Change is the only constant within the Non-life insurance industry. The speed, transparency, and quality of online service provision is crucial in the current insurance market. Customers have grown accustomed to simple and fast processes for each transaction they undertake. It is therefore not surprising that a lot of the latest technological innovations in the industry are aimed at meeting those increased customer expectations. In today’s digital first world, enhancing customer experiences to stay competitive and relevant is essential and demands, among other requirements, sound digitalisation strategies and optimised business processes. Keeping up increased regulatory pressure is a major challenge within the industry. Companies with an outdated IT landscape are under even more pressure to keep up with the new regulations, innovate and at the same time meet customer needs.
Dealing with multiple challenges at the same time requires an agile way of working throughout the company. A viable approach to increase agility towards meeting challenges can be by engaging vendors with expertise and experience to support enablement. Since every insurer needs to comply with the same regulations, outsourcing part of the effort required to a vendor serving multiple insurers, is a recommended consideration for insurers.
The first movers in the industry, who have implemented a modern and frequently updated standardised core platform, have gained a clear head start over the competition and are now fully engaged with their customers to offer them personalised insurance products and other related services with simple processes. This advantage will grow even further when opting for a SaaS platform as it will reduce the overall total cost of ownership (TCO) of an insurers IT landscape.
Although regulatory pressure is usually the most pressing reason to improve reporting capabilities, it is also essential in focusing both time and money on improving products and processes that need it the most. Having real-time feedback allows for much shorter cycles for improvement and innovation.
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Keylane SaaS offers agility, flexibility and scalability, which enables insurers to optimally adapt to changing market conditions, become future-ready, benefit from emerging technologies and innovation, and respond to new market entrants and/or new legislation and regulations. Keylane SaaS enables insurers to remain focused on their core business and their customers, improving products and services for them. Keylane’s full SaaS service includes monthly releasing against predictable costs. Axon is Keylane’s standard SaaS platform for non-life insurers.