Cloud Computing in Insurance - Thematic Research

Summary

This report provides in-depth analysis of the use of cloud in the insurance industry. It looks at use cases and how the technology can help overcome the challenges faced by insurers. It provides a thorough overview of the market along with analysis of how the development of cloud technology will impact the insurance value chain.

The rise of insurtech - the digitalization of insurance - is posing a huge threat to incumbents. They are being disrupted by digital-savvy start-ups, such as Lemonade, which use digital tools to offer a more personalized and cheaper insurance experience. Combined with a general lack of trust in insurers, consumers are increasingly switching to digital-native insurers. Traditional firms risk further falling profitability if they fail to digitally transform. Insurance firms also face increasing cybersecurity risks due to the sensitive customer information that they control, and increasing regulatory scrutiny of the storage and use of this information.

Scope

• The use of cloud technology will benefit the insurance industry across the value chain, with use cases being found in both the life and non-life insurance space.
• Cloud computing has changed the way companies can store and interact with data. Its advantages over legacy technologies are the offer of a more convenient and powerful alternative for IT at a cheaper price point.

Reasons to Buy

• Benchmark yourself against the rest of the market.
• Ensure you remain competitive as new innovations and insurance models begin to enter the market.
• Be prepared for how regulation will impact the use of wearable tech in insurance over the next few years.