SaaS, software as a service, is now an intriguing alternative for P&C insurers. According to a Aite-Novarica report, “P&C carriers have gone from being skeptical about cloud computing to embracing 'cloud first' infrastructure strategies.”
SaaS solutions: Built for the future
Transferring P&C core insurance processes, data and infrastructure, to a SaaS partner is a game-changer. According to McKinsey, “standard [software] systems are typically much more streamlined and include ready-made functionality for pricing, underwriting, customer self-service and automation, and claims processing. As a result, they can improve efficiency across the enterprise.”
Built for the future, multitenant, single platform SaaS solutions, are critical to the success of digital transformation for P&C insurers. SaaS solutions offer huge financial and logistical benefits. With SaaS, software resources are focused on configuration versus customization, shortening overall project plan timelines, ending compatibility issues, and achieving economies of scale. SaaS solutions reduce complexity and costs enabling insurers to focus less on maintenance-oriented tasks and more on projects that support P&C insurance business strategy.
Considerations around technical infrastructure, architecture, and security have already been made by the SaaS provider, enabling P&C carriers to focus on configuring core insurance software to meet their needs rather than worrying about whether they have the most up-to-date version of core insurance system apps.
Analytics is central to insurance core processes. It drives the insurance business from claims adjustment to underwriting, policy, rating, billing, and pricing. SaaS providers enable P&C insurers to make data-driven decisions with more confidence in the accuracy of the data, and better integration of functions with no organizational silos. Sharing information becomes easier, encouraging collaboration across the system.
Core Insurance Solutions: Implemented & Delivered Quickly
The most daunting aspect of making core insurance platform changes is implementation. IT departments face daily challenges from cyber security threats to ongoing server maintenance, leaving little time to focus on strategy and insurance-centric projects.
As a cloud-based SaaS provider, Origami Core Insurance Solutions can get your business to market quickly and free up your IT team to focus on future business challenges. Here’s how it works:
-
Single platform application for policy, billing, and claims administration, reduces the need for multiple apps, allowing your team to focus on technology advancement that moves the needle versus struggling to keep up with multiple stacks.
-
Cloud computing, hosted on AWS (Amazon Web Services), offers world-class security compliance standards with top-of-the-line security, regular testing, and no server maintenance, all backed by a provider you can trust.
A single version of code is maintained at all times, meaning all 800+ Origami customers are always running with the newest capabilities. No client falls behind and there is no sun-setting of version support. There is no multi-month, multi-million-dollar upgrade path to adhere to.
-
A highly-configurable scalable solution enables administrative tooling accessible to the business user – all without the use of custom code or a developer’s time. A powerful rules engine and workflow management allow task automation and more, giving you the functionality, you need to drive efficiency.
-
Seamless reporting, data, modeling, and analytics capabilities are coupled with user-facing web applications that allow for streamlined data collection, consolidation, and submissions, saving your team valuable time that would otherwise be spent bridging communications and more between systems long after integration.
-
Origami allows organizations to centralize data, reporting, monitoring, and more from various third-party systems all in one place allowing increased visibility and transparency to internal and external users.
-
Our predictive modeling integrations enable your data to be smarter and go further, even finding new sources of revenue.
From ease of implementation to a checklist of IT “musts,” the Origami platform works to fit your needs. We also have a seasoned team of industry professionals ready to help your team implement and maintain the core insurance technology.