Long gone are the days when, as an insurance agency, you would hold extensive meetings to debate whether to buy or build software for managing your day-to-day operations. Today, this discussion has shifted towards choosing between pre-integrated and Software-as-a-Service (SaaS) for your insurance software solutions.
To make the right decision, you should consider each system’s process of replacing policies, accurate billing, and setting up of claims and rating systems. That will reveal which software, for either P&C insurance marketing, human resource management or general business intelligence, has a higher limitation in the individual components.
The balance between SaaS and pre-packaged insurance programs
SaaS solutions come with the benefit of seamless access from various locations. But that does not negate the fact that more and more insurance firms are still insisting on using the packaged programs. That is because most of this pre-integrated software address and support high-value marketing strategies. However, if you are considering having a less complex insurance management system, it is imperative that you find software that integrates these two solutions.
Delivery: Pre-integration into SaaS
Besides the factor above, SaaS appeals to insurers in many ways. The end-to-end solutions in infrastructure, constant upgrades, and support services are crucial elements here. But combining that with what pre-integration offers, you will enjoy limited risk exposure since the implementations are short. You will also have the benefit of dealing with fewer vendors because you will have a pre-integrated technology portfolio.
Delivery: SaaS into pre-integration
This is one of the solutions for constant speed-to-market. It banks heavily on predictive data analytics in making critical decisions that will enhance the efficiency of your insurance operations. But there is still more to that.
Reducing expenses in maintenance, upgrades, and integrations, benefits all insurance firms, irrespective of their size, as they can now all operate with the same advanced technology and cost structures. That puts you on the same level of technological advantages as your larger competitors.