Cloud Computing in Insurance - Thematic Research

Cloud Computing in Insurance - Thematic Research

Summary

This report provides in-depth analysis of the use of cloud in the insurance industry. It looks at use cases and how the technology can help overcome the challenges faced by insurers. It provides a thorough overview of the market along with analysis of how the development of cloud technology will impact the insurance value chain.

The rise of insurtech - the digitalization of insurance - is posing a huge threat to incumbents. They are being disrupted by digital-savvy start-ups, such as Lemonade, which use digital tools to offer a more personalized and cheaper insurance experience. Combined with a general lack of trust in insurers, consumers are increasingly switching to digital-native insurers. Traditional firms risk further falling profitability if they fail to digitally transform. Insurance firms also face increasing cybersecurity risks due to the sensitive customer information that they control, and increasing regulatory scrutiny of the storage and use of this information.

Scope

  • The use of cloud technology will benefit the insurance industry across the value chain, with use cases being found in both the life and non-life insurance space.
  • Cloud computing has changed the way companies can store and interact with data. Its advantages over legacy technologies are the offer of a more convenient and powerful alternative for IT at a cheaper price point.
Reasons to Buy
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the market.
  • Be prepared for how regulation will impact the use of wearable tech in insurance over the next few years.


  • Introduction
    • Insurance firms face disruption from digital competition
    • The cloud can empower insurers
    • Winners
    • Losers
  • Cloud value chain
    • Key players in the cloudcomputing value chain
      • Table Figure 1: Key players in the cloudvalue chain
      • Table Figure 2: Enterprise cloud spending falls into three categories
    • Cloud services (IaaS and PaaS)
    • Cloud services (SaaS)
    • Cloud professional services model
  • Insurance challenges
    • Table Figure 3: Trend analysis of leading cloud influencers
    • COVID-19
      • Table Insurance challenges
  • The impact of cloud on insurance
    • Table Figure 4: Thematic impact assessment
    • How cloud computing helps resolve the challenge of cybersecurity risks
    • How cloud computing helps resolve the challenge posed by insurtech
    • How cloud computing helps resolve the challenge of falling profitability
    • How cloud computing helps resolve the challenge of the disappearing retail customer
    • How cloud computing helps resolve the challenge of lack of trust in insurance firms
    • How cloud computing helps resolve the challenge of an increased regulatory burden
    • How cloud computing helps resolve the challenge of sustainability
  • Case studies
    • Lemonade's cloud based platform
    • Ax2a's move to the cloud to become a customer-driven, tech-led organization
    • Sunday's use of cloud to offer more competitive premiums
    • Allstate movedto the cloud to speed up development times
  • Market size and growth forecasts
    • Table Figure 5: Global cloud infrastructure revenue in insurance will reach $7.5bn by 2024, up from $5.5bn in 2019
    • Table Figure 6: Global cloud services revenue in insurance will reach $19.5bn by 2024, up from $12bn in 2019
  • Timeline
    • Table Figure 7: The cloud story
  • Players
    • Leading cloud adopters in insurance
      • Table Leading Cloud Adopters in Insurance
    • Leading Cloud Vendors
      • Public companies
        • Table Competitive Position in the Cloud Computing - Public companies
      • Private companies
        • Table Competitive Position in the Cloud Computing - Private companies
    • Specialist cloud vendors in insurance
      • Table The Competitive Position of Specialist Cloud Vendors
  • Glossary
    • Table Glossary
  • Appendix: Our thematic research methodology
    • Viewing the world's data by themes makes it easier to make important decisions
    • Traditional research does a poor job of picking winners and losers
    • That is why we developed our "thematic engine"
    • How do we create our sector scorecards?
      • Table Figure 8: Our five-step approach for generating a sector scorecard
    • What is in our sector scorecards?
    • How do we score companies in our thematic screen?
    • How our research reports fit into our overall thematic research ecosystem
    • About GlobalData
    • Contact us
    • Research
    • Client Services
    • Disclaimer

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