Data is a vital resource for the insurance industry and most insurers are attempting to leverage this – according to software company Applied Systems, 50% of insurance executives are prioritising technology investments that will enable them to capture new client insights over the next few years.
“Data is really the lifeblood of the industry – insurers are key players when it comes to data management,” says Hemant Harie, MD of Gabsten Technologies. “But that comes with a large amount of risk and data breaches or outages could have a major impact on an insurer or brokerage.”
It is one thing to have a lot of valuable data, but quite another to ensure that it can be protected or recovered in the case of a crisis. While many companies are comfortable with storing data on a server in one geographical location, smaller insurers and brokerages may prefer to use cloud-based technology, the Software as a Service (SaaS) software distribution model, or edge computing, which circumvent the cost and effort of physically hosting a server. However, it really depends on the nature and extent of one’s data, and what the consequences of hosting data in a remote location might mean for a business.
To read more about how to store and protect your data, download the February issue of RISKAFRICA magazine now!
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