Are cloud platforms mature and reliable enough to host PAS systems? If so, what are the benefits of single-tenant versus multitenant implementations?
Yes, cloud and SaaS enable the most alwayson, fast, stable and scalable environment that’s required of modern policy administration systems. SaaS is still one of the more perplexing concepts for insurers, because it’s often equated with multi-tenant, when in fact there are different levels of multi-tenancy. With the right platform, you can get the bene ts of both. With single tenant, insurers have more control over upgrade timing and con guration as well as higher levels of comfort around security and privacy, important when working with customer data. Multi-tenant makes the most sense with infrastructure, where you bene t from auto scale and lower equipment costs.
What are some of the benefits of using product configurators? In terms of challenges, how should insurers gear up for this capability?
Insurers are being forced to improve speed to market for changes and product rollouts. Recently, everyone wanted a tool that could be used by the business. Software providers answered the call. The bottleneck that once lived in IT, has now shifted to the business side, in de ning needs and testing changes. Insurers need to adapt. There needs to be a somewhat technical professional layer – in between the con guration and the business – to translate the needs of each group into appropriate functionality. They’ll also need to increase their level of automated testing to keep up. You can still con gure wrong. Making changes fast requires fast testing.