Industry observers believe that cloud will play a large role in enabling new and evolving business models in insurance, such as telematics.

"One thing that will drive future momentum of cloud is undoubtedly an explosion of usage-based insurance in the next few years," says Accenture's Michael Jackowski. "Carriers will be trying to move fast and furious to keep up, and there are tons of cloud-based telematics companies popping up."

The problem for carriers is the infrastructure investment required to successfully implement a usage-based program. "If you tie yourself in knots studying the market, you'll be behind," says cloud consultant Michael Hugos. 

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