Cloud Computing in Insurance - Thematic Intelligence

Cloud Computing in Insurance - Thematic Intelligence

Summary

This report takes an in-depth look at look at how important cloud is in the insurance sector. It summarizes the cloud computing value chain and sizes the market. The report discusses key challenges faced by the insurance sector and provides an impact assessment detailing the areas of cloud computing insurance companies should focus on. It also highlights the key players within the theme, including case studies.

Cloud computing refers to computing delivered as an online service. It encompasses the provision of IT infrastructure, operating systems, middleware, and applications hosted within a data center and accessed by the end-user via the internet. The cloud is now the dominant model for delivering and maintaining enterprise IT resources. Cloud computing speeds up product delivery, reducing time to market. It is also scalable, meaning companies can pay for the exact storage and computing power they need per use. Cloud computing will be a key technology enabling incumbent insurers to compete with insurtechs, and address challenges such as high inflation, ESG, and the rise of personalized insurance products.

Scope

• High inflation and the resulting cost-of-living crisis is the single biggest challenge facing consumers and insurers in 2023.
• As-a-service offerings are key areas of investment for insurers and are set to reach $32.2 billion in value in 2026f, up from $16.6 billion in 2021.
• China accounted for 75% of total cloud-related patent fillings in insurance between 2020 and 2022.
• Cloud-related job vacancies in the insurance sector grew from 2,837 in January 2021 to over 9,000 in December 2022.

• Access market size and growth forecasts for cloud computing in insurance.
• Identify cloud leaders and laggards across life and non-life insurance.
• Understand the key challenges facing the insurance industry, and how these challenges increase the need for cloud computing.
• Access primary research case study examples of cloud vendors and investments in the insurance industry.
• Understand cloud computing adoption using alternative datasets and analysis showing M&A activity, mentions of cloud technologies in company filings, and cloud hiring trends in the insurance sector.