How an insurance giant is leveraging cloud technology

Allstate is best known for being the “good hands” company, founded in 1931 to insure cars and property. But like other companies of a certain age, it needs to venture into new areas.

That’s what the insurance giant—number 84 on this year’s Fortune 500 list with $36.5 billion in revenue—has done over the past few years, starting up its CompoZed Labs unit to speed up development of new software services. After all, Allstate (ALL, -0.17%) now has to compete not only with traditional insurance rivals, but a raft of startups aiming to change the industry just as Uber and Airbnb have shaken up the transportation and lodging markets, respectively.

Launched in 2014, CompoZed Labs now handles 40% of Allstate’s software development, according to Doug Safford, Allstate’s vice president of technology innovation. The unit uses Pivotal Cloud Foundry, a software workbench for building applications that can run on a company’s internal servers, or on third-party public cloud infrastructure from the likes of Amazon, Microsoft, or Google. Pivotal, a tech company backed by investors includingDell Technologies, General Electric @general(GE, -2.36%), and Ford (F, -1.07%) offers a commercial version of Cloud Foundry, which is free, open-source software.

Read rest of the story at fortune.com

By | 2017-06-22T07:57:02+00:00 June 22nd, 2017|Categories: News|Tags: , |0 Comments

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