Oracle and SAP are starting to panic

"If we think about software, the bigger guys are in effect going to have to get their cloud stories at the same time. Oracle and SAP, both incumbent software vendors, are nearly at the point of panic," Engates told Computing.

However, it is unlikely that SAP or Oracle will be adopting an in every way cloud-focused business model anytime shortly, according to Engates, as it will be too hard for them to do.

"SAP and Oracle are addicted to the old revenue model, where their sales guys are out and generating lots of money through big integration deals," he said.

The same time

"It's going to be hard for them to bring these two very different business models at the same time, and I don't envy the position they are in.

The implementation of robust, relevant digital strategies is more crucial than ever to the success of insurance businesses