Tag: cloud services

Cloud Services in Insurance PEAK Matrix® Assessment 2023

Cloud Services in Insurance 

 

The insurance industry has been relatively slow in adopting digital measures due to regulatory constraints and product complexities. However, carriers are embracing the change to become risk mitigators. With the exponential rise in claims costs and unprecedented levels of underwriting losses during these challenging times, the need for value maximization, resource optimization, and achieving agility and scalability has become increasingly urgent.

In the past, insurers have embraced cloud technology as one of the prominent technologies. They are aware of the cloud’s potential, which has prompted them to strategize and build new business models that can withstand an unpredictable future. As insurers embark on their next growth phase, the cloud industry is expected to drive cloud spending to future-proof the technology estate, monetize data to generate alternate revenue streams, and rethink value delivery to end customers.

Cloud Services in Insurance

What is in this PEAK Matrix® Report

In this report, we assess 35 IT service providers for their cloud services capabilities featured on the Cloud Services in Insurance PEAK Matrix® Assessment 2023. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other.
 

In this report, we:

  • Assess 35 leading cloud services providers for the insurance industry using Everest Group’s Solutions PEAK Matrix® evaluation framework
  • Examine the market impact and vision and capabilities of the cloud services providers for insurance enterprises
  • Identify and categorize providers as Leaders, Major Contenders, and Aspirantsr
  • Study providers’ key strengths and limitations

Scope

  • Industry: insurance
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading cloud services providers, client reference checks, and an ongoing analysis of the cloud services market

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Cloud Services PEAK Matrix® Assessment 2023 – Europe

Cloud Services – Europe 


In the continuously maturing cloud adoption landscape, enterprises are leveraging cloud services to increase operational efficiency, enable business innovation, and accelerate organizational growth. There is a cautious approach to adoption due to the current economic headwinds, prompting enterprises to scrutinize their cloud modernization spend and focus on cloud operations. There is a strong focus on hybrid cloud and multi-cloud strategies as a way to enhance reliability and utilize the best-of-the-breed offerings across cloud providers. Industry-specific cloud offerings, AI-backed cloud solutions, cloud sustainability, and product-centric operations are also gaining traction.

European enterprises are primarily adopting cloud to drive operational efficiencies and business growth. Demand for sovereign, private, and hybrid cloud-hosted infrastructure has been on the rise. Furthermore, enterprises are seeking AI-enabled automation and SRE-enabled operations to better manage their multi-cloud environments. As a result, Service Providers (SPs) are strengthening their horizontal- and vertical-focused partnerships with regional providers in the public and private cloud space to aid enterprises in their cloud adoption engagements. They are increasing investments in regional delivery centers to provide compliant and accelerated cloud transformation services.

Cloud Services

What is in this PEAK Matrix® Report

In this report, we assess 27 cloud SPs featured on Cloud Services PEAK Matrix® Assessment 2023 – Europe and categorize them as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings.
 

In this report, we:

  • Examine the market impact and vision and capability of 27 SPs focused on cloud services
  • Study providers’ key strengths and limitations
  • Evaluate enterprise sourcing considerations

Scope

  • All industries
  • Geography: Europe
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading cloud SPs, client reference checks, and an ongoing analysis of the cloud services market

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

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Cloud as a concept and then as a reality swept through businesses over the past ten years, and most companies moved a lot of their applications to public cloud platforms. AWS, Google Cloud Platform, and Microsoft’s Azure (the hyperscale service providers) are now powerful influencers in business today. They turned IT into a commodity and then put an as-a-service layer on it, thus influencing business thinking as well as IT. But companies are now competing in a different way.

Read more in my blog on Forbes

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