Industries such as 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 no longer 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 become irrelevant, inconvenient, and inefficient to stay in pace with employee and customer expectations.
Insurance companies that seek to optimize IT costs and get the best ROI require insurance software solutions that’ll help achieve organizational 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 such as Guidewire to provide customer experiences, they don’t just meet but go beyond client expectations. Leading insurance firms need to meet evolving consumer expectations efficiently with digital services that start with the consumer in mind.
The advent of new integration methodologies, developer tools and the rapid rate at which new partners join the Guidewire software ecosystem have led to significant growth in the number of available apps.
Guidewire software 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 software ecosystem maximizes ROI
Guidewire software 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 software 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 Consulting Select Partner, Aspire Systems provides end-to-end services that help you achieve a high ROI with low investment costs.
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