Businesses today are increasingly turning towards automation and digitization as a means to improve their services and scale their operations. With improving efficiency is one of the major objectives, businesses have adopted automation to get rid of repetitive, manual tasks. This enables them to not only minimize the scope of risks but also lets their employees focus on other key tasks. When we talk about automation and digitization, it is impossible to miss out on the mention of SaaS (Software as a Service). Several industries have benefited by opting for SaaS solutions rather than traditional desktop or server-based software.
The insurance industry has also revolutionized and insurance companies have been able to improve their productivity and scale their operations, thanks to various SaaS solutions like Insurance Claim Management software, Insurance Agency Management software, etc. In this blog, find out what is the role of SaaS in the insurance industry, some of the key benefits, and more.
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Role of SaaS in the Insurance Industry
SaaS insurance solution has become a catchphrase in the insurance industry and it typically refers to SaaS software that offers key solutions and services related to the insurance field. In the past couple of years, digitization has completely taken over with both organizations and customers preferring to conduct business online. SaaS solutions have made this extremely easy, especially in today’s day and age where remote working and hybrid working have become the norm. One of the key advantages of using SaaS software is that you don’t have to install them and instead, you can access them online as long as you have a device and an internet connection. A SaaS insurance solution helps insurance companies to provide their products and services in a digital format so that they can be easily accessed by their customers at any time and from anywhere.
Insurance companies can use a SaaS insurance solution to perform various functions, such as claims management, underwriting, customer relationship management, policy administration, and more. Customers can also take advantage of these solutions which offer self-service portals, the ability to facilitate quicker claims processing times, customized insurance policies so that customers can choose the one that best matches their requirements, and more. The analytical and reporting capabilities of these SaaS insurance solutions help insurance companies as well as their customers to make strong, data-based decisions.
SaaS Insurance Sector – How does it work?
As mentioned earlier, SaaS solutions are hosted on the cloud which enables businesses and their customers to access the software and its various features from anywhere and at any time without having to download and install the software locally. Here is how a typical SaaS insurance solution works:
- The first step is where the insurance company locks a cloud-based SaaS solution and pays for a subscription to use their various services and tools like policy issuance, data analytics, processing claims, underwriting, etc.
- Next, the insurance company can customize the SaaS software so that the software can meet their specific business requirements. From altering the look and feel to creating workflows to adding/removing/modifying features, there is a lot of customization that can be done.
- The SaaS solution is responsible for managing and maintaining the technical requirements of the software, such as software hosting, updates, infrastructure maintenance, etc.
- The employees and customers of the insurance company can easily access the SaaS insurance solution from anywhere and share data as required.
- Based on the various pricing plans offered by the SaaS insurance solution, the insurance company will either be charged monthly or annually. The subscription model enables companies to scale or contract their operations as required without having to spend on new servers, installation, and maintenance of software, workstation, etc.
Key Benefits of SaaS for the Insurance Industry
Now, that you have a fair understanding of how SaaS solutions work for the insurance industry, let’s take a look at some of the key benefits of using SaaS insurance solutions.
- Scalability – One of the key advantages of using a SaaS insurance solution is that enables businesses to scale their business manifold when compared to traditional in-house infrastructure. As your company grows, your IT infrastructure also needs to grow and a dedicated SaaS insurance solution makes this possible. Depending on new hardware and on-premises software can have an adverse impact on the scalability of your business.
- Efficiency – Boosting efficiency is one advantage of SaaS solutions experienced by businesses of all sizes and types. Automating manual tasks is one of the common features available in most of the SaaS insurance solutions and it is one of the best ways to improve the overall efficiency of your business. By automating various time-consuming tasks, insurance companies can reduce the time and resources spent on those tasks and instead focus on other key deliverables.
- Customer Experience – For insurance companies, customer experience is one of the top goals and objectives. By adopting SaaS insurance solutions, these companies can ensure that they provide top-notch customer experience. They can also have the customers using these solutions which in turn makes it easier and more efficient for the customers to view and update their policies, submit claims, make payments, etc.
- Cost Savings – SaaS solutions are often preferred as they are more cost-effective when compared to hardware and on-premises software. When businesses opt for a SaaS insurance solution, they do not have to worry about investing in the maintenance or upgrade of the software. Also, since this SaaS software is available on a subscription model, businesses can ensure that they are paying only for the services that they are using.
- Flexibility – Flexibility is another popular benefit of using a SaaS insurance solution. With the option to access the software from anywhere and at any time, it enables businesses to better facilitate remote working which has become the norm today. Also, since the software upgrades are done automatically, you can rest assured that your employees and customers will always be able to access all the latest features and tools.
Top 5 SaaS Solutions for Insurance Industry
Here are the top five recommended SaaS solutions for the insurance industry:
- Applied Epic
- LexisNexis Carrier Discovery
- Aclaimant
- Claimable
- FileHandler Enterprise
Conclusion
SaaS has truly become a way of life as there are several benefits of using a SaaS solution. Also, since this SaaS software is applicable for all types and sizes of industries, it has become all the more important for businesses to quickly adopt them in order to stay in the competition and gain an edge over their competitors. The insurance industry has also undergone a lot of transformation and they can no longer rely on traditional methods of working. Choosing and using a SaaS insurance solution has become a must if you wish to scale your business and provide a seamless customer experience.
You can check out some of the top SaaS insurance solutions on SaaSworthy!
