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Cloud Computing in Insurance - Thematic Intelligence

Publisher GlobalData
Published Mar 09, 2023
Length 61 Pages
SKU # GBDT17855622

Description

Cloud Computing in Insurance - Thematic Intelligence

Summary

This report takes an in-depth look at look at how important cloud is in the insurance sector. It summarizes the cloud computing value chain and sizes the market. The report discusses key challenges faced by the insurance sector and provides an impact assessment detailing the areas of cloud computing insurance companies should focus on. It also highlights the key players within the theme, including case studies.

Cloud computing refers to computing delivered as an online service. It encompasses the provision of IT infrastructure, operating systems, middleware, and applications hosted within a data center and accessed by the end-user via the internet. The cloud is now the dominant model for delivering and maintaining enterprise IT resources. Cloud computing speeds up product delivery, reducing time to market. It is also scalable, meaning companies can pay for the exact storage and computing power they need per use. Cloud computing will be a key technology enabling incumbent insurers to compete with insurtechs, and address challenges such as high inflation, ESG, and the rise of personalized insurance products.

Scope
  • High inflation and the resulting cost-of-living crisis is the single biggest challenge facing consumers and insurers in 2023.
  • As-a-service offerings are key areas of investment for insurers and are set to reach $32.2 billion in value in 2026f, up from $16.6 billion in 2021.
  • China accounted for 75% of total cloud-related patent fillings in insurance between 2020 and 2022.
  • Cloud-related job vacancies in the insurance sector grew from 2,837 in January 2021 to over 9,000 in December 2022.
Reasons to Buy
  • Access market size and growth forecasts for cloud computing in insurance.
  • Identify cloud leaders and laggards across life and non-life insurance.
  • Understand the key challenges facing the insurance industry, and how these challenges increase the need for cloud computing.
  • Access primary research case study examples of cloud vendors and investments in the insurance industry.
  • Understand cloud computing adoption using alternative datasets and analysis showing M&A activity, mentions of cloud technologies in company filings, and cloud hiring trends in the insurance sector.

Table of Contents

61 Pages
Executive Summary
Cloud Computing Value Chain
Key players in the cloud computing value chain
Cloud services (PaaS and IaaS)
Cloud services (SaaS)
Cloud professional services
Insurance Challenges
The Impact of Cloud Computing on Insurance
How cloud computing helps resolve the challenge of high inflation
How cloud computing helps tackle the challenge of ESG
How cloud computing helps resolve the challenge of personalization
How cloud computing helps resolve the challenge of cybersecurity risks
How cloud computing helps resolve the challenge of data compliance
How cloud computing helps resolve the challenge of insurtechs
How cloud computing helps resolve the challenge of lack of trust in insurers
Case Studies
AXA’s Move to the Cloud initiative
National Interstate deployed cloud applications to improve policy processing
Ping An Insurance is implementing cloud across all business units
FloodFlash using AWS to store parametric flood data
Data Analysis
Market size and growth forecasts
Cloud services
Cloud infrastructure
Mergers and acquisitions
Patent trends
Company filings trends
Hiring trends
Social media trends
Cloud computing timeline
Companies
Leading cloud computing adopters in insurance
Leading cloud computing vendors
Specialist cloud computing vendors in insurance
Sector Scorecard
Life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Key challenges facing the insurance sector
Table 2: Mergers and acquisitions
Table 3: Leading cloud computing adopters in insurance
Table 4: Leading cloud computing vendors
Table 5: Specialist cloud computing vendors in insurance
Table 6: Glossary
Table 7: GlobalData reports
List of Figures
Figure 1: Key players in the cloud computing value chain
Figure 2: Enterprise cloud spending falls into three categories
Figure 3: The cloud computing value chain: PaaS and IaaS
Figure 4: The cloud computing value chain: SaaS
Figure 5: The cloud computing value chain: Cloud professional services
Figure 6: Travel and pet insurance policies will be most affected by high inflation
Figure 7: Thematic impact assessment
Figure 8: Cloud services in insurance will grow at a CAGR of 14.1% between 2021 and 2026
Figure 9: Global cloud infrastructure revenue in insurance is expected to reach $13.4 billion by 2026
Figure 10: Cloud patent activity grew by almost 3,000% between 2002 and 2020
Figure 11: Cloud computing innovation in the insurance sector is led by China-based companies
Figure 12: Cloud-related mentions in company filing increased more than threefold between 2016 and 2022
Figure 13: Cloud is not in the top 10 most mentioned technology themes in insurance companies’ filings
Figure 14: Cloud-related job vacancies in insurance grew 230% between January 2021 and December 2022
Figure 15: US companies are posting the most cloud-related jobs in the insurance sector.
Figure 16: Cloud-related social media posts in the insurance sector have gradually declined since March 2021
Figure 17: The cloud computing story
Figure 18: Who does what in the life insurance space?
Figure 19: Thematic screen - Life insurance sector scorecard
Figure 20: Valuation screen - Life insurance sector scorecard
Figure 21: Risk screen - Life insurance sector scorecard
Figure 22: Who does what in the non-life insurance space?
Figure 23: Thematic screen - Non-life insurance sector scorecard
Figure 24: Valuation screen - Non-life insurance sector scorecard
Figure 25: Risk screen - Non-life insurance sector scorecard
Figure 26: Our five-step approach for generating a sector scorecard

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