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Actuarial Post: Cloud technologies aren’t for dreamers

Actuarial Post: Cloud technologies aren’t for dreamers

By Tom Murray, Head of Product Strategy, Exaxe.

[dropcap letter="L"]es Miserables, this year’s must-see Oscar-nominated film of the well-known UK musical may seem to have little to do with technology. There is, however, a key moment watching the film when the young Cossette is dreaming of escape from her life of misery and sings a song about a castle in the cloud where she dreams that all her problems will disappear.

Watching it, it struck me that there are many companies who approach cloud technology with the same child-like innocence, assuming that once they embrace the cloud, all their technology problems will fade like the morning mist. They will be able to harness technology directly to their own usage without the need for major IT projects with their expected overrun, overspend and high stress levels.

Sadly, the truth is more mundane. Cloud technology is undoubtedly very useful but it is not a silver bullet for all the day-to-day issues that affect most organisations. The more cynical among us might even be inclined to dismiss the whole area on the basis that we have seen these false dawns before where new technology would rid the user of all need to understand the underlying complexity of the platform while allowing them to harness its strength.

The truth lies somewhere in-between. Of course the cloud is not the answer to every problem thrown up by technology but, cleverly used, it allows organisations to get far more bang for their technological buck and to focus more on what adds value to their company but letting others do the heavy lifting in the technology area.

Let’s make one thing clear, though. The primary driver for the adoption of cloud technologies should not be to save money. Despite the claims of some of the less scrupulous in the industry, it is generally not going to be cheaper than in-house deployment, except for very small firms. Most life and pension companies have large complex infrastructure built up over decades and the cost of moving all this to the cloud obviously makes it a non-runner...

Read the full article in the Actuarial Post: Actuarial Post - Edition 22

Actuarial Post is an online publication offering actuaries insight into the market, an extensive library, news and the latest job listings. With a dedicated comment section; the most talked about topics in the actuarial market are discussed by actuaries dealing with the issues on a daily basis. Articles focus on the latest trends changes in regulation and the areas of pensions, investment, life and insurance.

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