Are Cloud-Native Solutions the Future of Insurance?
It is no mystery that technology is shaping the way we do business today. Nor is it a surprise, that the Software as a Service (SaaS) market size is projected to reach $307.3 billion by 2026. As an industry, it has been reported that SaaS has seen almost 5x growth in the last six years (from $31.5 billion to an estimated $145.5 billion) and it is projected that 85% of software used by organizations will be SaaS by 2025.
SaaS insurance solutions for forward-thinking businesses
The insurance market is not immune to the attraction of the benefits SaaS solutions pose for forward-thinking businesses. Businesses recognize that their products will be left to collect dust without efficient and digitally-managed systems as cloud-based platforms surge ahead. At INSTANDA we are proving this to be true, showing impressive growth in the past year and responding intelligently to the ever-evolving requirements of the insurance space. Gross Written Premium (GWP) growth has reached 70% from July 2020 – 2021 (in comparison to July 2019 – 2020), and we have signed 12 new clients this year, totaling 70 active client contracts. Recent successes in new territories such as the UAE, and progress towards collaboration with new clients in Japan, mark our influence to global markets.
Aiding us in our mission to simplify and speed up the underwriting process is the Microsoft Azure Marketplace, of which we have been a member for almost a year. The online market enables businesses to test, purchase, and implement the software and services they need to build new solutions. We are proud to be a partner in this space, combining insurance know-how with powerful technology to best serve today’s insurance carriers. Greg Murphy, Executive Vice President of North America at INSTANDA, values the collaboration with Microsoft as a natural step forward. “We have seen the power of having Microsoft in our corner and are excited to pursue opportunities together in the insurance marketplace,” he said. “With the strength of Microsoft and the insurance experience of INSTANDA, we can help the insurance industry move towards a digital focus.”
Revolutionize insurance through the cloud
We and Microsoft share the forward-thinking values of cloud innovators, and this partnership through Microsoft Azure showcases the speed, cost efficiency and agility we exhibit in an increasingly digital world as we help insurance professionals work smarter. Helen Williams, our UK Marketing Lead, believes strongly in the benefits of the collaboration. She said: “Microsoft’s integrated cloud services have revolutionized the business world through the Azure platform.” Helen values the impressive levels of scalability, cost-effectiveness, and security that Microsoft Azure affords its vendors. “Benefits include scalability in demand, cost efficiency and rapid deployment,” she added.
Clients hoping to drive progress by implementing cloud-based solutions can access our revolutionary services via the marketplace. One such client benefitting from our SaaS-based solution is Exsel, an MGA carrier operating from Madrid. Once a paper-reliant and manually managed insurance product provider, Exsel now uses three product lines built seamlessly within INSTANDA’s program: drone insurance, cyber insurance, and second layer liability insurance. Exsel now distributes these products digitally via our platform, saving valuable time and resources. With the underwriting facility in-house, the delegated authority from their carriers, and now the self-service tech platform, Exsel has the means to create and manage insurance products in an agile environment.
Innovation meets technology
When innovation in insurance processes meets advanced technology, it can only mean great things. Here at INSTANDA, we look forward to a continued and productive partnership with Microsoft, enabling our clients and their end customers to benefit from this combination of cutting-edge systems. Insurance needs evolve too fast for vendors to remain static, and when progress drives success, don’t get left behind. With INSTANDA, you never will.
