"As companies race to adapt and implement generative AI, they need to be mindful that there will be no future AI benefits to be realized without cloud-enabled systems," Ravi Khokhar, global head of cloud for financial services at Capgemini, said in a release. Credit: VICHIZH/Adobe Stock A strong majority (91%) of insurance companies and banks have started moving their core business applications to the cloud, but few are leveraging cloud computing at a scale to reap its full benefits, according to Capgemini Research Institute. More than half of the companies surveyed have moved just a fraction of these core applications to the cloud.
Zooming into the P&C industry's survey results show that 85% of companies are using the technology today compared with just 29% of companies in 2020, Capgemini's survey revealed. The rapid pace of adoption in recent years has been driven demands for transparency, streamlined customer services and improved operational efficiency. At the same time, concerns about data security and resiliency in a cloud environment have waned.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at shallo@alm.com
