The use of cloud computing is on the rise among insurers, and many IT professionals at carriers see it as a threat.
"IT people are not thrilled with the rise of the cloud because it is viewed as the outsourcing of work. A lot of people are still worried about the loss of equity and the loss of livelihood," Michael Hugos, a self-described "CIO at Large," said at the "Technology Super Session" during the Insurance Accounting & Systems Association's (IASA) 2012 annual conference, held June 3-6 in San Diego.
"The rate of change is causing a certain amount of distress in IT—verging on panic—but the rate is not going to slow down. Cloud is poised to transform business," he said.
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