Benefits of Cloud Go Beyond Cost
June 26, 2014
Grazed from INN. Author: Joe McKendrick.
While cloud computing has been in the public consciousness for a few years, the insurance industry, with characteristic caution, continues to steadily advance onto this latest platform. However, tentative steps taken a year or so ago are now accelerating into bolder moves, as insurers recognize the value and competitive advantage cloud services deliver. “In a few years’ time we believe that cloud will simply become the way things are done,” states a report from Accenture. “Those insurers that move more quickly to embrace it will gain a competitive lead that others may struggle to match.”
Insurance companies already immersed in the cloud agree with this assessment, citing a variety of benefits they are already seeing. “Cloud is a big advantage for us,” says Marianne Petillo, president and CEO at ROM Reinsurance. “When you move to the cloud, you don’t have to worry about upgrades or maintenance; that’s all done for you.”…
Cloud computing “provides a cost-effective solution that reduces our dependence on stretched IT resources,” says Gary Ramunni, senior project manager at Penn Mutual Life Insurance. In turn, the company’s IT leaders and staff can now focus on handling “the heavy lifting needed for the larger multi-year strategic initiatives.”…
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