63 required prior to adoption . “ An awful lot of their business processes still run on traditional or legacy hardware , with complex integrations and out-of-date (“ cloud washed ”) software ,” states Fernandes . “ Replacing those systems with cloud is not an overnight process ; it requires a progressive , modern appetite combined with a mindset and culture centred on innovation .” Exploring the available options of public cloud , private cloud , hybrid cloud and multicloud will reveal unique benefits , with each capable of driving significant digital transformation within the correct company framework . Stonell advises all insurers to weigh their options quickly as the industry adopts the technology en masse ; IoT ( internet of things - remote equipment useful for providing insurers with real-time streams of data manageable by cloud ) project expenditure , by his estimate , will reach USD $ 1.1trn by 2023 . “ The ‘ cloud now ’ hype is on much the same trajectory as before the pandemic , but the need for acceleration is greater than ever .” insurtechdigital . com