Security now seen as an advantage rather than disadvantage: Novarica
Boston, MA (Mar. 26, 2018) – The number of insurers using Cloud computing has tripled in the last two to three years, according to new research from Novarica, from less than 20% to more than 70%. Insurers are seeing significant benefits from using cloud over traditional infrastructures in speed, flexibility, capacity. Novarica’s new report, Cloud Adoption in Insurance: Trends and Issues, presents data and insight from a study of 89 insurer CIOs on the impact of cloud technology on the industry. Among the key findings of the report:
- Cloud computing is mainstream. More than 70% of insurers use some cloud, and those that do are planning to use more. About 10% of insurers run most of their infrastructure on cloud.
- The conventional wisdom on security and cost has flipped. Security is now widely viewed as a benefit, while realizing cost advantages is understood to require careful management.
- No magic bullets. As with any new beneficial technology, getting the most out of cloud requires careful planning, management, and upskilling.
According to Novarica, the growth in Cloud computing, also known as Infrastructure as a Service (IaaS) or Platform as a Service (PaaS), has followed the growth of the acceptance of Software as a Service (SaaS) adoption in insurance, especially for applications like customer relationship management or financials. A new Novarica brief, Best Practices for Evaluating SaaS Core Systems, predicts that more than half of new core application purchases by insurers will be SaaS systems by 2020.
Access The Full Report
The full report is available online from Novarica.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
SOURCE: NovaricaTags: Cloud, Novarica, report