OneShield Discusses 'as-a-service' Economy
December 22, 2015
OneShield Software, a developer of applications for financial services companies, is jumping head first into the cloud-based software delivery model. At its annual fall conference, it recognized the importance of the “as-a-service” (aaS) model of development and its potential impact on the company as it moves forward.
OneShield’s primary goal in the coming year, it says, is to move beyond property and casualty insurance to address a wider range of insurance situations. With that goal, however, comes a host of new clients that say they want their software accessible from within the cloud and that they only want to pay for the amount of service access they use. This is where the aaS model becomes important because it gives OneShield the opportunity to give those new clients the freedom to access their financial services software from any location.
Glenn Anschutz, the CEO and president of OneShield, commented that his company has been working with clients and business partners to make their dreams a reality. These dreams begin with the realization that cloud-based applications can fully replace their on-site counterparts. In fact, this ability is attracting attention.
HfS Research for example has found that two thirds of insurers want to outsource complex business processes and four fifths want to “digitize” their core services. This gives OneShield some important insights about why going to the cloud on a subscription basis holds so much future business potential along with the ability to expand into other markets.
HfS Research notes that the delivery of financial services from the cloud is expected to grow in the coming year. This growth could create what HfS refers to as the “next-generation insurer” – one that accesses cloud-based applications for many of their core functions.
OneShield is positioning itself to be one of those leading-edge developers based on what it says is the constant attention it pays to what clients say they require for their success. Indeed, it is looking to be the engine for the emerging next-generation insurer by working with them on which core business processes could be most helpful if digitized and moved to the cloud. And, as with everyone looking to transform all lines of insurance through technology innovation, OneShield is developing a comprehensive ecosystem of partners such as Inforce Technologies, MFX, and others who participated in the company’s recent conference.
More than anything, as all of these highlights, the next-generation insurers will need to be agile as they begin to develop and use aaS software to disrupt and transform markets. As many recent reports and insurance industry executives have noted in the past year, the industry as a whole has been a laggard when it comes to technology adoption, and has done so at significant peril given what is at stake and how fast it can be changed by adroit new competitors. And, a major tool is clearly going to cloud-based subscription services.
Edited by Peter Bernstein
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