CTO explains the advantages of cloud-based platforms for brokers

« Brokers and underwriting agencies have typically not been on the scale to make significant investments in upgrading technology solutions, making it difficult for them to get the benefits this can bring to their clients. »

This is the view of David Farrer (pictured), the new CTO of insurtech company BAIS, who firmly believes in the technology’s ability to streamline insurance workflows. With more than three decades of experience in roles such as data processing manager, software consultant, and business analyst, Farrer said he “has extensive experience in a number of technology sectors as well as a strong understanding of insurance and financial services on the Role.

Farrer told Insurance Business that one of his first priorities will be « developing a comprehensive roadmap to advance our flagship insurance platform iBAIS over the next three to five years. »

« The continued stability, data integrity and security of our customers’ information on our cloud-based platform is of paramount importance, as is the ease of use of the technology, » he added.

Farrer believes that the Australian insurance industry « faces a number of core issues related to profitability and providing a reasonable ROI for shareholders. » The key to ensuring positive claims experiences and profitable underwriting are effective technology platforms.

« A lot of work has been done to drive innovation in the industry, » noted Farrer. « Now is a significant opportunity for many companies to take advantage of an integrated back office and customer-centric solutions, and to provide customers and insurance partners with technology they can truly rely on. »

Read more: BAIS Appointment Supports Insurtech Growth Plans

« Today’s insurance technology offers brokers and underwriting agencies, in particular, the opportunity to further digitize their business and thus achieve great gains in terms of processes and efficiency, » he said.

Farrer admitted that « few companies have insurance and technology expertise, » which can make it difficult to smoothly implement a holistic technology vision across the company. Regardless of this, 2021 promises to be an “exciting year” for BAIS, which will shortly introduce a major upgrade to its iBAIS system.

« IBAIS is a large, feature-rich toolbox, and it often surprises people to see what can be achieved in a short amount of time with limited investment, » said Farrer. “We plan to spend more time with our customer base explaining exactly how the platform is geared to deliver the business improvements and efficiencies we want.

« With our experience with technology and insurance, discussions with our insurance customers are much more focused on their business needs, not just on a piece of technology. »

What is cloud computing with an example?

What is cloud computing with an example?

A simple definition of cloud computing includes the delivery of different types of services over the internet. From software and analytics to secure data storage and network resources, everything can be delivered through the cloud. … You can access it from almost any computer with internet access.

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Benefits of cloud computing

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Simply put, cloud computing is the delivery of computing services, including servers, storage, databases, networks, software, analytics, and information, over the Internet (the cloud) to provide faster innovation, flexible resources, and economies of scale.

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The short answer is that you own the data you create, but the cloud service provider has ultimate control over it. This is reflected in the terms of use of many providers, which state that they can keep the data to comply with legal requirements.

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Mobility. One of the most obvious uses of cloud computing is the mobility that it offers for both the recreational user and the corporate and business user. Many of us are already familiar with some cloud computing services like Google Docs or even email services.

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CTO explains the advantages of cloud-based platforms for brokers
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