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If the data from the Q1 results of the global tech giants is to be believed, <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword> is ruling the cloud roost. Amazon has accounted for 40% of the global market for public cloud services in the fourth quarter of last year. The Seattle-based company reported $890 million in operating income from its cloud business, <keyword id="141088" type="COMPANY" weightage="20" keywordseo="Amazon-Web-Services">Amazon Web Services</keyword> (<keyword id="291131" type="ORGANIZATION" weightage="20" keywordseo="AWS">AWS</keyword>), which accounted for the majority of its Q1 2017 profits. Amazon is looking to diversify its product offerings and rely less on e-commerce as a main driver of revenue. AWS Summit 2017 in India indicated in the same direction. The country, being at the nascent stage of cloud computing is a big market for Amazon. Werner Vogels, CTO of Amazon .com, speaking at the summit said, AWS in India has grown by more than 50% since last three quarters. Globally, Alphabet's (the parent company of Google) revenue grew 22% year-over-year (YoY) to reach $24.8 billion in the quarter, with $3 billion, or 18% of its Q1 revenue, coming from the segment that houses its cloud business. Amazon's revenue reached $35.7 billion in Q1, with $3.6 billion, or 10% of revenue, coming from its AWS cloud segment. <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> posted revenue of $23.56 billion, with $3.6 billion, or 10%, coming from cloud. While the data prove that the businesses in cloud is still awaiting maturity, experts believe, the segment will be increasingly important for each of the tech giants. This is because the digital ecosystem moves away from being device-centric and moves towards cloud-oriented solutions wherein products and services can be accessed on a variety of devices from virtually anywhere. This shift will be more pronounced in the years ahead, as consumers and employees seek greater mobility and the Internet of Things brings exponentially more devices into the digital fray. “Fortunately we don’t have to worry about bandwidth. And most importantly, we could save a lot on Devops. With cloud support from AWS, the start ups don’t need to bother much on this side. We are India-specific start ups and we don’t have much traffic at night. So we have the elasticity to pay for the duration we use the platform,” said <keyword id="3000869" type="UNKNOWN" weightage="20" keywordseo="Devendra-Rane">Devendra Rane</keyword>, CTO of Coverfox. In India, as major companies are now opening up to the cloud, the main growth driver, according to Vogels is the need for new kind of security that is now indispensable to run a business. “When we started everything was very local. As a result, there was manpower cost and licensing cost. So we took everything to cloud to make things easier and simpler. We scaled rapidly and everything was automated. Back in 2014, we were having our proof of concept about cloud and approached Netmagic and Microsoft Azure. Why we came to AWS was because they are very customizable. At that time, we had SQL in backend. Most others demanded to join Non-SQL platforms. However AWS was the only one, which was open to customization”, Soumyadeep Barman of Faasos, a major client of AWS told Business Insider. Be it machine learning or making things cost effective, AWS has been a major blessing to start ups, which can scale fast without bothering about nitty-gritty of developer options.

Amazon is the king of cloud: Here's the proof

India has primarily been a life <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> market, currently at $60 billion and growing at 12% every year. General insurance on the other hand is currently a $11.44 billion market and growing at 17% year on year. 
 
Most of us are in general not aware about the features they should consider while buying Insurance. They find it hard to arrive at a decision about choosing the right plan because the information is not readily available. The insurance industry is still behind in its technology platforms.

	 
	<a href="http://www.businessinsider.in/exclusive-this-is-how-you-can-get-free-cloud-credits-on-digital-ocean/articleshow/56217172.cms">ALSO READ: Exclusive: This is how you can get free cloud credits on Digital Ocean</a> 
	 
	Coverfox.com is not an Insurance broker using technology. Every policy feature is looked at from multiple perspectives to arrive at its representation for the user in a way he or she understands the best. They have an internal policy scoring engine, which goes through over five dozen parameters for each insurance product, taking into account user demographics and giving personalized scores to each product for every user. 
	 
	<a href="http://www.businessinsider.in/uber-reveals-how-indians-used-its-app-to-get-around-in-2016-and-the-results-are-fascinating/articleshow/56202166.cms">ALSO READ: Uber reveals how Indians used its app to get around in 2016, and the results are fascinating</a> 
	 In the wake of demonetization, we see many traditional sectors being affected and financial services haven’t been spared either. <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> got in touch with <keyword id="3000869" type="UNKNOWN" weightage="20" keywordseo="Devendra-Rane">Devendra Rane</keyword>,CTO &amp; Co-Founder, Coverfox to find out how the industry is shaping up after being forced to digitize, for consumer advantage. 
	 “The active Jan Dhan accounts, greater push on Aadhar integration, <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> and other government initiatives have already laid the foundation of a cashless, digital economy. With demonetization, citizens understand the relevance of going digital. Moreover, people are also realizing how easy, secure and fast the digital medium of transacting is.’’ 
	 
	<a href="http://www.businessinsider.in/bi-year-ender-five-surprising-startup-acquisitions-in-2016/articleshow/56184747.cms">ALSO READ: BI Year-Ender: Five surprising startup acquisitions in 2016</a> 
	 
	Going digital does bring down operating costs, the benefit of which will be brought down to the consumers in the form of discounts, better services and improved product line-ups. 
	 
	“There are two key areas in which the insurance sector will see impact of demonetization. In the short run, we are already looking at trends where more and more customers are willing to pay the premium online instead of cash to offline agents. If you look at the health insurance sector, hospitals do a lot of transaction in cash, however, with cashless claim settlement, you can go completely cashless. 
	 
	With active Jan Dhan accounts, insurance can be made available to a lot more Indians now. This will also increase insurance penetration and bring premiums down in the long run. 
	 
	“Demonetization has bridged the gap between people who are skeptical of online transactions and the efficient, effective technology that is at their disposal across industries’’ he signs off.

Exclusive: Coverfox tells us why
online insurance is a good idea, especially after demonetisation

<ul><li>Paytm is reportedly in talks to acquire <keyword id="7716572" type="UNKNOWN" weightage="20" keywordseo="insurtech-startup">insurtech startup</keyword> <keyword id="2821957" type="PERSON" weightage="20" keywordseo="Coverfox">Coverfox</keyword> for $120 million. </li><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, Paytm founder and CEO, had earlier in an interview with Business Insider said that they are looking at the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> sector. </li><li>If closed, this could be one of Paytm’s biggest acquisitions. </li></ul>Paytm which has made its mark in the Indian digital payments space is reportedly looking at acquiring insurtech startup Coverfox for a whopping $120 million, reported <a href="https://tech.economictimes.indiatimes.com/news/startups/paytm-in-talks-to-acquire-coverfox/69625293">ET</a>. The reports say that the talks are in early stages, still. Paytm founder and CEO Vijay Shekhar Sharma had earlier told Business Insider in an interview of their plans to expand financial offerings. “This year, we plan to double down on payments to reach Tier 5 and 6 cities of India. We are also looking at expanding our financial services – Insurance is one of the sectors that we want to get into,” Sharma had told BI. There are over 142 insurtech startups in India according to Tracxn. Online insurance industry in India is <a href="https://trak.in/tags/business/2014/03/19/online-insurance-india-growth/">reportedly</a> all set to be worth ₹200 billion by 2020. If it is closed, this deal would be Paytm’s biggest acquisition so far, marking its grand debut into the insurance sector. It will then compete with the likes of Policybazaar, also funded by Paytm’s investor – Softbank. Paytm’s valuation is set to hit $18 billion, according to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-raising-up-to-2-billion-valuation-may-soar-to-18-billion/articleshow/68606766.cms">reports.</a> However, when reached out, Coverfox said, "As a company policy, we do not comment on speculation." Coverfox, whose parent company is Glitterbug Technologies, was reportedly in the market looking for a fresh round of funding of $50 million. Its latest valuation is <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/coverfoxs-parent-company-glitterbug-is-out-to-raise-50-million-in-new-round/articleshow/68313619.cms">reported </a>to be around $150-$200 million. In its last funding round in April 2018, the insurance aggregator had raised $22 million in a Series C funding led by IFC, Transamerica and existing investors - SAIF Partners, Accel and NR Narayana Murthy’s private investment arm - Catamaran Ventures. Coverfox was started in 2014 by Devendra Rane and Varun Dua. Two years later, Dua had gone on to found another insurtech startup Acko General Insurance. See Also: <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US</a> <a href="https://www.businessinsider.in/binny-bansal-and-others-invest-65-million-in-insurtech-startup-acko-with-a-300-million-valuation/articleshow/68402912.cms">This Indian insurance startup may be worth $300 million in just over two years</a>

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