The insurance industry is past the tipping point. Cloud adoption rates have increased with an overall high level of satisfaction among cloud customers.
In a recent Novarica study, 26% of the P/C companies surveyed reported moving one or more core system components to the cloud. Moving core systems to the cloud is not only broadly acceptable, but is trending towards the more common implementation choice.
In discussions with insurers who have already moved one or more core systems to the cloud, Novarica found:
• Preconceived or initial concerns were usually overstated or unwarranted
• Implementation project issues that arose were no different than with in-house core system implementations
• Various positive benefits to cloud implementations
• Some issues with change management and responsiveness post implementation Core systems moved to the cloud are staying there.
None of the insurers interviewed for this report indicated that they were moving systems off the cloud.