Learn about the impact of the cloud on the insurance industry

Cath Sandoval
Copywritter

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With the emergence of technology and all the benefits it has brought, it is expected that the cloud will be the next business destination for insurance companies, this is evidenced by the European Cloud adoption index for insurance report by EY, which shows that 8 out of 10 companies will move up to 80% of their business to this technology.

What is the cloud?

According to the Eninetworks article, “What is the cloud and how is it used?“, it is a data storage service to servers located on the network. This allows programs and files to be uploaded, opened, modified or used through a connection without the need for them to be located on the storage of the device being used.

Fun fact: Did you know that Twitter, Facebook or Gmail contain our information such as photos or videos that are stored on their servers? That's why you can access everything from anywhere in the world.

Today, the cloud has become a perfect service for backing up all the information on a device, i.e., something like a hard drive located on the network.

One of the keys for the insurance industry is to get insurance companies to transform into data-driven organizations. Cloud computing adoption is increasingly being driven by the need for digital transformation and being perceived as a business enabler due to its large capacity to store information.

Key points for successful implementation

Insurers must address critical points such as:

  • The security of your data and internal challenges.
  • The cultural change must be complete.
  • They must have profiles with knowledge in Cloud systems.

Cloud computing has allowed LISA to deploy its applications, to have access to them, to have quite strong and extensive resources that we could not have in our homes or offices, since we work with Machine Learning, data processing, databases, etc.

Our resources are not limited despite having robust applications and also allows us to reduce processing times and storage of information at all times.

In our next article, we will tell you all the benefits of Cloud computing, you are not going to miss it or not? Wait for it in a few days :).

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