Software as a Service (SaaS) can significantly enhance the way insurers provide solutions to their customers. Stuart Blyth, director at SilverBridge, believes SaaS applications improve efficiencies, enhance scalability, and enable business to easily integrate multiple solutions to achieve business objectives.
“A few years ago, cloud-based solutions were not as secure as they are today stoking concerns around the safety of corporate data. However, security has improved significantly making it easier for insurers to come to terms with using these solutions in their business. Many of the current SaaS offerings are accessible on cloud solutions like Microsoft Azure and IBM Bluemix making for a more secure, flexible, and compliant alternative to traditional onsite applications,” he says.
Despite the attractiveness of going the hosted route, some insurers still have a very traditional mindset when it comes to their solutions offering.
“Educating people on the benefits of using the cloud and highlighting the security and compliancy of many of these platforms will go a long way in helping change their approach. And while some IT departments baulk at the notion of giving up some control of their systems, companies need to start moving their systems to the cloud. This should be done using SaaS applications sooner rather than later as the long-term benefits outweigh the short-term struggles,” he adds.
Looking at the benefits SaaS offer insurers, there can be no arguing the fact that the technology needs to be embraced sooner rather than later.
“Speed is one of the primary drivers behind cloud adoption. An insurer has no need to go through a lengthy acquisition process when it comes to hardware and software. Instead, operations within the business can use solutions as and when they are required. Additionally, most SaaS solutions utilise a pay-per-use model so there is no large upfront implementation costs to try and integrate into budgets.”
SaaS also provides for highly scalable offerings that sees the insurer able to automatically gain access to more resources as required. This also extends to a disaster recovery perspective with data being available in the cloud and accessible by a variety of devices irrespective of location.
“The solutions regularly receive updates with enhancements and fixes managed by the vendor versus the traditional upgrade process which can be long and costly to business.”
For Blyth, the current drive towards digitalisation is an ideal opportunity for insurers to adopt a cloud-based approach to their systems.
“Going the SaaS route is something that is already positively impacting on other industries. Insurers need to adopt their thought processes and embrace doing things differently. Their customers expect nothing less,” he concludes.
SilverBridge has over 20 years’ experience as a leading provider of insurance software solutions in the African financial services industry. Our footprint extends to 12 African countries. SilverBridge has introduced an enhanced service offering allowing financial services companies the opportunity to respond quickly to changing markets. With more than 30 customers throughout Africa, SilverBridge has the knowledge, experience, and technology to help its clients do better business.