Just before the holidays, it was my great pleasure to once again attend Guidewire Connections. This gathering of insurance professionals offered fresh perspectives on the disruptions of the last couple of years and how the industry is moving forward.
Here are four key take-aways we bring with us into the new year:
1. Cloud transformation is about “when” not “if”
Cloud is enabling real business value; not just cost take-out. In their presentation, Accelerating Cloud Transformation on Guidewire Cloud Platform, Corey Barker and Keval Mehta shared how cost take-out is just the tip of the iceberg. Moving to the cloud enables digital innovation, data-driven insights, and the agility to innovate quickly to grow and simplify your business.
The benefits enabled by the Guidewire Cloud Platform are proof positive. Guidewire has made great strides in maturing their SaaS offering over the past two years. Many of our clients have already started on the journey. Others have indicated that their decision to move is not IF but WHEN.
2. Enabling speed to market
Newer capabilities are creating the ability to get new products to market quickly by leveraging the greatly enhanced Advanced Product Designer feature. This can help carriers become digital attackers in new strategic growth areas and get niche products out to market.
3. Evolving to a data-driven organization
Guidewire is continuing their efforts to help carriers evolve to a data-driven organization with the launch of their analytic solution. At Accenture, we have worked to help carriers become data-driven in everything they do. Seeing increased efforts in this area by Guidewire allows a more cohesive approach to data-driven everything via the Guidewire platform in the future.
4. Harness the power of the ecosystem for maximum value across the enterprise
The impact platforms can have on operations has greatly expanded. Guidewire spoke of their partners as essential components of the robust end-to-end solutions insurance clients need. Whether or not operations transformation is a high priority for the carrier, it’s never too soon to start thinking bigger on the role new innovative solutions can play in end-to-end business operations.
Learn more about Accenture’s partnership with Guidewire.
Learn more about Reimagining insurance: The new cloud imperative