This blog is the third of a three-part series on whitepaper Making the right bets on core modernization in Insurance.
- Core modernization in insurance: Analyst’s 3 quick steps to note
- Selecting the Right Core Platform for Insurance Companies: The Guidewire Advantage
The insurance industry faces numerous challenges, including obsolete legacy systems, talent shortages, and resistance to change. To deal with these challenges, insurers are shifting from building customized insurance technology solutions to buying off-the-shelf products and adopting third-party core platforms to reduce latency, improve efficiency, drive product innovation, and build a modern core to power superior front-office experiences.
However, selecting the right core platform and service partner depend on each other, and insurers must evaluate both fronts thoroughly. Based on over a hundred interactions with Guidewire customers, service providers, and Guidewire Consulting Select Partners such as Aspire Systems, global business research firm the Everest Group has identified the many challenges and unmet expectations that insurers experience with their service providers.
Here are some key considerations to keep in mind when selecting a Guidewire implementation partner:
Agile Methodologies for Timely Implementations – Your implementation partner should have expertise in agile methodologies to ensure timely implementations, scale of certified resources on the latest product versions, and the ability to offer product enhancement services.
Minimize Customizations to Maximize Out-of-the-Box Functionalities – Your partner should minimize customizations and maximize out-of-the-box functionalities to mitigate complexities and make future upgrades easy.
Proprietary Tools, Accelerators & Frameworks – The availability of proprietary tools, accelerators and frameworks will address time-to-market and cost priorities.
Technology Modernization Expertise – Your partner should have expertise in RPA, AI/ML, Cloud, and Analytics for you to get the best out of your technology investments.
Data Analysis and Interpretation – Your partner should have the ability to analyze and interpret data to identify opportunities for optimization and improvement in your Guidewire implementations.
Thorough Testing and Quality Assurance Processes – Thorough testing and quality assurance processes help identify and resolve issues early in the implementation cycle.
Accountability for Business Outcomes – Your partner should be willing to sign up for accountability against specific business outcomes and have their skin in the game.
Alignment with Guidewire’s Vision – Your partner should be aligned with Guidewire’s vision and investment bets, such as readiness to support Guidewire Cloud and Data products.
To ensure that insurers make the right bets on their core modernization journeys, they should:
- Evaluate the availability and ease of best-fit cloud deployment options for moving core systems to the cloud based on the firm’s long-term cloud strategy.
- Adopt cloud sooner rather than later to future-proof the business.
- Build a comprehensive change management strategy and engage stakeholders throughout the transformation process to speed up user adoption.
- Engage with providers in a partnership model and make them accountable for specific business outcomes.
These action points are essential for insurers looking to modernize their core platforms and maximize the value from their modernization initiatives.
To conclude, insurers should take a long-term view on core transformation to guide their broader IT strategies, future-proof their technology estates, and build scaled data-driven decisioning capabilities. By partnering with an implementation partner who has expertise in Guidewire products and a proven track record of success, insurers can ensure timely and successful modernization initiatives.
At Aspire Systems, we are a recognized Guidewire Consulting Select Partner and have extensive experience in delivering successful Guidewire implementations and driving insurance digital transformation for our customers. With our expertise in cloud migration, modernization, and data-driven decisioning capabilities, Aspire Systems can help you achieve your long-term technology goals and accelerate your insurance digital transformation journey. Check out our Guidewire offerings here.
Find out more on how you can maximise your ROI from core modernization by reading our whitepaper.