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Cloud Computing in Property & Casualty Insurance – Capgemini

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Article Synopsis :

Given the potential benefits of cost saving, agility, efficiency and scalability, there is a compelling case before insurers to leverage the potential of cloud computing and transform the way they do business.

 The Digital Insurer reviews Capgemini’s Report on Cloud Computing in the Property & Casualty Insurance Industry

The case for cloud computing is a compelling one

In the report “Cloud Computing in the Property & Casualty Insurance Industry”, the Capgemini team present a broad framework for developing a holistic cloud strategy for P&C insurers. The report highlights the key components of cloud computing, the key drivers for cloud adoption in the P&C sector and the benefits and the challenges insurers are going to experience while implementing a cloud-based strategy.  As highlighted in  the report, the four dominant factors accelerating the need to adopt cloud computing services across the insurance value chain are:

  1. Increasing Cost Strains
  2. Need for Better Business Agility
  3. Call for Fast Deployment
  4. Expanding Global Footprint

The report suggests that by deploying and implementing cloud computing solutions, P&C insurers are likely to achieve six key strategic benefits:

  1. Achieve Standardization
  2. Shortened Time to Implementation
  3. Better Economies of Scale
  4. Scalable Storage and Processing
  5. Higher Productivity/Collaboration
  6. Lower Total Cost of Ownership

The report also highlights that although P&C insurers can derive significant benefits by investing in cloud computing solutions, there are certain obstacles that are acting as barriers to wider adoption of cloud computing strategies by P&C insurance companies:

  1. Data Privacy/ Security Concerns
  2. Compliance
  3. Lack of Integration
  4. Lack of Standardization

Link to Full Article:: click here

Digital Insurer's Comments

One of the key areas where insurers often struggle  in their digital initiatives is with aligning their business processes, data and IT.  Cloud computing has the potential to bring together siloed business processes and data management practices of a typical brick and mortar insurance company under one roof to generate tangible business benefits. Cloud computing also creates a level playing field for smaller players as they can access the tools and technology at affordable prices that were previously only available to large carriers with  deep pockets.  We believe that insurers, who have not yet made the move to the cloud, should  consider implementing cloud-based solutions in order to reap the cost, scale and efficiency benefits associated with them.

Link to Source:: click here

 

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