SaaS (also known as ‘Software as a Service‘) is software accessed through the internet. This means there are no installations involved, full scalability, 24-hour support, and no need for any disk space or top-notch computers.
Software as a Service is typically accessed for a monthly or yearly fee. It’s called Software as a Service because there are no updates or maintenance users must do. It’s all done through and by the platform itself.
Benefits of SaaS
Having third-party take ownership of maintenance, databases, and services is one of the largest benefits of SaaS. This is ideal for small startups that can’t afford their software and for more significant firms that would rather invest time elsewhere.
Furthermore, the benefits of software as a service include:
It’s scalable to your needs
Software as a service accommodates both big and small customers. It’s also common for service owners to offer tailored solutions for unique needs.
It usually integrates well with other platforms
Software as a service makes customers’ lives easier through integration. When multiple services are available on one platform or compatible with each other, the databases work more efficiently. Customer information, presence, preferences, and details can be “communicated” from one service to another through integrations.
It’s customizable according to needs
Whatever the client needs explicitly from software in the cloud, software developers can provide. Managers ask clients what they need every chance they get, and when clients express their needs it’s just a matter of developing the right solution. This can be time-consuming but is still quicker than changing an in-house solution.
For SaaS owners’ security is no small matter. A big part of their business relies on their security. Plus, software as a service platforms often host massive amounts of data on users, so they must be proactive in keeping data secure. SaaS platforms handle security by utilizing two-step authentication, requirements for authentication through mobile phone apps, and constant IT security updates on vulnerabilities.
It’s cost-effective and updated automatically
Developing an in-house solution is challenging. In-house software requires a dedicated team of versatile developers to work with, forms, databases, communications with users, maintenance, centralization of information, and so on. Updates and integrations are on the third party managing the SaaS.
Why change in-house claims management for SaaS claims management software?
Considering all the benefits, SaaS is far superior to legacy in-house solutions. What does this mean? Many insurance carriers, brokers, and third-party managers developed their claims management solutions in-house long ago. In their time, these solutions were up to par with what they needed.
Nonetheless, after the evolution of technology, these solutions seem obsolete. Not because they were poorly programmed or that they weren’t updated enough. They were not designed with the world we know in mind. Today, businesses operate in an all-connected world and demand technology that can keep up.
Software as a service is one platform that solves the issues of millions of users while adapting to each specific need, constantly evolving and upscaling.
Software as a service also opens the door for APIs, Application Programming Interface, which allow insurers to share information about their insureds to accommodate each specific need.
Overall, software as a service is another example of how technology is changing the world of claims management. Terra is a great example of SaaS in the insurance industry. Book a demo today!