Profit's SaaS – A New Operational Concept for the Insurance Industry

Profit Software is now offering financial and insurance companies a pioneering concept known as Software-as-a-Service (SaaS). Solutions for the financial industry typically require a long-term vendor commitment of 10 to 15 years, so IT system upgrades are a major investment decision for insurance institutions. These firms want to be more effective today in serving their clients over the internet and in selling high-quality products through multiple service channels. Profit Software provides SaaS as a cost-effective solution for IT-investment.

Profit Software is a provider of software products and services for the management of life & pension and property & casualty insurance systems. After 16 years of operation, Profit Software is now the market leader in Finland and the Baltic region, particularly in life & pension software. On the strength of its product-based strategy, Profit is known as a pioneer in adopting modern technology to meet its clients' needs. The core idea of Profit Software's products is that a single solution covers all of the basic processes of the client's business, and the solution's modular architecture permits the client to select a set of business components and roll out the solution on a rapid deployment schedule.

SaaS is a model of software deployment in which Profit's application is a hosted service that an insurance company uses across the internet. The client has no need to install, run, and maintain the application on his own hardware. SaaS also relieves the client of all tasks related to hardware ownership, version management, and support services. Profit and its partners manage the hosted system for reliability and security. The cost of the application is based on either the number of transactions or a customer-specific measure of the volume of on-demand usage.

“The SaaS model is at its most effective when an insurance company is expanding abroad or establishing new local offices,” says Ari-Pekka Saario, CTO of Profit.  “When there is the need to handle legislative and regulatory requirements for multiple country markets, a product-based software solution that operates on an SaaS basis is certainly the fastest and most cost effective way to do this, and especially so when it is compared to an investment in own equipment, software, and maintenance & support.”

Profit is ready today to offer the Software-as-a-Service model to the insurance sector internationally, in co-operation with its partners. ”SaaS offers a new alternative operating model. Using SaaS there is no need to devote your own resources to routine ICT tasks and you can free up your organization to focus on other tasks in business development,” states Harry Nyroos, CEO and President of Profit Software.

For more information:
Harry Nyroos, President and CEO, tel. +358 40 503 0812 harry.nyroos@profitsoftware.com
Ari-Pekka Saari, CTO, tel +358 50 559 3487

Profit Software Ltd, established in 1992, is one of the leading insurance software providers in Northern Europe, providing a full portfolio of software solutions for the financial sector. Profit is the market leader in its business segment in Finland and in Baltic countries. Turnover exceeded EUR 9 million in 2007 and the number of personnel is 120. Today more than 40 companies in 8 countries rely upon Profit's software and corporate expertise.