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How Finance Cloud is Transforming Financial Services?

Finance cloud refers to a suite of software and finance management tools to manage a company’s finances. It hosts different computing bank services such as data, servers, communication, applications, and data analysis for financial institutions. It also helps companies keep track of expenses, assets, sales, and purchases in real time.    Moreover, financial companies need quick access to relevant information owing to rapid changes in the business environment and a rise in competition. Cloud solutions provide a base and strategic platform for these companies to enhance their efficiency and transparency to make informed business decisions .       End users that benefit from finance cloud   Bank s and companies providing financial services are the major end users of finance cloud services. The adoption of these services helps modernize their core systems, accelerate digital transformation , and enhance customer experiences.   The insurance sect...

From Black Boxes to Smart Apps: Developments in Insurance Telematics

Insurance telematics involves integration of telecommunication and informatics to offer personalized and data-based insurance solutions to the end user. It uses smartphone apps, GPS-enabled apps, and more to collect data regarding the user. This data is analyzed to assess risk and customize premium. Insurance telematics helps track location and monitor driver behavior on different parameters such as location, braking patterns, distance, mileage, and speed. It also monitors the usage of mobile phones while driving. Insurers use this data along with usage-based insurance programs to tailor premiums for policyholders . Drivers regarded safe are rewarded with lower premiums, and drivers regarded risky are educated about safe driving practices and sometimes charged higher premiums.   Usage-based insurance is the commonly adopted model by insurers in insurance telematics. It includes v ariations such as Manage-How-You-Drive, Pay-How-You-Drive, and Pay-As-You-Drive within the usage...