Property/casualty insurance companies have a reputation for being risk-averse. That certainly has been the case when it comes to cloud computing. While other industries have more readily embraced the cloud, the P/C insurance industry until recently has been cautious at best.Executive SummaryA growing number of insurers are using cloud computing to reduce capital expenditures, improve IT and user efficiency, and deliver a more positive user experience. It’s a new frontier for risk-averse insurers, but those hoping to compete must learn to embrace the cloud now, says SAP’s Hugh Anderson.
But that’s changing—and more rapidly than most observers would have predicted a few years ago. P/C insurers are increasingly turning to the cloud, first for business processes perceived to be the least risky, like procurement and sales and distribution management. Now, they’re even embracing the cloud for previously sacred, mission-critical functions such as policy management or the world of finance.