GT Motive for Insurers

Why Invest in a SaaS-Based Business

Over the past decade, the software as a service (SaaS) industry has taken the working world by storm, now recognised as being one of the fastest-growing segments of the technology market. It’s a business model built on a subscription basis, centrally located on a remote cloud network, and today, SaaS models are often the go-to for many organisations.

According to Gartner, it’s been predicted that end-user spending on public cloud services would reach $482 billion in 2022. They also commented that organisations are advancing their timelines on digital business initiatives and moving rapidly to the cloud in an effort to modernise environments, improve system reliability and support hybrid work models. But this rise and demand for subscription-based pricing models is not going unnoticed.

As a result, organisations are looking for ways to rapidly migrate their software solutions to a SaaS consumption model before they miss their opportunities. But for a company to really make that all important investment, what are the main benefits they should be looking out for?

SaaS Solutions Have Huge Growth Potential

According to Mike Sonders, the 5 biggest publicly owned SaaS companies per market cap at the start of 2021 were:

  1. Adobe Inc. $215.1B
  2., Inc. $200.0B
  3. Intuit Inc. $131.5B
  4. ServiceNow, Inc. $108.9B
  5. Shopify Inc. $75.2B

But it’s not just their sheer value that’s exciting about these companies – it’s their physical growth which led them to these top 5 spots.

For example, alone grew from $161 billion in January 2020 to $251 billion in September 2021, and evaluation for Shopify in early 2020 was $52.1 billion compared to more than $185 billion in September 2021.

Recent research from ReportLinker also finds that the SaaS market is currently growing by 18% each year, and that nearly 78% of small businesses have already invested in SaaS options.

What’s more, Logic Monitor further highlight that 70% of CIOs claim that agility and scalability are two of the top motivators for using SaaS applications, and of course, the reliance on software rather than hardware ultimately cements a more predictable revenue stream.

SaaS Solutions Are Typically Less Expensive

By investing in a SaaS solution, businesses are also likely to see a significant drop in their overall costings. That’s because a SaaS model is essentially a completely new business infrastructure which doesn’t demand you any initial, upfront or management costs. Instead, they’re based on pay-as-you go frameworks and fees are based on the actual use.

This also means that there’s no requirement to invest in costly infrastructure, no need to pay for hardware, no arduous installation processes, and no wastage of money or management time.

SaaS Solutions Are Quicker to Set Up and Launch

Whilst traditionally hardware-based solutions take time and manual input to implement across an entire organisation, SaaS can take just a few hours or days to setup.

They allow businesses to access to ready-to-use applications available through cloud that can be accessed instantly – a dream for improving productivity.

SaaS Solutions Can Be Updated Easily 

Organisations with different on-site locations, stakeholders and equipment types may need to upgrade their systems with new hardware or deploy and install new versions of software each time something changes. To avoid this downtime, a SaaS models work by digital software updates to the latest subscriptions, nothing more.

SaaS Solutions Mean Data Can Be Accessed From Anywhere

As they’re hosted in the cloud, SaaS models can be easily accessed from anywhere with an internet connection. Quite literally, anyone with access to their business admin accounts can access their critical data from anywhere, even if they’re commuting on train or working from home.

SaaS Solutions Are More Scalable

Choosing a SaaS solution with an open API allows businesses to actively seek partners who already have certain technologies available that they want to offer as part of their product portfolios.

For the estimatics industry, having access to a list of integrations means businesses are able to offer a one-stop-solution for claim handlers and repairers to easily access all relevant information they need when assessing a claim.

But the key advantage here, is that there is no limit to the number of partners that can be brought on board. Building in integrations through an open API means businesses are longer limited to what they can offer – they can expand, grow and react to the needs of their customers, quickly.

SaaS Solutions in Estimatics

From licensing flexibility and ease of deployment, to accessing the latest software versions over the cloud – having a SaaS solution in place makes for a much more efficient workflow. There will no longer be a need to sift through files for the latest pricing brochure, or waste time looking for complicated part names. Instead, businesses can pin-point the exact data they need at any time, and confidently trust that it’s up to date.

At GT Motive, our SaaS based estimating solution allows our customers to instantly access the exact right data they need, from any location that has web access. Whether that be insurers demanding accuracy, or repairers seeking comprehensive information.

As a result, insurers, accident management companies and bodyshops alike, all rely on our estimating solution to support them in their supply chain, allowing for better flexible working opportunities throughout their organisation.

There’s no better estimating solution to offer flexibility to your employees and supply chain than GT Global, but don’t just take our word for it; try it for yourself.

Request your free GT Motive trial today.