MGA : TPA
“ When it comes to the future of insurance , cloud computing is a huge component ”
COLIN NABITY CO-FOUNDER AND CEO , BREEZE
The industry will continue to move away from legacy operations and towards decisions driven by data and predictive analytics , which are increasingly being used to digitise the insurance application process ," added Colin Nabity , Co-Founder and CEO at Breeze .
Another development in the insurtech market is that cloud services themselves can now be insured . " For the first time , cloud downtime insurance is making it possible for businesses to protect themselves from downtime events ," said Neta Rozy , co-founder and CTO at Parametrix . " This latest development in insurtech , being provided on a parametric basis , provides businesses with rapid payouts to cover any type of cloud downtime related loss ."
Insurers have more time to consider the bigger picture as a result of cloud computing
Rather than being bogged down by the day-to-day tasks of data entry and processing , cloud computing allows insurers to take a step back and concentrate on long-term strategic goals .
" Cloud computing allows us to spend more of our time building things that solve customer problems and developing proprietary technology and less time messing with servers and reinventing the wheel ," said Jack Dubie , Co-Founder and CTO at Ladder . " Being cloud-native from day one has let us really invest in automation and utilise the ' infrastructure as code ' approach ."
In addition , cloud-based solutions can help reduce the time it takes to get new products and services to market . Many startups have gone from idea to market in a matter of months by taking advantage of this rapid deployment and pay-as-you-go capability .
" With the emergence of work from home environments , cloud computing brings the power of enterprise capabilities into every home while maintaining operational stability and security ," said Nick Martin , Director of Managed Services at Mainstreet IT Solutions .
The bottom line The benefits of cloud computing are not only evident in terms of time saved or strategic goals achieved , but also in terms of the bottom line . Businesses can enjoy significant cost savings by moving to the cloud .
90 March 2022