SaaS: Data Security and Regulatory Compliance
Software-as-a-service in the insurance industry is booming. For an insurance business to be able to deliver online applications without having to invest, or reinvest, in expensive IT infrastructure and the support staff, brings obvious advantages.
In today’s world, customers demand always-available and up-to-date platforms from which to manage their digital portfolios effortlessly and with a genuine sense of control and flexibility.
For a business operating over a SaaS platform, they have the peace of mind that their staff can just as easily access the tools they need to do their jobs from their home offices as they could their company offices. In our post-covid world, such agility is no longer a luxury, but a necessity.
But there are genuine concerns business leaders have when considering making a jump from in-house IT to a SaaS platform, and top of that list is the need to protect sensitive data and remain compliant in terms of security and industry regulations.
The insurance industry is heavily regulated, and compliance is expensive and can feel like a full time job, taking you further away from what you want to be doing – growing your customer base and building better products and services. And new regulation and compliancy demands arrive frequently, ensuring you are never truly free of such concerns.
A move to a SaaS platform also brings with it the outsourcing of your data management, so you need to be sure that data is protected and being managed according to local and global laws.
“Compliance rules are very strict for non-life insurance companies, they spend a lot of time, money and resource making sure they are compliant.”
Roy Smeets, Chief Technology Officer at Keylane
So what does this have to do with SaaS providers? Simply put, when you decide to make the move to an insurance SaaS provider, you are getting much more than a professionally outsourced software platform. SaaS providers also ensure you are compliant where you need to be, and adhere to strict laws in terms of data security and management.
When choosing a SaaS-platform you are outsourcing the responsibility of keeping your customer’s data secure. So, a SaaS provider which aims to unburden its clients must take full responsibility in all compliancy areas which relate to data security, data reporting, regional compliance and licensing.
This is the promise of SaaS: unburdening clients. It is about much more than simply providing a platform that works.
Want to learn more about regulatory compliance and Keylane’s SaaS solutions? Read our whitepaper here.