s proven to be a candidate for cloud migration, even the largest, oldest or most complex application can be quickly modernized – without wasting precious development time on understanding how its code works.
The Institute of Electrical and Electronic Engineers
of a developer’s time can be spent analyzing code.
In modernization projects,
By automatically visualizing the code base, new reverse-engineering tools cut that time in half.
Jefferson Frank Careers and Hiring Guide: AWS Edition, 2023
of delays to cloud migration are due to poor planning
ASSESS SECURITY THREATS
Crowdstrike Threat Report 2021
The tools that are needed to keep cloud workloads and devices protected can be very expensive and maintaining them requires specialized skills.
Defenses are soon outmoded. You need complete breach prevention to keep insurance systems safe.
There’s no escaping the fact that with wider cloud adoption comes the need for enhanced cybersecurity measures. But knowledge is power – and it pays to understand exactly how threats are evolving. Cybercrime is not only rising at a staggering rate but also constantly exploiting new vulnerabilities. Not so long ago, malware was responsible for most breaches. Now that’s no longer the case, as criminals find more, often fileless ways to infiltrate cloud-native tools and serverless computing environments.
Mike Kirby Head of Managed Risk and Cybersecurity Services, FIS
Cyber missteps can have a significant business impact beyond operational losses. Today, trusted digital experience is an integral part of any winning customer value proposition: customers … expect a flawless experience and heightened security.
McKinsey The CEO’s Risk Agenda: An Insurance Perspective 2022
Splunk Security 2023: Quick Reaction Force
of firms say it’s harder to keep up with security requirements than it was two years ago
Most of the same threat intelligence or indicators that are used to keep banks safe now apply to every market, insurance included. Through managed services, insurers can benefit from the same, strictly regulated levels of security as financial institutions.
DEFEND IN DEPTH
Imagine if all this was available in a single managed service.
Software alone is not enough to protect your insurance firm’s hardware, software and data against cybercrime. For ironclad security, around the clock, you need a combination of the right people, processes, tools and data protection strategy. You also need partnerships with world-leading authorities in cybersecurity – organizations with which you can share the latest intelligence and best practice countermeasures.
Ransomware attacks on financial services firms have gone up
Supported by world-class professionals with ongoing training
Today’s insurers need a defense-in-depth strategy to help them:
Taking a data-centric approach
Layering, segregating and monitoring infrastructure 24/7
Aggressive incident response
Guarantee excellence
Manage the threats
Defend in layers
Protect data
GET PEACE OF MIND BY DESIGN
With a managed service from a leading fintech provider, insurers can move forward in their modernization initiatives with more confidence, backed by security processes and practices that have taken years to mature.
Modernized operations deserve sophisticated security. With a managed service, you’re in safe hands.
With the steep cost of premier security tools and a lack of qualified talent to configure them, there is a significant industry shortfall between security capabilities and security needs. As part of your modernization strategy, a managed cybersecurity service will bridge the gap – providing both the tier-one, cloud-native technology and the world-class expertise and experience you need to stay ahead of the latest threats. And as the service itself will be heavily regulated, you’ll keep on top of changing compliance requirements, too.
Using next-gen antivirus tools to fully protect you from malware-free and fileless attacks
A managed cybersecurity service can help you:
Remediating threats through system isolation, persistence elimination, artifact removal and policy tuning
Managing threat hunting, alert monitoring, triage and protection
Identifying risk areas with advanced investigation support
Respond
Investigate
Detect
Prevent
of firms lack the skills to deal with sophisticated cybersecurity threats
Trust us. Modernization has never been easier or safer.
Take out cost-effective cyber insurance against attacks.
DON’T JUST SURVIVE. THRIVE WITH RESILIENT MODERN INSURANCE OPERATIONS
Learn more
With cloud-native fintech, innovative technology partnerships and expert managed services from FIS®, backed by years of experience supporting over 300 financial institutions, insurers can navigate a clear path to the cloud and ward off cyberthreats when they get there.
We have the tools and the talent to help your firm:
Design, manage and monitor an optimized cloud environment that meets your unique needs, and supports your end users.
Modernize and migrate your proprietary applications, supported by our tech partner CAST.
Drive proactive IT development deeper into your firm’s DNA.
Optimize cybersecurity to protect your devices, environments and data.
Future-proof your operations against new cyber risks and compliance requirements.
©2023 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 2107715
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About FIS
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.
Insurance Risk Management without Compromise
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