The choice between a SaaS solution and the traditional model of licensing, with software being hosted internally, often comes up. What are the considerations in this matter? How does a SaaS solution solve issues with legacy software?
This case study describes why and how a Dutch insurer, daughter company of one of the world’s leading financial service providers, made the switch to a SaaS solution for their policy administration.
The new system had to be flexible, both functionally and technically
The main occasion was a new business line which needed to be supported. The new system had to be flexible, both functionally and technically.
Broad functional process support, out-of-the-box availability, product introduction speed, and integration options with related applications were key elements in the consideration.
Lean and mean application maintenance and
management and scalability of the
application were also important.
Attract modern technology
A number of issues regarding investments in aged technologies and maintaining your own software, have led to requirements such as using a modern development structure, adopting modern languages such as Java, as well as modern platforms and databases.
Complying with legislation and regulations
Developments in recent years concerning legislation and regulations have limited innovative power of insurers. This trend continues with upcoming changes concerning the commission ban, transparency, management principles, and risk management. Any new solution would have to guarantee compliance with legislation and regulation. Only then can business focus their priorities on that which matters most: business challenges.
“Keylane is one of the most experienced SaaS providers of life policy administration systems in Europe.”Gartner Magic Quadrant for Life Insurance Policy Administration Systems
Choosing a SaaS solution
This important advantages convinced the insurer to choose for a SaaS solution: