Cloud computing plays a key role in digitisation. This also goes for insurers who are pressing on at full speed with their digital strategies. Around eight out of ten companies in the financial and insurance sectors use cloud computing, according to Cloud Monitor 2022, a recent study carried out by Bitkom Research on behalf of KPMG. ‘Cloud users in the financial industry have understood the relevance of cloud computing to their future competitiveness’, remark the analysts at KPMG.
Cloud computing means that instead of being installed on a local computer, applications, services and data are available as a service on the cloud. The public cloud, where software applications are provided as a service (SaaS), is the typical cloud computing model. The user no longer purchases the software for a fixed licence fee: they use it straight away and pay a usage-based fee, often in combination with fixed basic fee components. In practice, other models such as private clouds, community clouds and hybrid clouds are used to provide digital services.