target audience: TECH BUYER Publication date: Jul 2024 - Document type: Tech Buyer Presentation - Doc Document number: # US50797023
Tech Buyer Presentation: Why Insurers Struggle to Unlock the Full Value of Public Cloud
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Abstract
This IDC Tech Buyer Presentation highlights the findings from IDC's EMEA Cloud Survey, 2023, identifying the obstacles insurers face in unlocking the full value of public cloud adoption. While the value of the cloud is broadly understood, the perception of cloud as merely a cost-saving tool is misguided. 83% of survey respondents report difficulties in achieving expected outcomes. The primary issue is the linear relationship of cost and cloud usage — as usage increases, so do costs. The survey underscores the need to shift from opportunistic adoption to managed cloud utilization.
Insurers aiming to unlock the full value of the public cloud must first overcome three hurdles to value generation:
- Difficulty finding service partners that meet their technology or business needs
- Cloud skills shortage
- Lack of sovereign cloud solutions tailored to their industry or country to ensure digital sovereignty
Based on the analysis of these challenges, the presentation delves into how the industry can transition to industry clouds with preconfigured data models and processes to reduce the total cost of ownership. Additionally, insurers should engage sovereign cloud providers capable of enhancing security standards, adhering to industry regulations, and maximizing the benefits of cloud adoption. AI presents a significant challenge for insurers lacking cloud skills, making this an area in which sovereign cloud providers can differentiate themselves and strengthen their case for industry cloud solutions.
This presentation was shared with clients in July 2024.