Cloud Computing in Insurance - Thematic Research

Cloud Computing in Insurance - Thematic Research


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Executive Summary

Cloud Computing in Insurance-Thematic Research

Summary

Cloud computing (IaaS, PaaS, SaaS, private, and hybrid) accounted for 9.5% of a global ICT market that was worth USD2tn in 2017 according to GlobalData. While the global ICT market is forecast to record a compound annual growth rate (CAGR) of 5.7% over the next five years, cloud computing revenues-which passed USD193bn in 2017-will grow at 18%. In theory, the entire IT market could shift to the cloud, so the disruption to the global software and IT services sector is likely to be substantial.

Insurance companies are increasingly adopting cloud technology to enable digital innovation, achieve reduced operational costs, and enhance operational efficiency through greater mobility. By altering the role of the IT function within an organization, the cloud is also changing the way insurers source and utilize IT infrastructure, such as using a remote server to store, manage, and process data. The readily available infrastructure and application components enable insurers to increase capacity or add capabilities speedily without investing in costly IT infrastructure.

Scope

- This report focuses on the impact of cloud computing in the insurance sector.

- It discusses how the insurance sector is increasingly adopting cloud technology to enable digital innovation, achieve reduced operational costs, and enhance operational efficiency through greater mobility.

- It identifies key winners in the cloud computing technology theme.

Reasons to buy

- The report highlights some of the IT industry's incumbents, as well as cloud disruptors, categorized by their positions in the cloud computing value chain.

- It splits the trends analysis for the cloud computing theme into technology trends and insurance industry trends.

- It discusses the key value chain segments within each model.

- It provides an industry analysis, explaining the adoption of cloud computing.

- The report discusses the impact of cloud computing on insurance through case studies and key recommendations for insurance companies.

- It offers a technology briefing, explaining the benefits of cloud computing to businesses.



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Table of Contents

PLAYERS 3

TRENDS 4

Tech trends 4

Cloud trends in insurance 9

VALUE CHAIN 11

Cloud model (IaaS and PaaS) 12

Cloud model (SaaS) 13

Cloud professional services model 14

INDUSTRY ANALYSIS 16

The public cloud leads the way in terms of revenue 17

Market size and growth forecasts 18

What does the future of the cloud look like? 20

Competitor analysis 22

Mergers and acquisitions 26

IMPACT OF CLOUD COMPUTING ON INSURANCE 31

Insurance case studies 32

Key recommendations for insurance companies 33

COMPANIES SECTION 34

Public tech companies 34

Insurance companies 37

TECHNOLOGY BRIEFING 38

Defining cloud computing 38

The public cloud computing stack 38

Business benefits of cloud computing 38

User benefits of cloud computing 39

Deployment models 39

Cloud professional services 40

APPENDIX: OUR THEMATIC RESEARCH METHODOLOGY 43

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Intuit

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Microsoft

Oracle

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SAP

TCS

Veeva Systems

Wipro

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Aviva

BHSI

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Mapfre

Prudential

UPC

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