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  • Writer's pictureAnastasiia Faizulenova

The Role of SaaS Solutions in the Digital Transformation of the Insurance Industry

Renova CEO Anatasiia Fazulenova's article in Forbes Centroàmerica.

Remember when the first neo-bank apps emerged, setting a new standard for banking? The seamless digital experience quickly became the norm, prompting other industries to adapt, but insurance is behind.

Traditional insurers are losing market share to well-funded, digital-first insurance startups that raise hundreds of millions of dollars. Costly in-house digitalisation is only affordable for the biggest players but SaaS solutions are helping the rest.

With 20,000 insurers and hundreds of thousands of brokers globally, only 20% of customers have access to insurer apps, even though over 75% (PWC) desire them. While 90% of traditional insurers prioritise improving digital customer experiences, 70% can't achieve this due to investment, expertise, and development limitations (BCG, Deloitte).

To remain competitive, insurers are increasingly turning to SaaS solutions. EY's report reveals that 88% of insurers plan to significantly increase investments in public cloud services within 1-3 years. Additionally, over 70% of market players believe these solutions provide a competitive advantage compared to in-house development. This shift is part of a broader trend: by 2025, it's expected that 70% of app development will be on no-code platforms. This enables us to provide a modern customer experience and maintain market share without programming skills.

Adopting SaaS solutions doesn't lead to declining profits for insurance providers. Instead, utilising emerging technologies like AI, which can replace customer support by automatically answering policyholders reduces cost.

As the industry evolves and customers become more discerning, providers who offer user-friendly services will emerge as the winners in this competitive landscape.

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