The technology question that most small to mid-size insurance firms face has changed from whether to undergo a digital transformation to how to undergo a digital transformation. How can your firm move to digital without compromising sensitive data, up-ending established workflows or investing in expensive hardware? As with most things digital, the answer is the cloud. Here are some key factors to consider when integrating your data and workflow using SaaS technology.
Experience and Contingencies
The most cutting-edge SaaS technology might not always be the most reliable. When choosing a SaaS partner, evaluate the support the product provides. Look for providers that offer consultations and work alongside you to adapt the package to your organization’s needs. Ask about support options and back-ups for worst-case scenarios, such as loss of data or interrupted service.
Reporting and Governance Tools
Rapid data delivery, secure communication and cross-platform access are three of the main factors behind Saas’ popularity. From a small to mid-size insurance organization’s point of view, cloud-based risk management software is the game-changing feature that improves service for agents as well as well clients.
Insurance management software provides clients with self-service options and improves customer service. Policy profiles and summaries are created with ease and accuracy. Annual data collection processes are more efficient, simplifying the renewal process. All of the information is readily shared across silos via a secure platform with a single sign-on.
Pricing and Customization Options
SaaS options are truly adaptable to small and mid-size insurance companies. They are secure, scalable and flexible. An out-of-the-box software package is unlikely to meet these needs. SaaS technology is capable of integrating with your existing claims management system and securely transporting loss and claims data to an underwriting module that is tailored to your region-specific regulations. You have the flexibility to choose, and pay for, only the modules that your organization requires.
Insurance industry-specific software packages are customized to include options that integrate into your established workflow. As your company grows, as regulations change and as customer expectations increase, choosing an adaptable SaaS solution is imperative.