Small-to-medium insurers who are looking to streamline their operations, increase sales and grow their businesses no longer have to use outdated and overpriced technology to stay competitive.
There is a relatively new platform for risk management software on the block and it can make all the difference in leveling the playing field for smaller insurers. It is “Software as a Service”, also known as “SaaS”, and it merits serious consideration.
SaaS is web-based, thus eliminating the need for smaller insurers to purchase expensive hardware, software, hire IT staff, and then deal with compatibility issues. Users can be given access to varying degrees as needed.
Another advantage to using SaaS is accessibility as well as portability. Staff members can log in to these systems with virtually any device that can access the web. Smartphones, notebooks, and similar devices can be used as needed whether in the office or in the field.
Using SaaS as an insurer’s management software provides the additional benefit of cost savings. Because SaaS is technically a service, it is usually obtained by subscription or license rather than outright purchase. Many of these plans offer tiered services which can be packaged as needed and may often be modified as the business grows. It’s the simplest way to outfit your team with a $20 million+ piece of technology for the annual price of a mid-level employee.
One of the most expensive aspects of traditional hardware and software purchases is the cost of obsolescence, not to mention the annoyance of purchasing expensive insurance management software only to discover a year later that it is outdated. Using SaaS eliminates the cost and frustration of obsolescence because SaaS providers maintain these systems, keeping everything always up-to-date.
SaaS applications are available for every aspect of the small insurance business, including:
-Analytics and Reporting
-Customer and Broker Portals
To sum it up, smaller insurance companies can use SaaS to secure the technological tools they need to stay abreast of the bigger companies while utilizing the special advantages and personal services that only smaller companies can provide. It can give them the edge they need to surpass their competitors.