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Snap Poll of NA Life Insurers - Cloud Deployment

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2021/04/20
Dan McCoach

Available Only for Members of the NA Celent Insurance Research Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insurance industry. This question came about from a member who is reviewing their Cloud strategy. Fifteen insurers responded to this survey over the course of several days, April 14 – April 19, 2021

Background

The general outline of the questions are from a Research Panel member. The Panel member’s organization has invested in cloud deployments and believes that they may be a leader relative to insurance peers. However, questions remain for providers, security, functional area focus, and benefits and challenges.

Questions

1. Are you using cloud technologies today?

-Yes

-No

2. Which cloud provider do you use?

-AWS

-Azure

-GCP

-Private cloud from an infrastructure provider

-Hybrid

-Other

-Pursuing, but we haven’t yet chosen a provider

-None – we are not and won’t pursue cloud hosting

3. If you are using cloud technologies, for which functions are you using Cloud (check all that apply):

-Distribution

-Sales and marketing

-Underwriting

-Product and pricing

-Policy administration

-Call center

-Operations and Servicing

-Claims

-Risk and compliance

-Legal

-Finance

-Actuarial

-Other, please describe

4. Where are you in your deployment journey?

-Conceptualizing

-Actively planning

-Migrated some workload

-Migrated a lot but not taking advantage of cloud native abilities

-Migrated a lot and feel we are taking advantage of many cloud native abilities

-Not pursuing

5. For those who have deployed, how long did it have taken you between initial decision and the rollout of first services in cloud?

-Less than 3 months

-3-6 Months

-6-12 Months

-12-24 Months

-Longer

6. What has been the biggest challenges?

-Legal / compliance /regulatory

-Lack of capabilities with cloud providers

-Lack of cloud native staff/traditional IT thinking & approaches

-CBA

-Other

7. What do you see as biggest opportunity or benefits?

-Cost efficiency and reduction

-Speed to market, agility

-Resiliency / scaling

-Technology capabilities

-Future proofing (no more migrations/upgrades)

-Other, please specify

8. Which statement would you most closely align to?

-Public cloud will always inherently be more insecure and that has to be addressed in all considerations

-Public cloud, with right choices, can be as secure or more secure than

About Celent’s Research Panel

The Celent Research Panel is a free knowledge sharing resource for senior technology and operations executives at insurers in North America.It provides an easy way for executives to share information, obtain quantitative data, and learn from each otherthrough regular ongoing surveys, snap polls, round tables, and webinars.If you are interested in joining the Celent research panel, you can reach out to Karlyn Carnahan kcarnahan@celent.comor Dan McCoach dmccoach@celent.com

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Insight details

Industry
Life & Health Insurance
Subscription(s) required to access this Insight:
Insurance
Insight Format
Reports
Geographic Focus
North America