Core in the cloud is a hot topic that has garnered a lot of interest and an equal amount of debate as insurers confront the challenges that the digital world brings to our industry, and certainly, insurers' use of cloud has increased.
Even though there has been a lot of discussion on this topic, the exact momentum of core in the cloud has been difficult to pinpoint.
SMA's latest research, published in Insurers' Core Systems Buying Trends, reveals that cloud deployment has reached a clear tipping point in insurance: 36% of all core systems purchased in 2015 will be deployed in the cloud, especially policy and claims. In fact, this is the first year that SMA has found that a majority of new core systems will not be deployed on-premise: 58% of insurers made the critical decision to outsource the hosting, maintenance, and upgrades.
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