Best use of cloud technology: SAL, Mo.net Financial Modelling Platform
While the potential opportunities of cloud computing for financial modelling would seem obvious, the insurance industry has been relatively slow to adopt cloud-based solutions due to concerns about security and the portability of legacy modelling software.
However, with the continued need to provide detailed analysis and insight more frequently to satisfy regulatory requirements, the use of cloud technology in insurance has become a question of when and how, rather than if.
The compelling case for cloud computing is that it uses an operating expense model with customers charged for the resources they use, rather than the resources that might be on offer.
This makes cloud computing very useful for the varied and unpredictable modelling needs of today's insurance companies.
The Mo.net Cloud Service enables financial models to be run in a fraction of the time taken for legacy platforms and traditional hardware.
The service provides secure file and database resources which can be used to store model inputs, assumptions and results. Each can be securely replicated back to an on-premise copy if required.
Furthermore, the service allows for scalability, and additional development or computing resources can be added almost instantaneously.