Cloud Based Solutions have improved and even transformed many industries over the past few years. The hallmarks of any decent cloud service include flexibility, versatility and cost savings. The benefits of the cloud have surely trickled down to the much important Insurance Sector.
The scope of insurance is virtually limitless these days. Just imagine the motorbike or car that you may use for your everyday commute. You simply can’t own and use them without having proper insurance. If you are ignoring this requirement, you are putting yourself at great personal and Financial Risk.
To expand the same example further, the process gets far more complicated when assets of a higher value are involved such as home ownership. In most such cases, insurance will again be mandated as per law and you can’t simply do away with it.
Glimpse of Insurance Sector
Since a lot of assets need to be insured as a Legal Obligation, the consumer or end user does not have any choice in the matter. However, a person seeking insurance can choose from a host of insurance companies for the service. This is where the competition gets fierce.
Each insurance company tries its level best to woo customers on its side with the best offering. When it comes to insurance, the mere financial impact of this service is not the sole criterion for selection. A high Quality Customer Support and service are an important component of the whole selection process.
Overview of the Cloud Industry
The overall performance of cloud computing industry has shown strong growth over the past few years and the situation is quite likely to remain as such. Just to give a better perspective, it is estimated that the size of global cloud computing industry will touch a whopping $300 BN by the year 2021.
In order to give you a peek into the future, it is estimated that by the year 2022, nearly 90% of all global businesses will deploy some sort of a cloud solution. This estimate lends further support to the notion that the growth of Cloud Based Solutions is showing no signs of slowing down in the near future.
How Do Cloud Computing and Insurance Match Up
Insurance is one of the most fiercely competitive service industries in almost all developed economies. It is partly due to the mandated nature of having insurance cover as part of the ownership of many assets. Even otherwise, citizens of developed economies have both the means and inclination towards insurance as well.
Also Read: What is cloud insurance?
This translates into a market size of millions of customers who are in search of not only a good insurance company but also someone who takes them along each step of the journey. At times, even the insurance premiums may go in the backdrop and service quality may take center stage.