Half of insurance firms think software-as-a-service (SaaS) will transform the industry within five years, according to a recent survey by research firm Ovum.

The use of SaaS in the global insurance industry is already significant, with at least one third of insurers fully deploying or trialling SaaS, according to Ovum. Despite a “significant minority” of insurers remaining cautious of SaaS (for regulatory, risk and reliability reasons), there’s almost universal agreement among insurance carriers that SaaS will have a significant impact on both the industry and individual insurers within the next five years, Ovum says.

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