While the usage of SaaS-based solutions by insurance companies is still in its initial stages, insurers need to understand the importance and utility of the SaaS model to analyze how it can be leveraged to extract maximum value across multiple channels. Firms should also explore the possibilities arising from SaaS-based solutions to better collaborate with agents and brokers and to provide them with a robust platform for better customer relationship management. Delivering applications using the SaaS model while supporting it with cloud computing will help insurers provide a strong value proposition to its agents and brokers.
At the same time, insurers should also understand the data security and regulatory risks that arise from usage of the SaaS model. Currently, these serve as biggest impediments to increased adoption of the SaaS model by insurers and need to be explored as an industry. |