CloudBased Microservices Architecture for Seamless Insurance Policy Administration
DOI:
https://doi.org/10.5281/zenodo.17453150Keywords:
Cloud Computing, Microservices Architecture, Insurance Operations, Scalability, Resilience, Maintainability, Concurrent Services, Policy Administration, Customer Experience, Digital Experience, Policy Creation, Policy Distribution, Policy Servicing, StraightThrough Processing, MultiChannel Integration, Resource Provisioning, Service Deployment Models, Security Vulnerabilities, Authentication, AuthorizationAbstract
Cloud-based microservices architecture holds immense promise when applied to insurance operations, enabling highly scalable, available, resilient, maintainable, and concurrent services. The benefits of utilizing microservices for insurance policy administration include improved customer and digital experiences. The paper presents a framework for implementing microservices applied to insurance policy creation, distribution, and servicing workflows. It also examines the applicability of cloud technology in implementing a microservice architecture. Policy administration is passively acknowledged despite its pivotal role in customer satisfaction and retention. Modern management solutions prominently distinguish service policies and processes. New systems and processes supporting cloud and microservice architectures provide seamless policy servicing capabilities that allow for straight-through processing and integrate with multiple channels and handling systems. Cloud computing offers flexibility in service deployment models and resource provisioning. Security remains a paramount concern for businesses, especially given that cloud platforms present widespread attack surfaces. With insurance products distributed over multiple sales channels, security vulnerabilities increase due to inadequate authentication and authorization mechanisms.
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