Use of Cloud Technology in the Insurance Industry
The ability to capture structured and unstructured data in the insurance industry has never been more important. As insurers look to consolidate their data or integrate systems from newly acquired companies, there are operational efficiencies and risk and accumulation management insights to be gained.
- Despite insurers' reluctance to engage with new technology, more firms are taking advantage of the cloud
- Concerns for adoption of cloud technology centre on security, storage, locality, access and compliance
- Insurers adopting cloud solutions must navigate complex data sovereignty issues in Asia Pacific
Using the cloud within (an unstructured) environment means you can host large volumes of data and analyse it in ways that simply wasn't possible five to ten years ago.