Leaders in insurance are exploring the flexibility of cloud technology to drive operational efficiencies, improve business processes, and uplift the customer experience. But, how do you select the right tools that can deliver immediate value to your stakeholders and customers, without breaking the budget?
This case study by Nucleus Research shows how a multi-line, global insurance provider realized a 170% ROI after deploying Elastic Cloud to improve data access through Elastic Enterprise Search and Observability solutions. With a payback period of only 7.2 months, the company accomplished this without burdensome costs. The implementation of Elastic Cloud also enabled the organization to increase its tech stack's maturity by ten years. Some of the immediate benefits included:
- Cost elimination: cutting hardware licenses, maintenance, and updating costs associated with the on-premises system.
- Enhanced IT productivity: time savings of 40% by reducing platform instability and streamlining data and customer records management.
- Accelerated claims processes: enabling claim managers to dynamically retrieve customer information in real-time.
- Simplified application logging: yielding at least 10% annual time savings for business IT teams.