These are undoubtedly good times for companies based on the as a service (aaS) model, as they offer pay-as-you-go and scalability, two of the key advantages over traditional models. The funeral industry has been the latest to take advantage of the benefits of new technologies, transforming the concept towards Funeral as a service. Among the new tools available to funeral companies, insurers and individuals, World Funeral Net is a platform that offers all the advantages of being part of the largest funeral network in the world with a fully personalised and on-demand service.
As a service: definition
The as a service model is becoming a success among companies because it allows them to introduce technological changes, offer new services and improve the customers’ experience with a great control of costs, which means an increase in competitiveness. In short, the as-a-service model makes it possible to offer different services on demand through cloud technology supplied by providers that standardise these systems to optimise their cost. This allows users to choose the level of control over the information and services they will provide.
There are multiple ‘as a service’ propositions:
- IaaS: Infrastructure as a service
- PaaS: Platform as a Service
- SaaS: Software as a Service
- XaaS or AaaS: Everything as a service
- FaaS: Funeral as a service
As a service model in the insurance industry
The as a service model has also reached insurance companies, and policies with a price based on the customer’s use or degree of personalised risk are beginning to spread. This evolution has favoured a change in the insurance consumption model, which has adopted a much more simplified language and the gathering of information in a single place through cloud models.
These companies are using technology to gain speed, save costs and speed up the acquisition of new customers. But the big goal for insurers is to achieve the implementation of proactive insurance through sensor technology, which offers the ability to anticipate and control losses. Leak and water outage detection systems, thermometers and smoke detectors can identify and prevent damage, as well as technologies that alert a distracted or drowsy driver, which is beneficial for the insurer, but, undoubtedly, for the customer too.
Successful as a service examples
On a more purely technical level, there are several platforms that have succeeded with their as a service model, such as the IaaS of Amazon Web Services (AWS) or Microsoft Azure. Netflix, online CRMs such as Salesforces or Google applications (Gmail, Google Docs, etc.) are other examples of SaaS success.
Insurance as a Service
The emergence of the as a service model in the insurance industry is known as Insurance as a Service. This is a concept fostered by Software as a Service (SaaS) and the digitalisation of the insurance industry, in which the price of the policy varies daily (even hourly) depending on the lifestyle of the insured. This type of insurance acts as an automatic personal risk manager and covers any risky action (car, bike, health, travel, etc.).
Personalised policies based on the user’s behaviour are becoming a trend that experts are paying attention to because of their promising emergence in the market. One example is the ‘pay as you drive’ scheme of some insurers, whereby customers can save a large part of the cost of the policy if they prove to be good drivers.
This is just an example of how the Internet of Things revolution will completely transform the insurance industry. As homes incorporate smart appliances, devices and sensors, it will become much easier to offer insurance that is virtually personalised to the individual user.
Similarly, life and health insurance is increasingly linked to healthy lifestyle actions (sport, nutrition, physical and psychological care, among others) with which the client establishes a series of habits of self-improvement that are rewarded with bonuses and lead to a reduction in risks that are reflected in their contract.
Sometimes, just knowing the location of customers is already a major change for insurers. Some companies have already established a system of specific weather alerts when atmospheric phenomena are forecast that may alter the usual conditions of the environment. They also send advice and suggestions to protect both people and the insured property. The measure has proved to be a success and has contributed to reducing costs for the companies.
Funeral as a service: a new concept
In the image and likeness of the examples of the as a service model we have just seen, many companies in the funeral industry are developing a new business model based on taking advantage of all the technological advances to offer a totally personalised and on-demand funeral service to users. This trend is known as Funeral as a service.
In this case, the global coronavirus pandemic has also been the main incentive for the emergence of Funeral as a service. The capacity limitations in funerals and all the restrictive measures imposed during 2020 to prevent the spread of the virus, forced many funeral companies to reinvent their business through funeral start-ups, a model that is bursting onto the scene in the industry.
These companies have created an offer of streaming virtual ceremonies and tributes through social networks. They also allow administrative procedures related to wills, change of ownership of bank accounts or closure of social accounts thanks to the secure identification of users through their mobile devices.
The World Funeral Net paradigm
In this sense, World Funeral Net is a SaaS integrated within the Funeral as a service concept that offers the possibility of knowing, almost in real time, all the funeral service tenders that insurers, groups or individuals publish in a simple, fast and transparent way. In this way, WFN offers an on-demand service so that companies in the industry can offer their policyholders the best service or a funeral transfer at the best price.
WFN also offers a cost-effective alternative for insurance companies to meet their policy commitments. All this, with a reduction in the cost of the service, an increase in the quality of the services and greater traceability of the service. Moreover, as a globally extended platform, it allows insurers to maintain an international network of contacts. With WFN, it is possible to offer more competitive products by reducing claim expenses.
Private individuals can also access the Funeral as a Service model provided by WFN. They can contract a funeral service digitally and request on-demand services at the most competitive prices. In addition, they can pay only for their “use”, unlike funeral insurance, which requires a premium to be paid for life. And all this, with a fast, agile and simple experience that allows them to know the status of the service in real time.
In this respect, WFN represents a digital revolution for companies in the industry, which can enjoy the advantages of being part of the largest funeral network in the world.