While cloud computing has been a hot topic for the past few years, it has taken a while for US P&C insurers to adopt cloud computing as part of their core claims service. However, things are changing.
A recent Accenture survey of claims executives found that cloud computing and software as a service (SaaS) are quickly gaining credibility. We found that:
- Twenty percent of insurers plan to migrate claims to the cloud or to a SaaS model in the next two years.insurers to adopt cloud computing as part of their core claims service. However, things are changing.
- Twenty-six percent of insurers are looking at cloud and SaaS options for claims.
We found a slight gap between small and large insurers with respect to their cloud computing plans. An equal percentage are planning to migrate claims to cloud or SaaS models within the next two years, but in the longer term, 36 percent of large insurers and only 16 percent of smaller insurers are considering cloud options. Notably, 60 percent of small insurers have no plans to migrate their claims functions to cloud or SaaS options.
Next week, I’ll look at the second area of investment for US P&C insurers in claims: analytics.
To learn more:
- Read the survey: North American Claims Investment Survey: A Foot in Today, a Leap into Tomorrow for P&C Claims Functions (pdf; opens in a new window)
- View the Accenture North American Insurance Claims Investment Survey infographic