In 2013 a study by KPMG study revealed that the use of cloud dominated boardroom planning, with 42 per cent of UK organisations revealing that at least one-fifth of their total IT spend in the next 12 months would focus on cloud services. However while the business benefits of moving to the cloud may be clear for many, insurers are finding the challenge of marrying data, security and the cloud a tricky one.
The most recent wave of automation and new technologies have significantly enhanced operational efficiencies in the insurance sector, increasing revenue opportunities and improving the customer experience. A recent PwC report highlighted that 49% of insurers think a competitive advantage will be gleaned for those who can unlock big data, but a strategy to understand how best to adapt is required. With so much data accumulating alongside growing compliance and regulatory demands the challenge facing insurers is how to use big data now to get ahead tomorrow?