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Cloud computing offers benefits for insurance companies by allowing them to increase speed to market with new products, lower operating costs, and increase profit margins. It provides hosted services over the internet, including infrastructure, platform, and software as a service. Cloud computing allows for standardization, scalability, analytics capabilities, and easier product deployment. While challenges include legacy system incompatibility, data security concerns, and compliance issues, cloud computing can help insurance companies grow by initially moving non-core processes to the cloud and addressing challenges systematically over time through a holistic cloud strategy.
Cloud computing offers benefits for insurance companies by allowing them to increase speed to market with new products, lower operating costs, and increase profit margins. It provides hosted…