London, United Kingdom
31 October 2006
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Software
as a Service in European Insurance: Market Data and Key Issues
Report Published by Celent
Uptake of SaaS by insurers has been slow
but is accelerating.
Software as service has been a topic of conversation
for some years but the broad acceptance of the SaaS model by insurers is
still to be decided. In a new report from Celent, Software as a Service
in European Insurance, Celent estimates the insurance SaaS market in
Europe is €13 million this year and will grow at a solid rate over the
next five years to reach €53 million.
“The type of buyer of the SaaS model varies,’’
says report author Catherine
Stagg-Macey, “but one thing they have in common is the view that IT
is a commodity.” There are a number of reasons why SaaS can make
commercial sense to the buyer including lower costs and reduced
downtime."
The market is in its embryonic stages, and all
indications are that it will expand rapidly in the years to come. Early
adopters are likely to be small insurers or start-ups for whom the
commercials of the SaaS model are overwhelmingly compelling. “While it’s
unlikely that the large insurers will adopt SaaS,” says Stagg-Macey, ‘there
will be interest from nontraditional insurers such as banks.”
The objective of this report
is to provide some insight into this emerging market. Celent collected
data on a number of deals from key vendors in this market. Alongside this
primary data, and follow-up interviews, the report outlines trends for
growth in this market. The report concludes with an overview of the supply
side and some key considerations for both insurer and vendor.
The 19-page report contains
six figures and two tables. A table of contents
is available online.
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