As an insurance provider, you’ve decided you’re going to opt for Guidewire managed services. But how do you go about it?
On the road to reinvention, insurers must make numerous considerations about the platforms and applications they choose. Choosing a partner for a strategic, transformative installation like Guidewire’s Insurance Suite is no easy feat.
Although, affordability is a significant consideration, it should not be the sole one. The Guidewire implementation partner must have considerable expertise and skills with the product suite. Their expertise should extend from deployment across your various insurance products and clients to reducing the risk of your installation. In order to supply demonstrable value, they should have established their knowledge base, assets and accelerators, lessons learned, and so on.
Creating digital transformation journeys
Deploying an extensive, agile application on a flexible platform is always challenging, which is why most insurance providers pick a partner to get them up and running as fast as possible while minimizing risk to the business.
Guidewire is regarded as one of the most popular insurance software applications. The platform has helped more than 200 P&C carriers enhance their operational efficiency, speed-to-market, and customer experience by combining three elements: core operations, data and analytics, and digital interaction.
Your Guidewire software provider should meet most of your demands. Some of these services may be unique and give an additional value that you hadn’t considered previously. In contrast, others may collaborate with other providers to create a “best in class” solution for your needs.
Your Guidewire software should serve your comprehensive insurance lifecycle, from underwriting, rating, and policy administration through reinsurance, billing, claims management, and customer contact data management. It should enable insurers to take advantage of a 360-degree overview of their customers, streamline cross-functional operations, speed product and process changes, and cut IT expenses.
Main factors to consider
Understanding of the insurance domain: It is critical that the Guidewire software provider is familiar with the insurance industry. They should possess knowledge of the specific business intricacies of insurance products in terms of policy, claims, billing, and compliance. The provider should also be able to communicate to the business what concessions or changes in approach are required to meet the company’s objectives.
Certified resources-strength: The Guidewire software provider should possess a diverse set of abilities, capabilities, and knowledge. To guarantee successful delivery, your implementer should be able to demonstrate that they have appropriately educated and experienced individuals, as well as established tools, processes, and methodologies.
The Guidewire provider needs to possess a group with a knowledge centre dedicated solely to the Guidewire package. This team would be in charge of compiling information from many Guidewire implementations and continually innovating to deliver the finest tools, ideas, and training to their business partners.
Reducing regression time: Guidewire implementation offers considerable advantages in terms of consistency and efficiency for the insurance industry. Manual testing takes a long time; however, automation may make the Guidewire testing process faster and more repeatable, resulting in a higher return on investment.
Single point of ownership: Guidewire digital portals have a single-source-of-truth and single-source-of-change strategy for crucial systems. The portals allow a seamless omnichannel experience for their consumers, insurers and policyholders, and speedier time to market and reduced total cost of ownership.
The whole Guidewire project lifecycle includes a significant amount of support and maintenance. Bug patches, system updates, and user and system issues must all be addressed regularly. The Guidewire software provider must be able to provide a complete support and maintenance services plan.
AI and ML-driven maintenance and support innovation: Insurance companies should opt for a Guidewire software provider with AI and ML-driven maintenance and support innovation. This will help insurers move toward the usage of advanced AI technologies. Many trials and fine-tuning are required for cognitive and machine learning solutions. This will help identify risks and issues while improving accuracy.
Flexibility: As the speed of technological innovation quickens and business demands shift, it’s more vital than ever for your implementer to be able to provide a variety of implementation alternatives and pricing mechanisms that better meet your specific financial, technological, and operational requirements.
Moving ahead of the times
The adoption of a flexible architecture that enables a safe and collaborative ecosystem is essential. However, without the proper partner, cutting-edge insurance transformation might become inefficient. Hence, it is important to consider all factors before opting for a Guidewire service provider.
As a global company with rich experience and extensive knowledge of insurance business and IT capabilities, Aspire systems can help your business shape, plan, and execute a Guidewire implementation – addressing all challenges head-on to ensure strategic business growth.
Read our other Blogs:
- How test automation maximizes the ROI of modern insurance journeys - September 13, 2021
- Reimagining Insurance Service Excellence with Cognitive Managed Services - September 13, 2021
- What should you consider while selecting a Guidewire Managed Services partner? - July 9, 2021