More and more insurers and reinsurers are turning to the cloud for its clear business advantages, including process efficiency, application accessibility and scalability, and data use. On top of that, the pandemic has made cloud accessibility even more relevant with an increasing number of people working from home.
However, the European legislator wanted to set limits on this trend by publishing 16 guidelines, which were adopted by the ACPR (French financial supervisory body), in order to limit abuses, like data leaks, by inexperienced parties (Opinion of July 22, 2020).
In this best practices guide, Bechir Ghedhoui, Director of Technological Innovation at Prima Solutions, breaks down the ACPR requirements for insurance organizations seeking to implement cloud services and explains why these requirements, far from being prohibitive, are designed to establish guidelines for the future of insurance professionals.
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