Leveraging SaaS to Tackle the Legacy Challenge
SaaS has gained interest in the insurance world recently. A growing number of insurance companies are considering the SaaS model for core insurance systems.
In the report, Leveraging SaaS to Tackle the Legacy Challenge: The Case of Legal & General Netherlands, Celent details Legal & General Netherlands’ experience in implementing a new policy administration system (PAS) using a SaaS model offered by LeanApps, a Dutch life and pension PAS vendor.
“Customization challenges remain despite SaaS, and going from an internal development approach to a package based on a SaaS model represented a substantial cultural change for Legal & General,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report.
“SaaS for core insurance offers valuable benefits in the long run, especially in terms of the commercial model, maintaining application currency and supporting efficiency,” addsJamie Macgregor, Senior Analyst with Celent’s Insurance Group and coauthor of the report.
This report provides reasons to consider investing in a new PAS as well as the elements taken into consideration by Legal & General when it opted to purchase—rather than develop—its system. The report looks at the SaaS model approach offered by LeanApps as well as Legal & General’s perceived benefits and concerns about SaaS. Finally, it examines Legal & General’s lessons learned about SaaS from the implementation project for core insurance systems.
This 32-page report contains one figure and eight tables.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Introducing Legal & General Netherlands
Legal & General Reasons and Approach for PAS Replacement
Leveraging Software as a Service
Addressing Legal & General SaaS Concerns
Lessons Learned About the Implementation Project and SaaS
Leveraging Celent’s Expertise
Related Celent Research