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Cloud Computing Report, Insurance Technology Report

Cloud Computing in Insurance - Thematic Research

Insurers are yet to realize the full potential of cloud computing

Most insurers lack a comprehensive strategy to capitalize on the benefits of cloud computing. Their objectives are based on cost reduction, while they could use the cloud for vertical-specific core business functions such as policy administration, underwriting, claims management, and processing. Most tend to limit themselves to applications for functions such as test servers, email, human resources, and CRM.

  • What you need to know...
  • Cloud computing (IaaS, PaaS, SaaS, private, and hybrid) accounted for 9.5% of a global ICT market that was worth $2tn in 2017 according to GlobalData.
  • Cloud enables digital innovation and cost reduction. Digitally empowered customers form the new driving source of growth.
  • Investment in cloud technology is enabling insurers to simultaneously increase business value and reduce risk.
  • Digital platforms are becoming an integral part of how consumers make decisions related to the purchasing of insurance. A significant proportion of insurers believe that expansion of the customer base that uses digital channels will drive premium growth.
  • Major vendors including Amazon, Google, and Microsoft have built significant cloud capabilities not only to make insurers’ operations more efficient, but also to improve customer services and roll out new products and services.

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Cloud is driving insurance business agility

Before migrating applications and data centers to the cloud, insurers need to make sure their current network infrastructure is strong enough to handle this transformation process. They also need to ensure that the future cloud providers offer enough support throughout the transition to limit the potential for any service downtime.

GlobalData’s report discusses how the insurance sector is increasingly adopting cloud technology to enable digital innovation, achieve reduced operational costs, and enhance operational efficiency through greater mobility.

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