Insurance and financial services are facing a period of intense and sustained transformation. A barrage of needs and wants from customers, shareholders, competitors, regulators and employees is putting a lot of pressure on companies. This pressure is to transform at many levels. Companies are scrambling to modernize their infrastructure and their products. The level that generally adds the most value is deploying solution providers for services and capabilities that are not considered core.
SaaS solution providers offer a particularly attractive proposition that businesses can greatly benefit from. And this is regardless of the industry they operate in. Traditional companies nonetheless still face widespread struggles to navigate all the propositions and alternative solutions. Payments is a critical service for insurers and financial services companies. Customers are looking for a speedy and seamless payment experience. If they are faced with long waiting times, a limited choice of old payment methods and claim options or a complex payment process, they are quick to look for the same service somewhere else. As the market changes and customer demand shifts, insurers must be prepared to adapt and transform quickly.
Payments are generally not considered a core business area. Hence, it is receiving much less attention than other business areas both in terms of investments and resources. Companies simply don’t feel the need to build dedicated payment teams, cannot attract the best talent in this area and lack the expertise needed to fully leverage the payments area. SaaS companies, like Imburse, can offer the best-in-class technology and services. Partnering with a third-party like Imburse means that companies won’t need to allocate valuable resources to payments. They can redirect them to other critical business areas.
SaaS solution providers are also generally topic specialists, so insurers and banks can directly benefit from their resources, experience and expertise. Companies will get faster access to services and technology with minimal turnaround times and the lowest costs, exceed customer expectations and compete better across markets. Imburse, as an example of a SaaS solution provider, offers universal connectivity to the global payment ecosystem through one single point of integration. Connecting to the Imburse platform, companies can easily access and deploy all payment providers and methods available in any market. They also can gain the ability to exceed customer expectations and deliver on business needs by leveraging a future-proof SaaS solution that delivers on all the payment needs that can arise.
Both access to cutting-edge technology as well as knowledge on critical but non-core topics can be more easily accessed and deployed through third-party SaaS solutions for sustainable growth and long-term success. Partnerships with trusted SaaS providers is the necessary stepping stone for companies to stay competitive, expand to other markets and continue leading in customer satisfaction.