4 Benefits of SaaS for Insurance Companies

Posted by Angela Abbott on Apr 22, 2020 8:00:00 AM
Angela Abbott
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benefits of saas for insurance

Anyone who has been involved in purchasing software for their organization has heard of the term SaaS, or Software as a Service. And while many people understand, at least on some level, what SaaS is, it’s often hard to quantify the benefits of SaaS for your organization. For insurance companies, SaaS solutions provide a number of unique benefits that can drive real business results.

What is SaaS? SaaS is a licensing and delivery model that offers customers all the benefits of an application without requiring continuous software upkeep by your IT department or a third-party. SaaS applications deliver the latest and greatest through the Internet to your computer or mobile device (think: Netflix, Facebook, Expedia).

For insurance companies, most traditional on-premises or hosted models aren’t cutting it when it comes to collecting online payments. With these models, the underlying base code may start out the same, but each client has their own separate instance that requires individual customizations, maintenance, and upgrades. This means that getting the features you need to support your unique business needs will be both time consuming and costly.

Insurance companies face a number of challenges when it comes to remaining competitive and keeping policyholders satisfied. The right SaaS solution for online payments can solve these challenges while also improving efficiencies and lowering costs. Here are 4 important benefits of SaaS for insurance companies:

1. SaaS enables innovation

As more and more insurance companies strive to remain competitive, it’s important to keep up with the latest and greatest innovations to position your organization as forward-thinking. A true SaaS platform, like Invoice Cloud, enables you to stay on top of the latest technologies. With a true multi-tenant, single instance SaaS platform, clients are on the same stack of base code – which means updates can be rolled out effortlessly and efficiently, with no additional work on the part of your internal IT teams. Also, because SaaS solutions are highly configurable, you can always select which features you’d like to turn on, easily adapting the platform to your unique business needs.

2. SaaS improves customer satisfaction and retention

As with most industries, customer satisfaction and loyalty in insurance is of the utmost importance. Policyholder expectations are constantly changing—and increasingly they want the option to pay their bills when, how, and where they want. Since SaaS solutions are easily updated and scalable, policyholders always have access to the latest features and are able to simply and efficiently make payments and enroll in services like automatic policy renewal. This improved policyholder experience translates to increased satisfaction and, ultimately, retention.

3. SaaS is secure and compliant

Keeping your policyholders’ information safe and secure is essential, particularly when it comes to making payments. It’s therefore critical to ensure you have the latest security patches to remain compliant with industry standards. SaaS solutions are designed to automatically roll out new security patches to all clients at the same time, so your organization is never left exposed. Beyond that, SaaS platforms have a multi-tenant architecture that creates a single instance of a software application serving multiple customers, securing client data in individually partitioned databases and providing superior performance in a monitored and secure environment.

4. SaaS is highly customizable and scalable

On-premises and hosted solutions are customized on an individual company basis. This is not only time consuming but is also costly and difficult to update moving forward. In insurance, it’s important to be able to scale up quickly and cost effectively, to meet your policyholders’ needs. Since SaaS solutions, are highly configurable and able to accommodate each customer’s business rules and requirements, you can easily scale your online payment solution without the costly hardware requirements that come with hosted or on-premises solutions.

Leveraging the Benefits of SaaS at Your Organization

The right SaaS solution for online payments will drive positive results for your insurance company, such as improved policyholder satisfaction and retention and decreased costs. To learn more about the benefits of SaaS delivery models, download our ebook below.

the benefits of software as a service ebook

To learn more about how Invoice Cloud’s true SaaS solution drives industry-leaving online payment and self-service rates, schedule a demo.

Topics: insurance, saas

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