Cloud Computing in Property & Casualty Insurance – Capgemini

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 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

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