Citation:

Sateesh Reddy Adavelli, 2022. "Building Resilient Digital Insurance Ecosystems: Guidewire, Cloud, And Cybersecurity Strategies", ESP Journal of Engineering & Technology Advancements 2(3): 140-153.

Abstract:

Through a combination of Guidewire platforms, cloud computing and cybersecurity frameworks, the insurance industry in miniature is being transformed into a digitally transformed, ever resilient ecosystem. This ecosystem enables insurers to modernize core operations of policy management, claims processing and billing while continuing to provide secure, scalable and efficient service delivery. Insurers using cloud infrastructure have elastic resources capable of scaling to meet dynamic workloads and can provide high availability and fast disaster recovery. They have liberated data analytics to run on the cloud with advanced capabilities to churn out actionable insights to optimize operations and create personalized offerings for their customers. Sensitive customer data and important systems are securely protected from cyber security threats by a robust cybersecurity layer, which includes data encryption, controls access, and detects threats proactively. Integration and cloud adoption challenges like costly implementation, cybersecurity risk and legacy system migration will be handled by deft and effective strategies such as phased adoption, workforce upskilling and adoption of a zero-trust security model. Within operational efficiency, stronger resilience and innovative business models enabled, i.e. behavior-based insurance pricing through IoT and real time analytics, are the opportunities. However, moisture and regulatory complexity can be barriers to change, and investments in modern technology, workforce development, and partnerships with insurtech and cybersecurity experts can enable insurers to survive and thrive in a more competitive, digital-first landscape. This convergence engenders customer trust, unlocks its operational agility and ensures compliance with changing requirements, thereby enabling insurers to sustain their growth, build resilience and rival digital transformation.

References:

[1] Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of business research, 122, 889-901.

[2] Sebastian, I. M., Ross, J. W., Beath, C., Mocker, M., Moloney, K. G., & Fonstad, N. O. (2020). How big old companies navigate digital transformation. In Strategic information management (pp. 133-150). Routledge.

[3] Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. V. (2013). Digital business strategy: toward a next generation of insights. MIS quarterly, 471-482.

[4] Greineder, M., Riasanow, T., Böhm, M., & Krcmar, H. (2020). The generic InsurTech ecosystem and its strategic implications for the digital transformation of the insurance industry.

[5] Steiber, A., Alänge, S., Ghosh, S., & Goncalves, D. (2021). Digital transformation of industrial firms: an innovation diffusion perspective. European Journal of Innovation Management, 24(3), 799-819.

[6] Li, W., Badr, Y., & Biennier, F. (2012, October). Digital ecosystems: challenges and prospects. In Proceedings of the International Conference on Management of Emergent Digital EcoSystems (pp. 117-122).

[7] Barykin, S. Y., Kapustina, I. V., Kirillova, T. V., Yadykin, V. K., & Konnikov, Y. A. (2020). Economics of digital ecosystems. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 124.

[8] Das, S., Dey, A., Pal, A., & Roy, N. (2015). Applications of artificial intelligence in machine learning: review and prospect. International Journal of Computer Applications, 115(9).

[9] Khanzode, K. C. A., & Sarode, R. D. (2020). Advantages and disadvantages of artificial intelligence and machine learning: A literature review. International Journal of Library & Information Science (IJLIS), 9(1), 3.

[10] Cardoso, F. M., & Furuie, S. S. (2016). Guidewire path determination for intravascular applications. Computer methods in biomechanics and biomedical engineering, 19(6), 628-638.

[11] Pacella, J. M. (2016). The cybersecurity threat: Compliance and the role of whistleblowers. Brook. J. Corp. Fin. & Com. L., 11, 39.

[12] Harris, M. A., & Martin, R. (2019). Promoting cybersecurity compliance. In Cybersecurity education for awareness and compliance (pp. 54-71). IGI Global.

[13] Donalds, C., & Osei-Bryson, K. M. (2020). Cybersecurity compliance behavior: Exploring the influences of individual decision style and other antecedents. International Journal of Information Management, 51, 102056.

[14] Guidewire Cloud Migration: 3 Steps to Maximize the Right Value, EXAVALU, online. https://www.exavalu.com/insight/guidewire-cloud-migration-3-steps-to-maximize-the-right-value/

[15] Odoyo, F. S., & Nyangosi, R. (2011). E-insurance: An empirical study of perceived benefits.

[16] Vucetich, A., Perry, R., & Dean, R. (2014). The insurance sector and economic stability. Life, 16(9), 1-12.

[17] Choo, K. K. R. (2011). Cyber threat landscape faced by financial and insurance industry. Trends and issues in crime and criminal justice, (408), 1-6.

[18] Peters, G., Shevchenko, P. V., & Cohen, R. D. (2018). Understanding cyber-risk and cyber-insurance. Macquarie University Faculty of Business & Economics Research Paper.

[19] Palsson, K., Gudmundsson, S., & Shetty, S. (2020). Analysis of the impact of cyber events for cyber insurance. The Geneva Papers on Risk and Insurance-Issues and Practice, 45, 564-579.

[20] Wang, S. S. (2019). Integrated framework for information security investment and cyber insurance. Pacific-Basin Finance Journal, 57, 101173.

[21] De Crespigny, M. (2012). Building cyber-resilience to tackle threats. Network Security, 2012(4), 5-8.

[22] Linkov, I., & Kott, A. (2019). Fundamental concepts of cyber resilience: Introduction and overview. Cyber resilience of systems and networks, 1-25.

Keywords:

Digital Insurance Ecosystems, Guidewire Platform, Cloud Computing, Insurance, Cybersecurity.