Efficiency and agility are no longer optional for multinational insurers; they are essential for survival. The complexities of operating across diverse regions, navigating varying regulations, and meeting evolving customer expectations require innovative solutions. Traditional insurance systems, often siloed and outdated, hinder insurers from keeping up with these challenges. This is where cloud-native SaaS solutions (INSTANDA) step in, offering the scalability, agility and efficiency the industry desperately needs.
The Challenges of Multinational Operations
Running a multinational insurance business is inherently complex. Diverse regulations, localised market needs, and evolving customer behaviours create operational silos, resulting in inefficiencies and misaligned goals. Fragmented systems exacerbate this problem, limiting an insurer’s ability to adapt swiftly in competitive markets. Outdated technologies not only increase operational costs but also delay innovation, leaving insurers vulnerable to more agile competitors.
The Case for Modernisation
Modernising legacy systems is no longer a luxury but a necessity. As explored in INSTANDA’s whitepaper, transitioning to cloud-native SaaS platforms enables insurers to consolidate fragmented systems into a single, scalable solution. These platforms provide insurers with the ability to standardise operations across regions, reduce costs, and enhance customer experiences. Importantly, modernisation is not just about adopting new technology; it’s about fundamentally rethinking workflows, customer service models, and operational efficiencies.
One noteworthy example is lowering Total Cost of Ownership (TCO). By transitioning to a modern platform, insurers can reduce TCO by up to 80% compared to traditional systems. Features such as no-code configurations, API-first architecture, and scalable infrastructure provide the agility needed for insurers to grow without the steep technology costs.
Breaking Down Operational Silos
A key strength of cloud-native SaaS solutions lies in their ability to standardise systems and processes across Group and Regional levels. Traditional systems often create silos, where each region operates independently, limiting efficiency and coordination. SaaS platforms offer a unified framework that aligns local operations with corporate strategies, enhancing collaboration and strategic decision-making.
For example, insurers can now centralise underwriting and claims management into regional or global hubs, ensuring consistency while maintaining the flexibility to adapt to local regulations and customer preferences. This balanced approach fosters operational harmony while enhancing competitiveness in diverse markets.
Transforming Operations with Modern Technologies
Cloud-native SaaS platforms empower insurers to unlock efficiencies and identify areas ripe for optimisation across their value chains. By hyper-automating and using AI to streamline repetitive tasks, teams can focus on high-value operations. For example, insurers can automate administrative-heavy policy administration tasks, reducing manual errors and freeing up resources for strategic initiatives.
Additionally, these platforms enable mass customisation of customer journeys by leveraging data-driven insights. This capability enhances customer satisfaction by providing tailored solutions while keeping operational complexity in check. By democratising technology with no-code solutions, business teams can configure and launch products without heavy reliance on IT teams, significantly accelerating product development cycles.
Delivering Outstanding Customer Experiences
Personalising customer journeys is a core benefit of modern SaaS solutions. With a 360-degree view of customer data, insurers can design experiences that resonate on a personal level. For instance:
- Automated processes ensure faster response times to customer queries.
- Standardised platforms ensure seamless service, irrespective of the customer’s location.
- AI-driven insights enable insurers to tailor conversations and recommendations.
These capabilities not only build stronger relationships but also foster loyalty in an industry where customer retention is vital.
Future-Proofing the Enterprise
The insurance landscape is evolving rapidly, and adaptability is key to remaining competitive. API-first cloud-native platforms offer insurers the flexibility to integrate emerging technologies and adapt to new market requirements without overhauling existing systems. Whether it’s staying ahead of regulatory changes or scaling into new markets, SaaS solutions provide the foundation for continuous innovation and growth.
Why INSTANDA Stands Out
While cloud-native SaaS solutions broadly address industry challenges, INSTANDA exemplifies next-level innovation. Operating in over 170 countries, INSTANDA combines advanced technology with practical scalability to help insurers modernise at pace. Here’s how:
- Accelerating Product Development: With its no-code capabilities, INSTANDA empowers insurers to reduce product development timelines by up to 10x.
- Flexible Scalability: The platform’s modular architecture allows insurers to innovate and grow without incurring significant infrastructure costs.
- Streamlined Operations: INSTANDA centralises operational workflows while accommodating local adaptations, enabling insurers to maintain global consistency with local flexibility.
Ongoing success stories highlight the platform’s value:
- Great Plains Casualty used INSTANDA to launch a complex commercial trucking product across 19 states within just four months, paving the way for an 8-fold revenue growth in only four years.
- A leading German insurer reduced product launch cycles dramatically, introducing clinical trials insurance to 150 countries in record time.
A Balanced Approach to Modernisation
While INSTANDA offers industry-leading features, the transition to a modern SaaS platform doesn’t mean a complete system overhaul. Incremental modernisation allows insurers to make visible progress without disrupting daily operations. For many, this means:
- Starting small with isolated initiatives such as launching new products or optimizing select portfolios.
- Gradually scaling modernization efforts across geographies and product lines.
- Integrating seamlessly with existing IT estates to minimize risk.
This phased approach ensures continuity while setting a robust foundation for long-term efficiency.
Closing Thoughts
INSTANDA opens doors to untapped growth opportunities. Streamlining processes across regions reveals hidden value in portfolios, while advanced analytics uncover pathways for diversification. Whether the goal is market expansion, launching innovative products, or dramatically improving operational agility, INSTANDA better positions insurers to seize opportunities as they arise.
Interested in exploring how a solution like INSTANDA can drive operational efficiencies across your Group? Reach out to our team today for a consultation and start modernising with confidence or download our whitepaper for real-life examples of insurers that have already made the leap.
