Cloud Computing. An Evolution not a Revolution Christopher Ling. 18 th June 2011

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1 Cloud Computing An Evolution not a Revolution Christopher Ling 18 th June 2011

2 Cloud Computing - What is it? What is Cloud Computing? Cloud Computing" is not that new, but is gaining traction through high profile personal computing developments. Adoption is following conventional technology adoption models. Read-only then High Volume, Low Complexity offerings first. (RMS Data cleansing fits this model.) In essence, it is on demand provision, via the internet of Resources Software Services Information Services Essentially it describes a dis-aggregated the n-tier architecture and enables data and application servers to be separated and hosted remotely. What Services are provided via the Cloud? Software-as-a-Service - Individual software applications available on demand Storage-as-a-Service - Used for data storage / data archiving/data back up Platform-as-a-Service - Multiple applications available on demand Infrastructure-as-a-Service. - Provision of partial or broad infrastructure Page 2

3 Cloud Computing - Challenges Legislative Due to the nature of the cloud, the geographical location in which data is stored is not always easily identifiable. Whilst service providers are moving towards geographically based availability zones this issue persists and is cited as a key barrier to cloud service adoption Operational Risk Remote access to cloud services arguably decreases operational risk due to geographical dispersion. Traditional models for disaster recovery and the management of operational risk need to evolve to include the cloud service model. Availability of Services With a couple of recent high profile outages, concerns remain with regard to the stability and availability of cloud based services Again this is a key barrier to cloud service adoption Standardisation In Insurance, standardisation of business processes and messaging still has a way to go Page 3

4 Cloud Computing - Opportunities Cloud computing is arguably at the highest point of the technology Hype cycle. Potential opportunities for insurers may include; Reduction in transaction costs due to economies of scale offered by Cloud Service providers. Examples of cost reduction include A Global insurer is using 3 cloud bases around the globe to host and manage data and some application services in order to drive scale economies and reduce follow the sun support costs. Potential to enhance the agility of the IT Service delivery model. E.g. speed of access to software resources and infrastructure capacity, ability to upscale/downscale demand for services A major UK bancassurer is currently looking at moving all and core desk-top services into the cloud. This will enable a step change in mobile working, whilst ensuring that knowledge is held within that organisation. Potential to divert funds from capital expenditure to operational expenditure. A leading UK niche bancassurer has been implementing Services Oriented Architecture to accelerate product launches and improve operational agility, whilst variablising costs. As a result, it has moved all its post production hosting services into the cloud. A recent, major go-live release and its programme schedule were compromised by its Cloud provider s outage- of days duration. Page 4

5 Cloud Computing Opportunities Gartner Hype-cycle Gartner Hype Cycle Source: Gartner August Hype cycle Page 5

6 Technology automation/ adoption in Insurance Examining technology automation / adoption in insurers (and other arenas), it can be seen that technology adoption begins at the simple and high volume end of the spectrum. In the most part, technological capabilities expand to support lover volumes and increased complexity economically. Refreshes / Updates Annual/ - Monthly Overnight 4 Day Batch Near-time Real-time Complexity of Data and Operations (No. of Data Entities / no. of relationships Variability of Processes High 1000 Med Low BESPOKE Specialty Underwriters (Knowledge and Expert Systems) VARIABLE/ NON STANDARD POLICY PROCESSING Pricing and Less ( complex R/I EU and Asia Work Cells Small Teams STANDARD VARIABLE Service Shops (Rules Based/ Parameterisation) HIGHER VOLUME Mass Production/ Customization Cheaper Automation - Technology is enabling greater complexity to be automated cost effectively for lower and lower volumes 2,000 20, ,000 2,000,000 20,000, m Low Medium High V High Log Scale of Annual Volume of Transactions / Processes Niche technology player have endeavoured to solve particular problems in more complex and limited scale contexts but in most cases have failed to really take off and grow out of these niches. Page 6

7 Likely Cloud Technology adoption in Insurance Applying the model overleaf and relevant applicable Cloud technologies, we see that this model still holds up: - Refreshes / Updates Annual/ - Monthly Overnight 4 Day Batch Near-time Real-time Complexity of Data and Operations High Med Low BESPOKE? VARIABLE/ NON STANDARD? STANDARD VARIABLE Service Shops (Rules Based/ Parameterisation) RMS Catastrophe Risk modelling data and solutions Blogging HIGHER VOLUME/ SIMPLE / Social Networking Basic/ Commodity Hosting Simpler ubiquitous applications Insurers have started to embrace the Cloud where there is a clear business case and where risks can be managed -i.e. A lower complexity context. Low Medium High V High Log Scale of Annual Volume of Transactions / Processes Page 7

8 Cloud Computing Future Despite the opportunities offered by the cloud there are a number of factors inhibiting wide scale adoption. These include: - Ability to develop solutions which leverage the benefits of the Cloud Ability to align existing legacy architectures with Cloud-based solutions Ability and willingness to find work arounds to regulatory constraints Ability and willingness to obtain stakeholder buy-in to Cloud-based solutions particularly with respect to quantifying and controlling operational risk factors such as: - Data location and security Hosting reliability of mission critical services Immediacy - Speed and performance Page 8

9 A final thought RMS Why and evolution RiskBrowser(TM) Is the First Internet-Based Extensible Toolset with a Rules Engine to Ensure Consistency in Property Underwriting MENLO PARK, Calif. -- Risk Management Solutions (RMS) announced today the release of RiskBrowser, an Internet-based extensible toolset for property insurance underwriting. RiskBrowser's unique rules engine is designed to eliminate inconsistency between underwriting decisions and a company's evolving business objectives. The rules engine allows clients to apply their own proprietary underwriting rules to every submission. These rules can be altered quickly and easily, ensuring that underwriting practices consistently reflect an insurer's or reinsurer's up-to-the-minute portfolio management strategies. RiskBrowser resides and is maintained on central servers, which allows clients to make changes and updates only once for immediate access to all users. In addition, browser-based interfaces provide a single point of data entry for property insurance, reducing redundant data entry and providing real-time hazard and loss information. ``With RiskBrowser, there is less of a recurring investment in new hardware and less complexity for the end-user. Since the system is browser-based and web enabled, it minimizes the amount of investments we have to make on a workstation to get the latest technology and data in front of our underwriters. In addition, we can centralize our data repository for quicker analysis and evaluation of exposure information'', Page 9

10 Thank-you

11 Important information Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. For more information, please visit Ernst & Young is a leader in serving the global financial services marketplace Nearly 30,000 Ernst & Young financial services professionals around the world provide integrated assurance, tax, transactions and advisory services to our asset management, banking, capital markets and insurance clients. In the United States, Ernst & Young LLP is the only public accounting firm with a separate business unit dedicated to the financial services marketplace. Created in 2000, the New York City-centered Financial Services Office today includes more than 3,300 professionals in over 30 locations across the US, as well as in Bermuda, the Bahamas and the Cayman Islands. Ernst & Young professionals in our financial services practices worldwide align with key global industry groups, including Ernst & Young s Global Asset Management Center (based in London), Global Banking & Capital Markets Center and Global Insurance Center (both based in New York), which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, Ernst & Young s financial services professionals provide high-quality assurance, tax, transactions and advisory services, including operations, risk and technology, to financial services companies worldwide. It s how Ernst & Young makes a difference EYGM Limited. All Rights Reserved. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. Page 11

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