Cloud computing has risen to the top of CEOs’ priority list in recent years and has become a key topic of boardroom discussions. Fierce competition and ever-changing economic and technological dynamics have driven organizations to constantly improve their processes and the cloud is a fundamental enabler here.
SBI General Insurance is one such organization leveraging its cloud investments. Present in over 137 cities in India, it currently serves three key customer segments: retail, corporate and SME. Operating in the BFSI sector, one of the fastest growing sectors of the Indian economy, SBI General Insurance relies on cloud applications to improve and optimize its internal and external operations.
Enable cloud
The company has gradually strengthened the digitization process and has now moved many of its digital applications to the cloud for faster and seamless customer service, although the hybrid environment it has chosen includes both deployment on site and cloud usage.
“Our overarching goal of becoming a digital organization prompted us to choose Oracle Fusion Cloud ERP solution. We have been able to streamline, automate and improve our procurement operations with its advanced integrated capabilities,” said Anand Pejawar, Deputy Managing Director (DMD), SBI General Insurance.
“Cloud applications allow organizations of all sizes to transform and grow, especially SaaS applications and embedded AI and ML capabilities that enable businesses to improve their core processes. The flexibility, scalability and agility of cloud-native applications allow organizations like SBI General Insurance, which operate in a highly dynamic environment, to grow exponentially,” said Prasad Rai, Vice President, Global Strategic Clients Group, Oracle India.
Driving Growth
Cloud adoption is often referred to as a long and expensive process. However, the benefits that accrue to organizations in the long term outweigh the initial challenges. From cost-effectiveness and scalability with speed, through rapid deployment and risk management to the elimination of IT disruptions and simplified access to data, adopting the cloud offers a myriad of benefits. This is well reflected in the exponential growth of cloud investments across industries.
“We use and evaluate cloud financial modeling, enabling stakeholders to take appropriate steps in the cloud adoption process. Cloud adoption gives us the agility and flexibility to experiment and adopt new solutions and innovations,” said Pejawar. “It has helped us in integrating and migrating our accounting, financial management, project management and procurement operations to an AI-enabled smart platform.” He added, “By leveraging the Cloud ERP solution, we were able to consolidate all of our procurement-related business processes onto a unified platform, reducing manual work and enabling faster turnaround times.”
CIOs see cloud implementation not just as a technology strategy, but also as a business decision. “Cloud computing has helped our processes tremendously from a business perspective. This has dramatically improved growth, easing our transition to a data-driven organization,” Pejawar said.
