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Insurance Powered by SaaS 3.0: Smarter, faster, better

You have decided that it is time to move out of your apartment or house and to another. You are packing your wardrobe and you realize that there are some decisions to be made. Half of the closet is filled with things you like but you just do not use. Do you take the time and energy to move these things to your new place?

Let's take this one step further. Let's say your new home has a "smart closet" that does not allow you to bring clutter. It is designed to help you maximize your use of space by only allowing you to store items where it is used regularly.

One of the benefits of the smart wardrobe is easy and quick access. You never have to look through shirts that never get worn out to reach those who do. The shelves and shelves in the wardrobe fit what you need. If you do not wear hats, there is no hat shelf. If you mostly use sandals and flip flops, the shelves are shorter than a regular shoe rack. The smart wardrobe automatically adapts to you and your "operational needs". Life is a little easier with a smart wardrobe.

It is the same logic that goes into the development and use of cloud technology. Insurance administration within SaaS 3.0 is about precision in what is used, what is stored and how it is handled. As we enter the future of SaaS, this precision will give insurers real competitive advantages. But what is SaaS 3.0? How is it different from what we have always called SaaS?

The true definition of SaaS 3.0 is everything that comes under the heading "differentiated experiences."

This would include things like:

  • Internet of Things transformation [1
    9659008] Embedded insurance
  • Predictive analytics
  • Infrastructure-level simplification with custom-built databases and serverless micro-services

It can help to think in terms of functionality. SaaS 3.0 will help insurance companies do more in terms of

predictive insurance models and risk stratification. These are just some of the real possibilities. The deeper insurers dig, the more they will realize what is possible.

A smarter strategy to build a purpose into the product

Insurance companies discover that when it comes to technology, they do not need to drive

With cloud systems, you do not take with you all the unused items that have been in the closet. You clean, pitch, start over and then move what needs to be moved after it has been organized and checked for its usefulness. It's a fresh start that stays fresh. How does this strategy work?

Majesco's Cloud Charter defines five core principles that are the future of SaaS. These answer the problems that are inherent in yesterday's monolithic system. When we look at the core principles properly, we see that they make sense because they allow adaptation that suits an insurer's purposes instead of getting an insurer's business to fit into a system box. Let's look at these five principles.

  1. Componentize – Create loosely joined cloud-based architectures that serve as microservices.

    A large insurance organization may need many or most of the features that come with an entire insurance management platform, such as . as the variety available from Majesco. A small insurer may need much less in terms of functionality. Maybe they just need formatting features and they do not require the rest.

    In a SaaS 3.0 environment, any set of services or features can easily be used as simple components.

    So instead of monolithic products, such as as a property and accident system or a complete insurance platform, all functions become available as microservices. As part of SaaS 3.0, we must be able to segment monolithic, "old school" ERP systems. We need to component the micro-services, but keep them loosely connected.

  2. Specialized – Each service is designed for a set of functions.

    As a natural by-product, these micro-services are developed for a specific function. It's like going into a restaurant where everything is à la carte instead of paying for a complete buffet where you do not eat every dish. Each function has its purpose and you only select the specialized purposes that suit your experience or needs.

  3. Ready to communicate – APIs act as a gateway to an application or data point.

    How to do it. do these features interact with the larger platform? How do they talk to each other?

    Insurance companies currently use APIs, but most do not come close to what is possible. APIs range from simple tools for data exchange to becoming the primary gateway for opportunities to talk to each other. The basic lever for SaaS 3.0 is to use APIs as the nerve center for ID stacks. The insurance companies will no longer need to create a point-to-point connection between two systems. If each system contains open APIs that can connect to any other system, insurance companies will have communication efficiency while reducing resource requirements and integration time. Open APIs delete layers of integration. They invite collaboration that in turn promotes innovation. SaaS 3.0 is an environment built for simple innovation.

  4. Data-ready – applications are built on specially built databases optimized for specific workloads

    Almost every insurance company is in the middle of its customers and how they can use cloud technology to improve them. Many have encountered an obstacle that they do not really understand. When they start solving the problem, they realize that what they are missing can be solved in SaaS 3.0. Here's the problem:

    If you're looking at an application or software, it's relatively easy to understand UX – the piece that the customer gets to touch and feel and use. Below that is something we usually refer to as business integration . Below that is the database or data warehouse – a huge bucket that contains all the data. Below are infrastructure objects such as servers, networks and security.

    But when we talk about SaaS or Cloud 3.0, managers and business strategists are often focused on the top tier. "How do we make our applications cool and unique and downloadable on iPhones?" Discussions about microservices and APIs are often limited to the top tier and iOS App Store and Google Play, etc. However, anything below that tier is potentially limiting to the innovations that insurance companies can make in the top tier. The layers below the top may hold insurers back, but some insurance companies are reluctant to go there.

    Conversations about SaaS often stop at the point where architectural analysts ask insurance companies, "What is your existing database?" It could be an SQL database or data might be in an Oracle repository. When discussing how data will be used or moved, insurers can back off. "Oh, we can not do that." There is a refusal to move.

    In these cases, the true value of data is hindered by what I call data inertia. It's too "heavy" to move. Either they have made a huge investment in their databases that they do not want to deconstruct, or they have acquired and merged so many times that many databases are held together with very important and fragile patches.

    Breaking. down into the database

    Cloud conversations must penetrate to the core of how data is stored and handled.

    For SaaS 3.0, applications must be designed with custom-built databases [06] 0019 are optimized for specific workloads.

    Think about how we use databases:

    There are transaction purposes. (Data A + Data B = Output C)
    There are reporting purposes. (Data is used to generate reports, dashboards and economics.)
    There is machine learning / AI purposes. (Data can improve operations and teach us something.)

    If we are purposeful and appropriate databases, then we can divide the database requirements so that we have a separate stream of databases used only for that particular function. Reporting will not compromise the transaction layer and it will not affect performance and methods. This is the core of what needs to happen.

    This correct design and use of individual databases is undoubtedly more effective than anything done in the transaction layer because it is an enabler. The face of the organization promises more when the core does what it needs to do to support it – and only what it needs.

  5. Motivated – Operational impact as a key imperative.

    We need to think about operational impact in SaaS the world is very different from the traditional world of technology. When cloud computing began to grow, there was the conceptual idea that the cloud brings with it efficiency. Today, however, we must consider and measure the whole realm of operational impact. We need a solid and evolving set of metrics to measure how we make progress according to parameters such as performance, efficiency, operational excellence, cost optimization and scalability.

Better SaaS begins with clear insights

By keeping operational impact at the forefront of SaaS conversations, the organization can clearly justify the transition to cloud technology. The evidence you compile when analyzing the current stack against future distribution is performance-based and not anecdotal. For those who work with Majesco, we start with an operational impact assessment so that we can jointly review and understand all operational effects that are benefits of cloud installation. We call them pillars. Each pillar stands as a reason why the cloud works so well, but together it is easy to see how they jointly support best practice in the company. The pillars include:

  • Performance Efficiency
  • Operational Excellence
  • Stack modernization
  • Reliability
  • Quality optimization
  • Optimization of optimization
  • Optimization of fast19659008 [1] 9659008] Security16599165599169 traditionally brings with it a time for reflection and the need for a fresh start. As your organization considers how it will adapt and change to meet the coming years, it may be time for you to compare your current state of affairs with the capabilities of cloud technology through the lens of SaaS 3.0.

    For a peek For some of the big reasons why cloud adoption is increasing, be sure to revisit Majesco's webinar, New Normal: The Catalyst for Cloud Adoption. For more information on how Majesco is changing the face of insurance technology through the cloud, contact us today.

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