The insurance industry may be slower than industries such as retail when it comes to technology innovation, but worldwide, more businesses willingly seeking out insurance digital transformation solutions to make their practices smooth and agile. Despite the delay, this has reset the pace at which this predominantly conventional business field operates.
The intensely data-driven nature of the insurance industry is also a reason for this initial delay in businesses embracing insurance digital transformation. Until recent times, the data and the various insurance processes have been traditionally managed, and having a smooth switch to digital seemed to carry tremendous pressure.
The insurers who have adopted emerging technologies in the past decade have done so after customer demands made it inevitable. Customers do not want to wait a long time for their claims or grievances to be processed. The insurance companies too stand to gain by cutting the time taken to process claims. 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 Keeping up with these changes necessitates replacing outdated systems.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 insurance 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 Software 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 more than 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. 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 more than two decades of rich experience in delivering future-ready insurance solutions, maximizes your Guidewire investments by achieving ROI at significantly lowered operating costs. As a trusted Guidewire Consulting Select Partner, 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:
- This is how you pick a Guidewire software managed services partner - May 26, 2022
- It’s time for insurers with Guidewire to leverage Cognitive AMS - May 19, 2022
- Guidewire ecosystems can maximize your ROI in 2022 - April 25, 2022