Traditionally larger companies have access to more resources and capital than smaller firms. The same holds true for top-tier insurance firms. With large insurers acquiring leading technologies and business solutions, as well as the tools to market their brand, products and services, where does this leave the mid-small sized insurance companies? Many have turned to Software-as-a-Service (SaaS) implementation and deployment models for help. Using a cloud-based, SaaS solution creates a technical environment that provides for flexibility and a more nimble company overall.
SaaS models offer insurers the basic out-of-the-box capabilities and interfaces, reducing the typical time associated with implementing a modern core insurance system. Cloud solutions also give insurers a pricing model that is built in on a monthly basis, creating price and cost certainty. Often running on a robust hosted environment that incorporates industry best practices, cloud solutions provide a modern platform that helps insurers compete regardless of their size.
In an increasingly competitive market, SaaS solutions benefit insurers, whether small, regional or start-up, by improving their agility and business capabilities. If you aren’t yet convinced, here are some advantages of SaaS in a nutshell:
1) Quick to Deploy: SaaS does not require any software to be installed, you can access your new software almost immediately.
2) Affordable, No Large Upfront Costs: SaaS is usually sold on a subscription basis that includes upgrades, maintenance and some customer support.
3) Work Anywhere: SaaS solutions can be accessed anytime and anywhere there is an internet connection.
4) Backups & Data Recovery Is Done For You: Backups are performed automatically without user intervention and ensures the integrity of your data.
5) Zero Infrastructure: The complexity of the IT infrastructure is handled completely by your SaaS vendor so you don’t have to worry about the maintenance of hardware.