Right. The “cloud” or cloud computing, a term that means different things to many people but retain the same basic concept: my data, in the sky. For insurers, this could simply translate to less investment in hardware, increased scalability, and reductions of IT maintenance costs. But wait, there is more!
Cloud technology has the potential to become the “great equalizer” within the insurance industry. Small and mid-size companies are able to compete in a significantly larger arena with this type of enterprise system.