While industries like retail have quickly upped the ante on adopting innovative product and service technologies, the insurance solution providers have set a slower pace in the digital transformation journey. And it’s not just because many of the insurance processes have been traditionally managed until recent times, with the greatest obstacle being the tremendous pressure to address the innovation barriers arising from regulatory compliance landscapes.
However, as the insurance industry is so data-driven, most of the processes are laborious and time-consuming. The challenge is that customers are unwilling to wait a long time for their claims to be processed. In addition, the goal that insurance companies strive for is to reduce the time it takes for claims to be processed. To add to the sense of urgency, emerging technologies have caused customer demands to rise exponentially over the past decade.
Insurance providers who do not have an innovative approach that drives the business towards greater ROI will find it more difficult to survive. Keeping up with these changes necessitates replace outdated systems. To adapt, insurers need a digital platform that allows them to grow their business, enhance customer and agent interaction, scale quickly and reduce operational costs.
This is where Guidewire steps in.
Guidewire Insurance has been proven to be extremely effective in the property and casualty insurance sector, given its level of extensibility and flexibility. The entire Guidewire system is supported by a comprehensive platform that provides unrivaled dependability, transparency, and performance across the insurance value chain.
Enabling the new insurer imperatives
The Guidewire Insurance platform is developed using modern architecture to fulfill the evolving demands of the insurance industry. Insurance businesses can leverage the Guidewire platform to help develop customer relations, boost customer and agent engagement and reduce operating expenses. Going beyond, Guidewire also helps in enabling new insurance imperatives such as:
Fully optimized operations: You can incubate world-class best practices into the core processes specific to the insurance industry. Guidewire leverages the power of automation-led standardization to reduce repetitive work and reimagine the speed and efficiency at which they are carried out.
Unlocking data-driven insights: Today, there’s a growing need to put data to work for insurance providers in new and innovative ways to fuel operational efficiency and deliver memorable front-end insurance experiences. Guidewire helps accelerate and strengthen decision-making abilities across the insurance lifecycle by providing data analytics-driven insights.
Capitalize on growth opportunities: If digital transformation does not lead to revenue-earning opportunities, it’s a sign that you’re not fully capitalizing on your insurance technology investments. With Guidewire, you can free up your workforce to add strategic value and extend your insurance solutions to capture market opportunities on a timely basis.
How Guidewire Transformation helps
Scalability: With the Guidewire insurance solution, insurers have entire control over the main application, paired with an insurance-specific rule engine. This is possible due to the platform’s remarkable configurability. Users get access to a user-friendly and responsive application. And as the business grows, several servers can be added, making it scalable.
Streamlined business processes: Guidewire software assists insurers in defining a long-term insurance process. Guidewire solutions offer several integration mechanisms at each point in the application, including event-based messaging and web services API. It also allows data to be exchanged in other formats such as IAA and Accord XML.
IT complexities eliminated: With a platform designed specifically for continuous improvement in the Insurance industry, you can quickly convert your ideas into outcomes. This single platform offers over 10,000 consultants and approved applications. With Guidewire software, the most recent technological advancements are available at your fingertips and when you decide to use them is up to you.
Enhanced user journeys: From the end user’s standpoint, Guidewire software aims to fully comprehend the holistic experiences that end users would want to have. Instead of thinking in silos or transactional terms, they are developed with persona-based experiences.
Cost optimization: With Guidewire software, it is possible to gather and manage data to help insurance staff, agents, and consumers make better decisions. And the streamlined claims processing lowers expenses and improves customer satisfaction.
Maximizing Guidewire Insurance transformation
It is of paramount importance to use a flexible architecture that creates a secure and collaborative ecosystem. But without the right partner, cutting-edge insurance transformation may end up being inefficient or create new hurdles in the future.
Aspire Systems, backed by over two decades of rich experience in delivering future-ready insurance solutions, maximizes your Guidewire investments by achieving RO at significantly lowered operating costs. As a trusted Guidewire advisor, Aspire’s highly-skilled COE team offers end-to-end services that help scale and grow your business while ensuring sustainable innovation across the insurance lifecycle.
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