What is Insurance-as-a-Service (IaaS)?
IaaS is a subscription-based approach that provides businesses with access to pre-built elements of the insurance value chain to streamline operations and improve efficiency.
The "Something as a Service" approach has gained significant popularity across various industries and involves companies subscribing to services from vendors to boost their operational efficiency, benefiting from affordability, easy installation, scalability, and quick upgrades.
When it comes to Insurance-as-a-Service (IaaS), insurtechs offer other companies access to pre-built elements of the insurance value chain through subscription-based platforms, allowing them to improve their offerings for their customers.
In an Insurance-as-a-Service model, insurers use technology to streamline processes. For customers, this means they can easily compare and switch various insurance options, customize coverage based on their needs, and purchase policies where it’s relevant for them.
For insurance companies, it brings a range of benefits, including improved underwriting, streamlined claims processing, fraud detection, and enhanced customer service. IaaS also provides insurers with data to assess risk, determine premiums, and handle claims more efficiently.