Part Three in a three-part series
By Jonathan Victor, VP – Operations, Oceanwide
Montreal, QC (Apr. 5, 2013) – Forrester research recently conducted a survey of mid-size and enterprise businesses and found that 47% of software decision makers were either using, piloting or were considering adopting cloud software in 2012. Management consulting firm Navint Partners LLC released a related report documenting the success of cloud computing adoption when it comes to cost savings. The key finding was that 90% of participants reported they had received 100% of forecasted savings when their companies adopted cloud systems.
The benefits of cloud software are numerous. However, it is essential that you select the right cloud system to start reaping these benefits.
Selecting your cloud system provider is a 4-step process:
- Establish an RFP or RFI to identify the specific business needs under which Cloud Computing could be most beneficial
- Identify potential partners (Industry Analysts, Auditors & Techology partners) to review needs and capabilities
- Rank and select a proper provider
- Engage in a full discussion of approach, timing and rationale to ensure (readiness with Budget, Timeline and Authority)
When evaluating vendors and solutions, we suggest you consider the following:
- Does the vendor have a disaster recovery solution and if yes, what are their RPO and RTO targets? How frequently do they test their DR solution and have they been able to achieve these targets?
- Is the vendor SSAE 16 certified? If yes, what level of SSAE16 certification do they have? Are the partners they rely on to run their business SSAE 16 certified (colocation providers, third party providers of integration services, data, and development add-ons?)
- What is the vendor’s system availability over the last three to five years? How many 9’s have they been able to deliver over this period? Do you need to pay for premium service levels?
- What Service Level Agreement is provided by vendor with regards to application availability? How is it measured, reported on and in what situations would a service credit be issued? How many service level violations leading to SLA credits has the vendor had in the past 3 years?
- Request that the vendor describe their security posture, how frequently are their security controls tested?
- Request that the vendor describe their position as it relates to data privacy? Which compliance standards do they comply with? How frequently do they review these controls and processes? Do they have a CSO whose full time responsibility is the security of your data?
- Does the vendor conduct third party audits of their production infrastructure? Can your audit & compliance teams have access to these results? Can you go on sight to conduct your own independent audit?
Following these guidelines will help you select the best cloud software vendor to meet your needs, and deliver the numerous benefits of cloud systems.
Visit Oceanwide to find out more about Cloud Software For Insurance
About the Author
Jonathan Victor has over 10 years of experience in the fields of IT Consulting and Software Development at Oceanwide, and previously at Accenture. He has worked extensively with enterprise corporations and government organizations to plan, design and implement IT systems and has experience in the fields of Insurance, Telecommunications and Supply Chain.
About Oceanwide, Inc.
Oceanwide has been providing multi-line solutions to the global insurance industry for over 15 years. Its cloud based applications enable carriers, brokers and MGAs to get to market quickly and efficiently, enhance the customer and agent experience and provide access to new revenue generating opportunities. Oceanwide’s proven track record of successful implementations, unparalleled customer service and domain expertise provide a comprehensive solution to their clients and enable them to differentiate themselves from their competitors. Visit www.oceanwide.com.