As part of a holistic digital transformation, insurance and reinsurance companies can enhance their businesses by adopting cloud services. With that scope in mind, the European Insurance and Occupational Pensions Authority (EIOPA) recently published a consultation paper providing guidelines for insurers outsourcing to cloud service providers. These guidelines will affect all outsourcing arrangements entered into or amended on or after 1 July 2020.
In the paper “EIOPA’s guidance on cloud outsourcing,” Milliman consultants explore the implications for firms and discuss some relevant information technology (IT) considerations. The paper also provides a checklist of the steps firms need to consider before, during, and after engaging in an agreement with a cloud service provider.