Technology is transforming the insurance ecosystem not just in scale but also in fundamental aspects. Insurance companies can either ride the digital wave or be hit by it. As we all know, the insurance industry is paper-intensive. Since its inception, it has relied heavily on paper usage to collect and maintain all the required user information. Insurance and Mediclaim companies are burdened with an overwhelming amount of customer data. Insurers are required to collect personal data (PII) of individuals to fulfill legal obligations and assess risks and analyze future trends. ICICI Lombard has built multiple data-intensive/intelligent applications on Microsoft cloud leveraging Advanced Artificial Intelligence (A.I.) programs, Machine learning (ML) tools, and Data Factory is being brought in to perform data mining tasks.
As the cloud environment grew and became more complex, the ICICI BIU team faced a challenge to control Azure governance and cost management. With the continuous increase in Projects and Team members, it was t difficult for ICICI Lombard to maintain visibility of its cost, especially for cloud resources, as it was going higher day by day.
ICICI Lombard decided to work closely with Cloud 9 Infosystems for cost optimization; Azure Managed services support, billing management, and subscription management.