A recent research conducted by Gartner on the insurance industry concluded that cloud computing will be a catalyst for more standardization in insurance.
However, in order for insurance firms to realize the full potential of cloud computing, they need to harmonize their IT systems and business processes.
In the research, some recommendations based on the analysis were cited, some of which were:
- Develop a process domain model and map current IT systems
- Assess technical feasibility and savings potential
- Implement stronger governance principles
- Review degree of virtual integration
Furthermore, one of the impacts predicted was that cloud computing will contribute to the breakup of traditional insurance value chains and foster further specialization in the industry – but this will not occur until insurers standardize, consolidate or virtualize their IT infrastructure.
Find out more about how cloud computing will impact the insurance industry, visit Gartner now.