Cloud computing has been gaining industry momentum lately. Its promise to deliver cost effective solution over cloud is so fascinating that many industries have started investing in cloud computing instead of having to own and manage the IT infrastructure which includes both hardware and software. One industry which is yet to fully understand the implications, both positive as well as negative, of cloud computing is Insurance industry.
This paper focuses on how cloud computing can be leveraged upon by the insurance industry to expand their businesses, to stay competent in a cost effective way, to reach to their customer in shortest possible time, to focus on their niche area of operation instead of focusing on managing IT infrastructure, etc. This paper will also provide some insights on current cloud computing platforms available in the market and their capability and limitation in serving to insurance industry.
Cloud computing is a term used to refer to the services offered on demand over internet. These services include software, platforms to develop new software/tools, and infrastructure such as servers and data center space. These services are offered by sharing resources among many consumers.
The biggest advantage of cloud computing is the provision for scalability at a lower cost. As and when required a consumer can scale up or down the services offered to it as they are provided on demand. Businesses, as consumer of the services offered over cloud, do not need to deploy more resources when they scale up their operations or remove excess resources when they scale down their operations as this responsibility lies with the cloud provider. Instead, businesses can focus on their area of operation.
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