About half of insurance carriers today are in the cloud, according to Novarica's survey of 95 insurance CIOs in the fourth quarter of 2013. "There is substantial adoption of software-as-a-service, or SaaS—both at large insurers and small insurers," according to Martina Conlon, principal, insurance, at the Boston, Mass., analyst firm.
That's certainly the case at ProSight Specialty Insurance.
"Almost 60 percent of our applications are SaaS or platform-as-a-service," said Mark Popolano, CIO at Morristown, N.J.-based ProSight. "We run our technology stacks through third-party vendors and we look at SaaS as a criticality. For higher-order functions like business analysis, architecture, delivery methodologies, compliance and things of that nature, the intellectual property resides in-house. But we run everything outside. We run our policy admin system in a software provider, as well as financial reporting and detail reporting, all back office reporting. We really keep nothing in-house."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
