For many insurance companies, moving their insurance core systems to a vendor’s SaaS insurance platform can seem daunting. There’s often trepidation from IT departments and executives about the process and its impact on their business. However, the transition doesn’t have to be difficult. In fact, choosing the right software partner saves costs, improves service capabilities, and helps you meet today’s customer expectations. Here’s our advice for taking the leap and jumpstarting your journey to SaaS success.
Use a SaaS insurance platform to increase efficiency
The right SaaS platform will bring all of your products together into one administration system, reducing the inefficiencies of outsourcing cloud support to a third party. By working with one software technology provider, you can consolidate both the software and the administration of the cloud in one location. Having one vendor to contact for service and support, rather than multiple vendors, helps cut down on costs and improve service.
Use a SaaS insurance platform to expand product offerings and functionality
Choose a vendor that works behind the scenes and gives you the resources to deliver software to meet your deadlines. As part of a SaaS rollout, everything should work in an Agile setup within the SaaS solution. The new efficiencies created by your SaaS solution will help you enter new markets and roll out new products faster.
For a SaaS insurance platform, timing is everything
Make sure your vendor is willing to work in your timeframe, and is flexible in terms of managing and coordinating your releases, particularly at year end and during open enrollment periods.
The right vendor also will give you the opportunity to pause releases to make sure there are no future bugs deployed into production, and adjust or fast track releases if necessary. Make sure your vendor’s SLAs are tracked, managed, and fully transparent, and are comparable to other enterprise vendors in the industry. Work with a vendor that creates a help desk support model that works for your company.
How to sell a SaaS insurance platform to key stakeholders and executives
For some executive teams, moving to a SaaS solution can be a tough sell. To make the case, explain the cost and service savings you’ll get from SaaS, and hold frequent management meetings with your vendor’s steering committees and executive steering committees. Choosing a vendor that’s supportive and transparent about updates in the product and SaaS environments goes a long way in increasing your chances of success.
Today’s customer expectations have changed, and to preserve customer relationships and extend their competitive advantage, insurers need SaaS. Cloud-native technology accelerates innovation, simplifies operations, and works seamlessly with other systems to deliver personalized products and better customer experiences. By working with a partner like EIS to guide you on the SaaS journey, you can meet and exceed customer expectations today and into the future.
Want to learn more about EIS? Talk to us.