AWS: Insurance Sector Lags in Cloud Adoption, Forrester Study Finds
A new Forrester survey indicates that 58 percent of insurance companies lack modern technology infrastructures. Amazon Web Services highlights the role of cloud technology in industry modernization.
Amazon Web Services (AWS) has pointed to the slow adoption of cloud technology within the insurance sector. A recent Forrester survey reveals that 58 percent of decision-makers in the insurance industry do not have modern technology infrastructures, hindering the sector's progress.
AWS Marketplace recently hosted a webinar to discuss the role of cloud technology in the future of the insurance industry. The session shared experiences with modernization and analyzed the findings of the Forrester study. While industry players are generally enthusiastic about modernization, the practical implementation is lagging.
The survey indicates that modernization can assist insurance companies in adapting core technology more rapidly, leveraging data more effectively, and enhancing security. Despite the industry recognizing the benefits of cloud technology, such as improved data quality, the research underscores that the sector has not yet reached its full modernization potential.
Experts and company representatives participating in the webinar, including those from Hyland, Montoux, and Unqork, shared their perspectives and experiences regarding the challenges and opportunities of cloud migration. Existing fragmented and outdated systems were notably mentioned as a specific hurdle.
AWS emphasizes that cloud-based solutions offer insurance companies avenues to improve data quality, streamline operations, and meet evolving market demands. The sector is expected to increase its investment in cloud migration in the future to fully capitalize on the advantages offered by the technology.