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Adding Value to Your Company Through SaaS

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Adding Value to Your Company Through SaaS

Software as a service, or SaaS, has been available to enterprise-level insurance firms for a decade or more. Now that cloud-computing costs have dipped, smaller insurance firms can use this IT structure to power apps, integrate services and store data as needed.

Firms that serve public risk pools have been the first to see the value that SaaS can bring to the insurance industry. Though organizations might find themselves choosing only one SaaS option, https://www.forbes.com/sites/forbestechcouncil/2017/05/15/five-reasons-why-switching-to-saas-will-be-the-best-investment-you-make-this-year/#5d15631c36dc>, a single platform with integrated options adds value across an agency’s entire workflow.

Employee Value

The workplace might seem to be the last location in which to consider adding value, but the bullpen area of any company is the place where real work gets accomplished. Adding value to your agents’ workflow increases productivity and drives business growth.

For example, SaaS promotes the easy transfer of data between team members without sacrificing security. By offering one secure platform that meets various work requirements, from billing and receiving to risk management systems and underwriting, agents and others can access what they need when they need it. Updates occur rapidly across departments without missing a step and regulatory compliance is delivered across integrated systems in a uniform manner.

With less time spent on administrative tasks or IT downtime, employees can nurture leads and close claims without interruption.

Customer Value

Value on the business side of a software system translates to value on the consumer side. Many customers and clients have grown accustomed to serving themselves through mobile apps and other client portals. They would rather renew their policies on their own time, receive reminders and file claims without having to interact directly with an agent unless absolutely necessary.

SaaS’s cloud-based nature makes real-time updates possible so that agents, customers and service providers can keep on top of a claim without having to spend an excessive amount of time on the phone, filling out paperwork or wading through lengthy email threads.

Competitive Edge

Agencies specializing in public risk pools know that insureds are eager to save on premium costs. To maintain that competitive edge, these agencies must employ risk management systems with high accuracy and flexibility in order to meet the customized demands of highly specific pools. The agencies must also keep up-to-date with regulatory guidelines for specific risk groups.

SaaS systems enable these organizations to seamlessly integrate necessary risk management tools with customized client portals and special billing at a scale that is suitable for the insurance company.

The ability to customize and scale the many moving parts of an insurer’s workflow makes SaaS a highly competitive solution for small, mid-size and expanding organizations.

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Breanna Schmidt