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Letting Go of Core Insurance Systems Thanks to SaaS

There is no shortage of SaaS-based solutions for policy administration in the market, but is now the time for insurers to move this core system outside their own data center?

By Michael P. Voelker | Updated on December 31, 2009

Since the dawn of time–well, at least since the dawn of insurance technology–policy administration systems have resided primarily within insurers’ own data centers. Even carriers that today will consider Software as a Service (SaaS) for CRM, sales force automation, business intelligence, or other functions prefer to keep core data processing under their direct control.

With that said, there is a “huge amount of interest” in using SaaS for policy administration, according to Ellen Carney, senior analyst at Forrester Research. “Among CIOs we’ve talked to, they are very intrigued with the idea,” she reports.

Additionally, policy administration vendors are touting their SaaS delivery capabilities to the market. “I can’t think of a single core vendor these days in insurance that, if it doesn’t already offer SaaS, isn’t planning to,” Carney says. “It’s the price of admission these days.”

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