Roundtable - Cloud computing: is the industry ready for it?
Post in conjunction with CSC recently gathered together a team of experts to debate the issue of cloud computing and its potential role as an enabler in the insurance space.
Among the major issues that came out were:
• As a catch all term "cloud computing" can be confusing
• The term "cloud" may be damaging as it suggests that is not solid or has little foundation
• Concern the same level of detail is not currently applied to "cloud" contracts as others
• That there is an opportunity for more bespoke insurance-related "cloud" SLAs
• The FSA has no more worries over "cloud" when it comes to data protection than losing USB sticks
• Major "cloud" operators such as Amazon and Google could be targets, simply because of their brands
• That using "cloud" could be seen as negatively by the public as offshore outsourcing
• It could give firms an opportunity to enter markets, reach new customers and deploy staff in different ways.
• That "cloud" is currently not on the radar of most CEOs and their boards
• But it could do once the saving are made more prominently
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