Why to decide for cloud based solution
  • SaaS is cost effective, it brings down immediate expenses. It distributes expenses over time. What expenses:
    • server hardware, storage devices and networking equipment and housing
    • software administration (DB and software administration, OS upgrades)
    • an in-house IT staff or an external IT consulting company
  • Extensible architecture and guaranteed performance
  • High level Price/Value ratio
    • reduced time to profit/rapid prototyping
    • cost sharing among other tenants
  • Hardware and software maintenance moved to external experts
  • Integration and Scalability
  • Work anywhere
    • Accessibility and persistence
  • SaaS eliminates lump sum payments affecting CAPEX
  • CAPEX (capital expense) = one-off investment, an expense that a business incurs to create a benefit in the future
  • OPEX (operating expense) = an ongoing cost for running a product, business, or system
    • Required for the day-to-day functioning of a business
    • Recurring costs thus easily predictable and calculable
    • Recognized as an expense causing tax reduction
    • Shorter and easier decision-making process on IT spending

Functional Scope of SaaS Applications

Business areas covered by SaaS
  • Product definition and new product development
  • Quotations and application management
  • Underwriting and policy issuance
  • Ongoing policy administration and endorsements
  • Claims management
  • Reinsurance and Coinsurance
  • Product definition and new product development
Business areas covered by SaaS
  • Billing and collection management
  • Processing of provisions and Actuary
  • Technical sub-ledger accounting
  • Business Process Management (workflow)
  • Reporting
  • Mobile Self-services insurance portal
  • ERP system and GL functionalities
Configuration Capabilities and Upgrades
  • Common features
    • Screen layouts
    • Automation via business processes
    • Business features and functionalities
    • Statutory reporting
    • Interfaces to regulatory
  • Client specific features
    • Product lines and Migrated
    • Commission schemes
    • Reinsurance programme
    • Accounting and technical GL
    • Business processes (workflow)
    • Client specific reports
  • Regulatory compliance
  • Future-proof roadmap (new functionalities)
Pros and Cons of Software as a Service
  • Subscription-based payments
  • Scale at your own pace
  • Low up-front investment
  • Access your information anywhere & anytime
  • Software updates
  • Easy to deploy and manage
  • In budget operational costs
  • High-level of security
  • Costs distribution over time (OPEX instead of CAPEX)
  • Constant & reliable integration maintenance
  • Cost sharing among tenants
  • Software and the associated corporate data are not on-premise
  • Recommended to small and medium enterprises
Affordable. Flexible. Comprehensive. Be invited for a demo session!