Cloud computing is having a huge impact on the insurance industry, with benefits for internal processes, new customer acquisition, and policyholder loyalty. Cloud Computing has had a huge impact on all sectors, in terms of business processes, production dynamics, and in the relationship with customers, users, employees, and suppliers.
According to a 2018 Gartner Study, cloud users will double by 2021, while the market around this technology will increase from $153 billion in 2017 to an estimated $302 billion by 2021.
With this, we moved on to discuss:
1. 3 main advantages of Cloud Computing in the Insurance industry.
2. Cost savings is something that insurers are deeply concerned with and to tackle this challenge, there is an increasing interest in cloud shown by the industry. So how will this be shaping-up in the days ahead.
3. Some insurers fear that the use of cloud technology may not necessarily help them know where their data is, and so insurers don’t really understand whether it is secure and without being able to touch and feel the servers in the data centre, this is adding up to the existing security concerns particularly when it is governed by third-party relationships. So how will this be changing in the coming days.
4. Now coming to one of the major area of focus with respect to market relevance, that is, we live in an era where technology-led digital transformations are redefining industries and insurance is one of them. Majority of the core insurance systems are decades old. Proprietary platforms and legacy technology may limit insurers ability to change and innovate. With all these, what can we expect from the incumbent insurers journey towards a successful cloud migration.
Anshul Srivastav, is a leader with major operating tenets as driving technology transformation through thought leadership, design thinking, innovation, analytics & delivering value to stakeholders. Anshul is a global technology leader and change practitioner who has been instrumental in driving technology transformations for businesses in the range of multi Billion dollar as revenues. His experience has been around taking up strategic technology initiatives, architecting, delivering and managing it at an enterprise level. Anshul has several notable career accomplishments, wherein he has led, created and launched the key Artificial Intelligence, Blockchain, Cloud, ecommerce, mobile and business intelligence initiatives for various Financial Institutions across the world. He is a transformational leader and Senior Management IT professional, with more than two decades of experience spreading across multiple geographies (US, Europe, South East Asia and Middle East). Anshul has built & led local, regional, and global teams across 3 continents.
Anshul is currently the Co Founder and Chief Technology Officer at Proton Insurance and he has over 22 years of experience in Insurance, Banking and financial services. Anshul is also an ex-Chief Information Officer of Union Insurance Dubai and he has mentored and advised over 160 startups since 2010 across domains.