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After the Shock Part Five Big Tech and Insurance Trends

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After the shock — Insurance in 2021 and beyond 30 Technology trends: Data, ecosystems and the public cloud Two key trends have run through the entirety of this report: a growing use of data and expanding ecosystems. This was by no means deliberate – I didn't set out to write a report on data and ecosystems – but these threads do seem to run through the heart of the insurance industry at the moment. Evidently, the use cases of data and ecosystems differ by line of business – usage-based insurance is much more relevant to personal, health and life insurance, whilst management information regarding portfolio exposure is pertinent to commercial insurers. However, the overarching basis of the emergence of these trends is the same: insurers want to make better business decisions, reduce the likelihood of a claim and differentiate their service based on elements other than price. In order to achieve this goal, insurance companies must reassess their technology architecture and data structures in order to lay the foundations upon which they can innovate. The benefits of the public cloud are vast. Nowadays, software that is hosted in the cloud is the most secure and performant. Not only this, but cloud- hosted software can be delivered 'as-a-service', meaning all monitoring and maintenance are handled by the vendor. By outsourcing these tasks, companies can save money and move their IT staff from menial software maintenance to innovative and value-adding application development. The business case for upgrading legacy systems can be made on these factors alone, but perhaps the most compelling reason to upgrade to the cloud relates to the advanced data capabilities that are made available to users. By storing data in the public cloud, insurance companies can expose that data to advanced analytics tools, including machine learning and AI. Structured and unstructured data from a variety of sources can be fed into these tools and deliver real-time, intelligent results. If an insurance company wants to be data-mature, they must embrace public cloud technology. Store data in the public cloud

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