In a fast-paced digital world, the successful adoption of technology can often be a deciding factor in the success of your business. Enterprises across various industries are racing to leverage rapidly evolving technologies, and insurance is no exception. While insurers are making progress by moving away from legacy applications, their systems are often complex, outdated, and too slow to keep pace with advancements in technology. As a consequence, migrating to new platforms is often cumbersome and tedious.
Cloud adoption is successfully leveraged only by a handful of insurance providers, which means most insurers are losing out on the benefits gained by cloud migration. While migration can initially seem complicated, Guidewire can help streamline and simplify the process while keeping the platform up to date. In this trending world, technology and functional upgrades are mandatory and Guidewire Cloud makes upgrades easier and hence the customer can stay up to the trend always. Guidewire Cloud is a powerful tool for managing your business. It’s easy to use, has the flexibility you need to customize it to your unique needs, and is backed by a team of experts who are always there if you need help. If you haven’t started using Guidewire Cloud yet or are thinking about migrating, the below three reasons would be enough to get you started.
Innovate faster and speed up workflows
Speed to market has been one of the key differentiators between enterprises leading the industry as opposed to those lagging. Guidewire allows you to embrace the future and start using technology that will help you grow your business today. With Guidewire Cloud, you gain access to the tools you need right now without having to wait for them to be developed independently and without having to pay more in the process. These tools allow you to launch products faster, hosted on a native cloud platform with integrated digital experiences and embedded analytics. This allows you to define new products with deep insights into emerging risks, which gives you the confidence to create new policies that will be profitable.
The cutting-edge tools Guidewire provides on its cloud platform also enable you to speed up repetitive workflows in your enterprise. Leveraging automation tools can simplify claims management, where automation is the default. You can then reserve claim adjusters only for complex situations that require human empathy and judgement. You can also increase efficiency and productivity within your enterprise by streamlining your workflows. With Guidewire Cloud, there’s no need for expensive hardware and software on-site. The platform is designed to maximize efficiency by removing the need for an IT department and all its overhead. You can focus on high-priority goals and business objectives, which ultimately matter most in your enterprise.
Drive cost savings
Moving from on-premises software to cloud-based software means that you don’t have to pay for the cost of maintaining servers in your office, which can add up quickly over time.
You also have access to more resources at once. In an on-premises system, one server might be dedicated to accounting, another for marketing and sales, etc. These servers mainly operate in silos, which makes transferring data between departments cumbersome. With Guidewire Cloud, your data is stored in one place, so even if you’re managing multiple departments at once, you don’t need as many servers. The cloud lets you use your existing hardware and software, so you don’t have to buy new hardware or software. Plus, you can increase your capacity as needed without adding more servers or storage space. It can save your enterprise a lot of time and money in the long run.
Guidewire Cloud also makes it easier for people who aren’t technical experts, like accountants, to get access to the information they need. Before migrating to Guidewire Cloud, accountants would have had to go through IT staff members, who would need time to set up access. Now they can log in directly and meet goals much quicker. The ease and convenience of Guidewire Cloud enable you to maximize productivity, efficiency, and performance which drives cost savings and increases your enterprise’s bottom line.
Leverage the Guidewire ecosystem
Guidewire Cloud is a complete solution for your business, so you don’t need multiple software solutions that don’t always work well together or integrate with existing applications. You can find what you need in one place as Guidewire allows you to leverage the entire ecosystem. You can access files from anywhere using any device, so there’s no need for an in house IT team to manage your systems. The Guidewire ecosystem allows you to be flexible and responsive to changes. Additionally, your data is stored in multiple secure locations and backed up regularly, protecting against natural disasters like fires or floods and manufactured threats like hacking attempts or employee negligence. While Guidewire Cloud provides most of what you need to run your business, the Guidewire ecosystem also provides an integration framework that can be leveraged to simplify the integration and maintenance of third-party applications. The Guidewire marketplace makes it easier to find and use pre-validated integrations, so you use what you need without waiting for upgrades.
If there are problems with your Guidewire Cloud adoption, the ecosystem\ gives you access to Guidewire’s excellent support team. They’re available 24/7 via phone and email, and ensure that your migration is seamless.
Cloud adoption is essential for enterprises because it allows them to focus on their core competencies rather than managing the technology that drives their business. Moreover, the cloud allows businesses to scale their operations up or down quickly and easily without buying and maintaining servers or other infrastructure. The cloud also allows employees to work remotely much more easily than in traditional environments, improving productivity.
With Guidewire Cloud creating a revolution in the P&C insurance industry by offering reliable and effective digital solutions that are easy to use and simpler to adopt, it is smarter to move from legacy systems and outdated technology to stay relevant in today’s marketplace.
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Read our other Blogs:
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- Claims processing automation: An insurer’s key to more customer wins - November 14, 2023
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