IT model, launched by Canada’s LOGiQ3, could replace traditional hosted infrastructures
A Canadian insurance services company has launched a ‘cloud computing’ format for life reinsurers.
The solution, developed by LOGiQ3 with cloud computing specialists BlueLock, means life reinsurers are no longer obliged to build their own data centres and computing capacity can be tailored according to requirements.
It is already being applied by a ‘major US life reinsurer’, which now has 50,000 cessions under active management with the cloud computing model and this is set to double by the end of the year, LOGiQ3 said.
Simon Bell, chief operating officer of LOGiQ3 said the option for companies to build their own data centres "is no longer feasible due to time and cost".
“Using a traditional physical hosted environment requires companies to obtain systems and applications hardware which then requires constant management overhead of extending and maintaining this growing physical environment,” Bell said.
“The cloud computing platform that BlueLock provides enables our clients to closely align the growth of their business with our infrastructure capacity without these costs and considerations.”