Polaris Financial Technology Ltd., a financial technology company for insurance, banking and financial services, has released Life Claims in the Cloud.

Life Claims in the Cloud helps life, annuity and health carriers use cloud computing to run a claims application for as low as $10,000 per month without any lead time to deploy. The offering allows claims managers to focus on processing claims quickly and enhancing the customer’s engagement experience.

Expanded in-force policies for disability, critical illness and annuity products will create increased claim volume and an increased expectation from customers about interaction, Polaris said. Key benefits to insurance carriers include improved claims outcomes and customer experiences; simplified claims operations; regulatory compliance; no up-front investment on technology; and an easy integration with backup and recovery functions.

“Understanding the value of cloud options – and considering how they can be deployed effectively to solve existing business problems – should be part of every insurers’ strategic plans,” said Matthew Josefowicz, managing director at Novarica.

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