Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives in the insurance industry. This question came about from a member that is working on plans to move core systems to the cloud and would like to understand how others are handling similar transformations. This deck provides a summary of the responses to a Snap Poll conducted October 3 – 8, 2022. 43 insurers responded to this survey over the course of five days.
If you are an insurer and are interested in participating and receiving these snap polls, please email kcarnahan@celent.com to verify eligibility.
The question that was posed was:
Background:
This insurer is putting together plans for moving their core systems to the cloud and is trying to understand some of the other nuances around how insurers are managing this transition. While they would like to understand where the greatest success has been in terms of the actual migration, they’re particularly interested in the ongoing management of a cloud strategy.
Questions:
When it comes to modernizing your existing portfolio for the cloud, where are you?
-Not considering it
-We’re interested but have not yet begun planning
-In the planning phase
-We’ve moved some minor applications over successfully
-We ‘re in the process of migration of core systems
-We’re substantially complete
How much of your portfolio do you anticipate will end up on the cloud in the next few years?
-All secondary systems
-Some secondary systems
-All core systems
-Some core systems
-We’re not sure yet
If you are moving to the cloud, are you focused on creating a Cloud Center of Excellence to facilitate this modernization?
-Yes
-No
How are you prioritizing workload migrations to the cloud?
-Focused on Greenfield cloud native solutions first
-Rationalizing portfolio to group applications that can be focused on together
-Big Bang, tackling it all at once
-Focused on reducing most expensive footprints first
-Focused on data and analytics capabilities first
-We are not migrating to the cloud
-Not sure
How are you solving for cloud technology skill gaps?
-Training existing resources
-Augmenting existing resources with professional services
-Outsourcing technology functions for the cloud
-Combination of all the above
-We don’t have cloud based applications
Which approach is being used to fund cloud migrations?
-Proof of concept testing to validate costs for migrations
-Target large storage or compute resource workloads for cost savings first, then invest in the next round of migrations
-Estimate migration costs and fund large migration efforts
-Opportunistic cloud native projects
-We are not migrating to the cloud
If you plan to migrate most of the technology portfolio to the cloud, what is the approach for the remaining portfolio that doesn’t fit?
-Outsource to a 3rd Party
-Rehost in a smaller datacenter
-Repurchase or rebuilt cloud native
-Do nothing, leave as is
-Other (describe)
How is your organization handling Business Risk views on PHI or PII data in the cloud?
-It’s not a primary concern
-Education exercises with teams on security capabilities in the cloud
-Utilizing the third-party Cloud provider teams to educate senior leaders about cloud security capabilities
-Other (describe)
What approach are you using to handle security in a multi-cloud environment?
Do you have any other advice for this insurer as they move through their migration?
