This is a taster of an article published in the latest edition of EXPOSURE magazine. For the full article click here or visit the EXPOSURE website.
With the main benefits of Cloud computing now well-established, EXPOSURE explored why insurance and reinsurance companies have demonstrated some reluctance in moving core services onto a Cloud-based infrastructure.
While a growing number of insurance and reinsurance companies are using Cloud services (such as those offered by Amazon Web Services, Microsoft Azure and Google Cloud) for nonessential office and support functions, most have been reluctant to consider Cloud for their mission-critical infrastructure. Simply moving a legacy offering and placing it on a new Cloud platform offers a potentially better user interface, but it’s not really transforming the process.
EXPOSURE also asked whether now is the time for market-leading (re)insurers to make that leap and really transform how they do business, embrace the new and different, and take comfort in what other industries have been able to do.
This RMS article was previously published in Property Casualty 360
The effective use of data is so important to every insurance business — especially as big data and analytics are seen as a “silver bullet” for transformation. But to get on this transformative journey, your approach to data in your business may have to change. The traditional view of data focuses mainly on data collection and storage: how to collect, store, access and arrange the data, with rules and procedures to achieve this.
There is a tendency to separate data from analytics. If you think of data analytics, the image may be of the hard-pressed team of analysts and IT specialists, working to tight deadlines, “mining the data” to deliver the core reports that the business needs.
If any of the above rings true, you may need to change your mindset. First, for data collection and storage, the cloud has revolutionized the way data is stored, accessed and managed, offering high capacity and high availability, all typically on a pay-as-you-use basis. Historically, this is where much of the investment in this area went. But with the cloud, the burden has lifted as businesses now do not need to become experts in data storage or to plan, build and manage data centers, which were seen as critical in-house infrastructure in the past.