SSP marks transition to software as a service model with new Hood Group deal
SSP is to provide insurance solutions provider Hood Group with a SaaS-based policy admin solution including pricing, data enrichment, aggregator integration, contact management, customer self-service, finance, and pre-application fraud prevention for household and travel products. SSP currently provides technology for 8 of the top 10 UK insurers and works with the top four global insurers.
SSP’s SaaS offering moves insurers to a pay per transaction model which enables them to implement updates and introduce new products more quickly. This includes product lines not traditionally seen as justifying complex capex spend.
Hood Group, which has used SSP’s technology since 2006, white labels home and travel insurance propositions for brands such as Asda Money, RAC, Telegraph Media Group, MORE TH>N and Legal & General. SSP’s SaaS solution will enable it to introduce bespoke data sources, capabilities and products quickly for each brand. Using SSP’s SaaS offering, the company can trial new capabilities as required, without investing in costly or expensive upgrade programmes.
Rupert Bidwell, Head of Territory for Europe at SSP commented:
“Insurers are caught in a fruitless cycle of legacy technology upgrades. They are an expensive, time consuming diversion which distracts insurers from developing better products and us from creating new technology. Expectations are changing. Insurers want to experiment with new technology and ideas without having to bet their future on them. Whether it’s top tier insurers looking to keep niche lines competitive or smaller disruptors who need to be at the leading edge, I fully expect 80% of our insurer administration software to be based on SaaS within four years.”
Simon Hood, CEO of Hood Group said: “We’re committed to being at the forefront in using technology and data innovatively to add value to both our partners and their customers. This has been the backbone of our success to date and will be the bedrock of our success going forward. We’re building our data capabilities to target core customers for our individual partners and at the same time we’re expanding on our digital marketing skills which have already made a real difference to promoting the insurance solutions we provide.”