As the insurance industry evolves, many insurers are looking to upgrade their core platforms to keep up with emerging insurance technology solutions. With a plethora of options available in the market, insurers need to carefully consider their choices to ensure they select the right core platform that aligns with their business goals and objectives. In this blog, we will explore the key enterprise considerations for selecting one right core platform for insurance companies, with a focus on Guidewire, a preferred choice among insurers.
Key benefits of adopting a single technology core across the value chain
Source: Everest Group (2022)
Questions to ask while selecting the right core platform
- Is the out-of-the-box coverage adequate to serve present and most future requirements?
- How easily does the core system integrate with ancillary systems?
- How strong is the supporting technology/solution ecosystem to drive value additions?
- What are the available options among System Integration (SI) service providers?
Out-of-the-Box Coverage and Integration Capabilities
One of the critical factors insurers need to consider is whether the core platform’s out-of-the-box coverage is adequate to serve their present and future business and operational requirements. A robust core system with extensive out-of-the-box functionalities can greatly reduce the need for heavy customization, allowing for efficient configuration and quicker implementation. Guidewire’s core offerings, including PolicyCenter, BillingCenter, and ClaimCenter, provide comprehensive out-of-the-box coverage for policy management, billing, and claims processing respectively. Additionally, Guidewire offers ancillary offerings such as digital portals, data platforms, cybersecurity risk assessment, and property and casualty risk data, which can complement the core products and offer enhanced digital experiences for different stakeholder groups.
Another crucial consideration is how easily the core system integrates with ancillary systems. Insurers typically have multiple ancillary systems in their technology landscape, such as CRM, financial systems, and third-party data providers. Seamless integration capabilities are essential for ensuring smooth data flow and efficient processes. Guidewire has a vast ecosystem of solution providers and Guidewire Implementation Partners that offers pre-configured and easy-to-integrate options, allowing insurers to streamline their technology landscape and create a connected ecosystem.
Support & System Integration Service Providers
The strength of the supporting ecosystem is another important factor to consider when selecting a core platform. A robust ecosystem can drive value additions and offer opportunities for insurers to differentiate themselves in the market. Guidewire has created a vast ecosystem of insurance technology solutions, offering insurers a modular approach to building customized products and experiences for customers. The platform’s shift to a cloud-based model, highlighted by the growing acceptance of the subscription-based consumption model, allows for seamless upgrades and updates, resonating well with insurers of all sizes.
Furthermore, Guidewire offers a wide range of System Integration (SI) service providers to support insurers in their core modernization journeys. These Guidewire implementation partners offer support from initial road-mapping and implementation to post-implementation maintenance, upgrades, and enhancements.
Guidewire recognizes providers through partnership tiers and product-/geography-specific specializations, allowing insurers to choose the right strategic partner that best meets their unique needs. Guidewire Announces Aspire Systems, Inc. as new Consulting Alliance Partner
Selecting the right core platform is a critical decision for insurance companies to realize value from their investment bets. Insurers should consider factors such as out-of-the-box coverage, integration capabilities, supporting technology/solution ecosystem, and available SI service providers when evaluating core platforms. Guidewire, with its robust core system, extensive ecosystem of insurance technology solutions, and strong partnerships with implementation partners, has consistently been the preferred choice of insurers. Its modular approach allows for efficient configuration and customization, and its ancillary offerings provide additional functionalities to meet specific industry needs. Furthermore, Guidewire’s diverse implementation partners provide support across insurers’ core modernization journeys, making it a comprehensive and reliable solution for insurers looking to upgrade their core systems.
To know more about core modernization in insurance, we encourage you to download our whitepaper “Making the Right Bets on Core Modernization in Insurance.”
Want to get started on your core modernization journey? Please don’t hesitate to contact us at [email protected]. We look forward to assisting you in your core modernization journey.