Adoption of Cloud Platforms Likely to Accelerate at Large and Midsize Carriers Alike

Benefits include faster deployment times, scalability, and cost savings: Novarica

Boston, MA (Feb. 21, 2019) – The use of cloud computing platforms has become an area of significant growth in insurance. In a new report, Cloud Computing Platforms in Insurance, research and advisory firm Novarica discusses the current use of cloud computing platforms by larger carriers, its benefits and drawbacks, variants and vendors, and the potential for adoption by midsize carriers.

“Platform as a Service, serverless, and cloud database platforms are increasingly viewed as important components of the overall cloud strategy, particularly among larger carriers,” said Martin Higgins, Vice President of Research and Consulting, and author of Novarica’s new report. “These platforms offer “out-of-the-box” benefits of cloud-native development including auto-scaling and high availability, reducing the need for IT operations specialists and allowing developers to focus on delivering capabilities that more directly benefit end users.”

A preview of the brief is available online.

Summary

An area of significant growth in insurance technology is the use of cloud computing platforms. Often referred to as cloud PaaS (Platform as a Service), cloud computing platforms are integrated development and deployment platforms that allow users to create custom applications to the cloud without the need to specify, manage, or control the underlying infrastructure (network, servers, virtual machines, and storage).

While most carriers still start their cloud journey with a “lift and shift” migration to traditional IaaS (Infrastructure as a Service) cloud, many larger carriers are aggressively moving to cloud platforms for new development because of the advantages that these platforms can provide including increased productivity, better scalability, and lower cost.

Although still mostly encountered at larger carriers, the low barrier to entry of these platforms makes them an especially good fit for the midsize carriers looking to move their custom development to the cloud.

Click here for the table of contents or to access the report.

About 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 of 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: Novarica

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