Software as a Service (SaaS) has revolutionised industries such as marketing, finance and retail – and now it’s the turn of the insurance sector. There are clear benefits to investing in SaaS for your business and many of the obstacles of cost and scale that have traditionally held the insurance sector back can now be easily overcome.
The SaaS revolution
SaaS is made possible by cloud computing. It provides an alternative to having an on site infrastructure that you acquire and maintain yourself for business software. Rather than buying licences for software, and the hardware to run it, under your own business name, SaaS provides access to that software via the cloud, as and when required.
The benefits of SaaS for the insurance industry
The ability to scale up or down
Client demand, seasonal changes and the impact of world events are just a few of the reasons why software and infrastructure need could ebb and flow for an insurance business. Responding to this via a traditional, on-site structure can be incredibly time consuming and is rarely cost effective. SaaS, on the other hand, enables scalability that is swift and responsive, giving your business a competitive advantage and making it easy to adjust. Whether you need to scale up or down, when you’re working with SaaS this is simple and fast.
Reducing spend on hardware and software
Switching to cloud based SaaS effectively removes the need to set up and maintain this infrastructure on site. Huge budgets for implementing, maintaining and upgrading infrastructure will no longer be required, as costs are considerably reduced thanks to the economies of scale that SaaS employs.
Security and access
Flexible working and more agile business styles have enormous benefits for insurance enterprises. SaaS makes this possible with access to cloud systems from anywhere there is an internet connection. System security falls to the SaaS provider, an entity likely to have a great deal more equipment, expertise and experience to ensure that this is delivered at the highest level.
In addition to the digital security provided by the SaaS provider, working with cloud based systems means that you no longer have the risk of a data centre on site. So, your data is doubly protected because, should something happen to the physical business premises – such as a fire or burglary - all that information is nowhere near it.
Upgrades and patches
SaaS delivers clear benefits in terms of providing access to the best possible quality and the latest upgrades for your budget. Thanks to the way that SaaS is set up you’ll most likely be able to buy much better quality, more innovative software as a service than you would as a product. Plus, the responsibility for installing upgrades, patches and carrying out maintenance no longer falls to your business. Instead it’s all bound up in the service you buy, ensuring that the software and systems you’re using are always optimised and up to date.
To discuss how SaaS could work for your business please contact a member of the Mandon Software team.