Stamford, Conn. — Although Software-as-a-Service (SaaS) may appeal to life insurance IT organizations because of the lower number of resources needed for implementation and support, it’s still not a mainstay element of their policy administration systems. But as the market heats up, competition and expansion into new markets may force life insurers to rethink their SaaS decisions and, as they do, vendors will need to step up, according to new research from Gartner, Stamford, Conn.
Gartner’s research included interviews with approximately a dozen U.S. and Europen life insurers, as well as vendors of policy administration systems. In its report, “Impact of SaaS on Life Insurance Policy Administration,” life insurers and pension providers point to several reasons for holding back on a hosted solution commitment, especially for management of policy administration.
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