The insurance sector has always been an active user of data, wringing out insights from
demographics and actuarial models, to develop products to protect customers across
multiple areas of risk. Insurers also have tapped the cloud, leveraging software as a ser-
vice (SaaS) programs to run business functions.
What the majority of insurers have not done as effectively, until recent years, is leverage
the power of both data and the cloud to truly drive strategic improvements in the overall
business. But now a growing number of insurers are using advancements in data ana-
lytics and AI – fields that are greatly enabled and enhanced on the public cloud – to
power a next generation of value in their industry.
These insurers are generating value by both expanding product lines to meet new mar-
ket needs, and using cloud-based apps to better interact with their customers during
the education, purchase, and consumption of those products. Further, new cloud and
analytics capabilities are also powering greater external and internal efficiencies within
the companies themselves.
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