GT Motive for Insurers

The benefits of cloud-based technology

cloud-based technology

Over the past decade, cloud-based technology has taken the working world by storm, now recognised as being one of the fastest-growing segments of the technology market. And when it comes to researching and implementing cloud-based technology, the estimatics industry tends to have common goals such as to create innovation, improve efficiency, and improve performance.

According to Gartner, organisations are advancing their timelines on digital business initiatives and moving rapidly to the cloud in an effort to modernise environments, improve system reliability and support hybrid work models.

As a result, organisations are looking for ways to rapidly migrate their software solutions to a cloud-based technology structure before they miss their opportunities. But for a company to really make that all important investment, what are the main benefits they should be looking out for?

What is cloud-based technology?

It isn’t as daunting as it sounds. Ultimately, cloud-based means the process of storing and accessing data over the internet, instead of your computer’s hard drive.

The term ‘cloud’ is just another word for the internet, so as the PCMag Encyclopedia defines it, a cloud-based technology is any technology which is delivered from an online source.

Is a cloud-based technology easy to implement?

Yes, cloud-based technology is often easier, quicker and less disruptive to roll out across an organisation, even when replacing a traditional legacy technology.

This is because today’s technology is intuitively designed to be set up online too – with everything being software based, there’s no need for booking installations or physically moving any equipment.

What’s more, businesses are confident about the adopting the cloud as new technology, with Forbes highlighting that 83% of businesses that are already in the cloud today.

What are the benefits of moving to a cloud-based technology?

Switching to a cloud-based infrastructure comes with a host of benefits such as speed and accuracy, to advanced data analysis. There’s also increased productivity, acceleration of new business opportunities, and reduced IT overhead – to name but a few.

Whilst traditionally hardware-based solutions take time and manual input to implement across an entire organisation, cloud-based technologies can take just a few hours or days to setup, as they  allow businesses to access to ready-to-use applications available through the cloud that can be accessed instantly – a dream for improving productivity.

Cloud-based technologies are also a popular option for organisations with different on-site locations, particularly as the technology can be easily accessed from anywhere with an internet connection. Quite literally, anyone with access to their business admin accounts can access their critical data from anywhere, even if they’re at opposite ends of the country.

How can the estimatics industry better utilise cloud-based technology?

In today’s modern landscape, cloud-based technologies are available in different forms to suit different needs, allowing businesses to convert their working habits from ‘saving to the desktop’ to ‘uploading to the cloud’.

Google Drive and Microsoft 365 are amongst the most popular, though even Amazon have taken to this space with their Amazon Web Technology (AWS) application which they specifically built for decision makers, to enable innovation and transformation throughout their organisations.

As the world continues to embrace cloud computing on a mass scale, the Cloud Industry Forum now cites that enterprise adoption rate is at 88% in the UK alone, and the estimatics industry is rapidly evolving as this technology adoption improves.

Now more than ever, estimatics businesses are recognising that estimating via spreadsheets is simply not sustainable, nor is having their technicians location restricted to being next to physical terminals. Instead, a cloud-based technology allows offline spreadsheets to turn into a solution that is more accurate, accessible from anywhere with reports automated as often as business chooses. What’s more, technicians can work from any location with internet access, always just a few clicks away from the essential data they need to complete a job.

Can cloud-based technology still keep estimatics data safe?

Cloud-based technologies can enhance the reliability, efficiency, and sustainability of an automotive claims process; helping to provide a safer environment for your data.

Platforms such as GT Global, for example, processes over 100 TB of data and 60 million parts prices per month, all from 175 different data sources. Plus, parts prices are updated daily, and vehicle models updated every 2 weeks, ensuring that the platform is always up to date, removing the need for duplication of entry and any supplementary estimates.

The system also includes all regional paint systems and providers to fulfil local workflows such as AZT, Thatcham and VRN lookup and can be configured to connect with other providers as required.

What’s more, as VIN Queries are included as standard, users gain access to specific build sheet data across all main manufacturers increasing the accuracy of estimates and reducing errors.

Why GT Motive should be your next cloud-based technology

Built to connect all stakeholders and network partners within a single platform, GT Motive offers a modern and intuitive solution for complete claims management that reduces claims costs and cycle times, whilst increasing efficiencies.

Our solution is completely cloud-based and drives productivity through both accurate data and an open, collaborative approach.

This means we’re able to fully ensure that our data is always up to date, accurate, and readily available, from anywhere and at any time. In fact, our parts prices are updated automatically and daily in our solution, with new vehicle models being added bi- weekly, making us the most reliable and credible estimatics solution for insurers and repairers alike.

But don’t just take our word for it; experience GT Motive for yourself.

Request your free trial today.