Duck Creek Technologies’ Chief Technology Officer Nageswaran Vaidyanathan highlights a trio of key aspects of On Demand SaaS technology that offer advantages for insurers
“Technology is best when it brings people together” – so said web entrepreneur Matt Mullenweg. It’s of course fitting that an online technology pioneer can summarise this statement so eloquently and simply – a truth borne out of successful experience.
Bringing people together in a business – people that may not traditionally work side by side, such as IT and underwriting teams – is essential to maximising performance, and making sure good ideas and data are harnessed to their full potential. Technology should enable this, and also take away the busy time-consuming work from everyone involved.
Insurers considering new enterprise software have choices at their fingertips of course. One of the main choices they are presented with is architectural – whether to deploy an on-demand implementation, which sees their enterprise software hosted in our cloud and provided as software as a service (SaaS), or an on-premise deployment, hosted on their own servers.
Increasingly, we are seeing insurers move towards on-demand implementations, which can be deployed quickly and require less internal resources to maintain, while still providing control and broad scope for customisation. Here are three reasons why:
- Increased Speed to Market and Operational Agility
By combining Duck Creek’s P&C applications and content, our platform’s low-code configuration tools and open architecture, and SaaS delivery, customers gain the ability for everyone in their organisation to be more productive and self-reliant in their roles – as well as being empowered to move faster and be more nimble in taking advantage of market opportunities.
- Re-allocating IT Resources to Support Your Greatest Business Priorities
IT teams can hand off software upgrades, maintenance, and application and infrastructure support, and instead refocus resources to support higher-value initiatives in insurance product innovation and customer experiences.
- Lower Total Cost of Ownership
With Duck Creek OnDemand, customers will always be current and evergreen on the latest version of Duck Creek software and won’t ever have to miss out on pursuing a business opportunity because of technology limitations or technical debt.
The Software Development Lifecycle
On-demand solutions such as Duck Creek’s own offering are the future-proof strategy for insurers. Cloud-based technology offers the ability to support the software development lifecycle (SDLC) process across multiple environments. Each OnDemand customer has their own set of OnDemand Workstations that include the Duck Creek Suite, necessary third-party development tools, as well as an entire pre-configured set of cloud tools for managing the insurer’s SDLC. By using the OnDemand Workstations, customers can shrink their implementation times, improve the overall quality of the solution, and reduce their support costs by always staying current on the latest version of the Duck Creek software.
In today’s competitive insurance market, insurers need to make sure that their people are coming together properly to collaborate and share ideas, and that their enterprise software is enabling this and offering the speed and agility required to effectively address market pressures.
Cloud based solutions that are evergreen, always running the latest version of the software, coupled with a mature low-code platform allow insurers to be more nimble than the competition while reducing their overall IT costs. It’s technology at its very best.