Is cloud computing a technology approach that will make a difference for insurers? And just what is cloud computing, anyway? These questions are on the mind of many business and technology executives in insurance today.
To answer these questions, the first task is to explore the scope of cloud computing. It is easy to get confused by the long list of terms that seem to overlap “cloud,” or that are just different names for the same concept—such as hosted services, managed services, cloud computing, SaaS (Software-as-a-Service), outsourcing, ASP (application services provider), or grid computing. Old-timers will even remember the term time-sharing (not the condos on the beach kind).
The common thread for these terms is that they all represent different methods of delivering IT services. When computing resources, data, and applications are owned and managed by the insurer within their own buildings, then none of these ideas apply.
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