MARCH 2019CIOAPPLICATIONSEUROPE.COM8IN MYOPINIONWhy CloudDisruption as a result of advances in technology is taking place at an unprecedented speed and Cloud computing is one of the most powerful forces driving this. Insurance Industry players are realizing that moving core applications and their data in to the cloud must be integral part of any digital transformation program. The impact of cloud adoption that matters most for Insurance is "Business Agility".The sluggishness that was once ingrained in long-term plans such as deploying new systems, offering new lines of business, and expanding to new markets is no longer acceptable. The cloud eliminates the need for companies to configure new hardware, manage updates, run data centres, and much more ­ enabling them to focus more time on leveraging technology to realise business benefits.INSIS on Oracle CloudIn 2017, Charles Taylor InsureTech chose Oracle Cloud for its core insurance platform solution "INSIS" a policy administration and claims management system that provides full coverage for all lines of insurance businesses, life, general, and health insurance businesses.Oracle Cloud made a natural fit for the cloud platform as INSIS is built using Oracle software, but also Oracle's roadmap fits Charles Taylor's plans for adding further IPand because Oracle has a reputation for dealing with the type of high volume complex mathematical computational calculations that are typical in insurance. Extending it into the cloud platform as a service was a natural step away from the old traditional on-premise model for that particular solution.Oracle Cloud Services UtilizedThe following are the main oracle cloud services utilized by Charles Taylor InsureTech:1. Oracle Cloud Infrastructure 2. Oracle Java Cloud Service3. Oracle Database Cloud Service4. Oracle Integration Cloud ServiceWhy Oracle CloudExtending INSIS into the oracle cloud platform and selling it as a service was the natural progression for policy administration and claims management solution. We are increasingly seeing clients look for agility, scalability, and resilience in their core business operations systems ­ the cloud is the most effective way to realise these needs as well as offering client's commercial models that flex in line with their business use too. I have other solutions where I've selected other providers but for other reasons. My view is always I will pick the right technology depending on the use case and the product within the portfolio. I'm also a firm believer that one size doesn't fit all, and you've got to build the technology to really build with the business outcome you're trying to solve.For Charles Taylor InsureTech, the seamless transition from on-prem Oracle database to Oracle database cloud service, as well as seamless lift and shift of JAVA application from on-premise Weblogic application server to Oracle Java Cloud Service was a key advantage with Oracle Cloud. This seamless lift and shift use case is very attractive proposition for any company which is considering moving their current Oracle Applications to the cloud. Insurance Industry PerspectiveON ORACLE CLOUDJASON SAHOTA, GROUP CIO, CHARLES TAYLOR PLC
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