Industries like education, travel and hospitality, healthcare, and retail are being controlled and reshaped by digitalization. However, the insurance industry has traditionally lagged in this arena. It’s no surprise that according to research conducted by CG and Morgan Stanley – insurance ranks 14th out of 16 industries in terms of offering a consumer-grade digital experience. This shows that insurers can’t afford to adopt redundant practices. While moving forward in an increasingly digitized world, the fundamental legacy systems they’ve relied on in the past may not be delivering the relevance, convenience, and efficiency needed to stay in pace with employee and customer expectations.

Insurance companies that seek to optimize their IT costs and get the best ROI, require appropriate insurance software solution that’ll enable their organization achieve its goals.

Meeting customer’s digital expectations

Given the increasingly digital nature of insurance clients and their continuous need for seamless, multichannel customer experiences, insurers must elevate their game and become more flexible in offering outstanding service to prospects and policyholders.

A few early adopters are already capitalizing on the potential of digitization to attract new clients and strengthen relationships with existing ones. By using innovative ecosystems like Guidewire to provide customer experiences, they don’t just “meet” but go “beyond” client expectations. With digital service that starts with the consumer in mind, leading insurance firms need to meet evolving consumer expectations efficiently.

The advent of new integration methodologies, developer tools and the rapid rate at which new partners join the Guidewire ecosystem have led to significant growth in the number of available apps.

Guidewire ecosystems are growing to become the dominant platform for claims, billing, and policy administration. Successful upgrades to the platform have led to the optimization of organizations of all sizes. This has resulted in considerable improvement in the performance and effectiveness of the organization’s functional areas.

How Guidewire ecosystem maximizes ROI

Guidewire ecosystem is a tried-and-true solution for streamlining insurance operations. Built with feedback from a large worldwide client group, its overarching goal is to provide workers, agents, and consumers more power to respond to changing market circumstances.

Equipped with AI capabilities: The power of Artificial Intelligence is perhaps the most significant technological advancement. This cutting-edge technology has propelled the insurance business to new heights of efficiency.

In the insurance industry, artificial intelligence includes:

  • Intelligent routing of claims
  • Using robotic process automation (RPA) to automate repetitive, rule-based processes.
  • Processing claims more quickly with machine learning
  • Ingestion and delivery of data via automation for use in tailored correspondence tools

This sort of enterprise-wide knowledge lowers costs and speeds up processes, allowing your business to get a better return on investment while offering faster, more informed service.

Harness data insights: If users and systems cannot access all of your content, it can create discrepancies. Modern solutions may either replace or enhance your main legacy system by providing the necessary bridges for workers to acquire a comprehensive picture of the information they require.

Guidewire systems provide a comprehensive content services platform that harnesses all valuable data by:

  • Consolidating data, tasks, and activities that exist outside of your main systems – such as email inboxes and spreadsheets – into a single, trackable, and auditable area.
  • Streamlining operations across the insurance lifecycle and throughout the company
  • Integrating with your core system, in this case, Guidewire.
  • Keeping consumer data secure and adhering to compliance rules.

Minimize IT support journey spending: A new content services platform allows you to expand or alter existing processes, as well as establish new ones. The notion is that the solution you invest in today may adapt to become the solution of tomorrow, allowing you to provide excellent service to your consumers while also being proactive about your company’s future.

Is your business working towards the future?

During the last decade, a lot has changed in the insurance industry. Fortunately, for more than two decades, Aspire Systems has been serving — and learning from different insurance clients. We have made it our aim to stay ahead of the curve, so our insurance solutions can continue to give you the revolutionary digital strategy you need, to get the most out of your data. In addition, as a recognized Guidewire adviser, Aspire Systems provide end-to-end services that help you achieve a high ROI with low investment costs.

Read our other Blogs:

How Guidewire Insurance Transformation Breaks Down Innovation Barriers in the Industry

It’s Time for Guidewire Insurers to Leverage Cognitive AMS

The Rise and Rise of Insurance Data Analytics: The Ultimate Game-changer for Insurers

How can Insurers optimize the Service Ticket Workflow with Cognitive Managed Services