What exactly is SaaS (and why is it everywhere)?

  Amanda   |   4th November 2022 - 5 min read

Technology | Insurance | Knowledge Centre

What is SaaS?

So, you want to know what SaaS is apart from an acronym for Software as a Service?  Well, put simply, it is software you access through an internet connection that normally comes in the shape of an online platform.

SaaS is now prevalent throughout our personal and professional lives, to list a few examples of SaaS companies we use every day: Netflix, Amazon Prime, Office 365, Spotify, Salesforce and countless more. Some of the largest companies in the world are now SaaS companies, and despite the current popularity of SaaS it is not a new concept originating in the 1960s with a computer timesharing project by MIT. 

If we acknowledge the success of SaaS, which it is hard not to with current estimates putting the SaaS markets expected growth to be to $716.52 billion by 2028, the question remains why has SaaS seen this explosion of growth since the advent of Salesforce in 1999? 

Insurance-software-for-innovators. - web based insurance software

Why SaaS? 

Ease of Access

One of the great benefits of SaaS as a solution is that (normally) all you need is an internet connection and login details to access it. The accessibility has been a huge part of its rapid adoption, whether it’s accessing Amazon Prime while on holiday or logging into Microsoft Office 365 while on a work trip, constant availability is one the great benefits of SaaS products.

Being a cloud-based company means that your customers can access your software wherever they are. No more being tied to your desk. Couple that with the remote working boom since Covid, and we’ve got the recipe for you in your pyjamas, in the Scottish Highlands visiting your Aunt… and still being able to fiddle about with those rating files.

Low Upfront Costs

Due to being software, the set-up costs for SaaS are normally remarkably cheap as for the most part it will be designed to run on systems that you will already have such as your work PC or Laptop. The only real cost barriers to entry in a SaaS product will be your subscription cost and any optional onboarding fees you choose. 

Consistent Iteration

SaaS products are constantly iterated and improved upon through updates and patches. This makes SaaS products extremely flexible when it comes to responding to market conditions and user needs. SaaS products with high number of users have a wealth of data and knowledge to draw from, allowing them to introduce meaningful much-needed features for their users. 

Scalability

When it comes to SaaS solutions the main restrictions to scaling the solution across your company is either ‘seats’ on the platform, or restrictions on using the functions of the platform. Luckily, these restrictions can nearly always be removed in moments simply by upgrading the package creating a flexible way to tailor the solution to your company’s needs.

Data and Analytics

Due to the service being run and operated through a centralised platform most SaaS companies will have data and reporting packages, that will provide valuable insights into not just your use of the platform but how the rest of the market is engaging with it. Allowing you and your team to make informed decisions on the platform. 

As well as access to useful data, finding a SaaS that allows you to make changes FAST is also highly beneficial. In turbulent markets, being able to rely on your own expertise to introduce new products is a hugely worthwhile benefit. Instead of relying on support staff, try bringing any skills in-house, allowing you to take control of your own growth!

To find out how the SchemeServe platform can help you take control of your schemes – pop us a line! We’d love to hear from you.

support@schemeserve.com

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Manda Hinkin-Page

Manda spent the majority of her 20s working for London based non-profits, studying Person-Centred Counselling, and achieving a First Class degree in Creative Writing. Since 2020 she has been freelancing as a Copywriter, and joins us as Marketing Manager.

She loves animals, swing music, psychology, cake, pesto, ballet and walking to the top of really big hills.

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