Property and casualty insurance (P&C), often characterized as a complex and slow-moving industry, is finally confronting the emerging cloud dilemma: to stay on premise or move to the cloud? In a consumer-centric culture and experience-driven economy, insurers cannot ignore the cloud anymore. As digital-native insurance policyholders expect a hassle-free, self-service, and omni-channel experience, P&C organizations are demonstrating accelerated organizational commitment to cloud adoption, to turn innovative ideas into profitable outcomes. Yet, many insurers operate without the cloud or struggle to achieve its ever-elusive value proposition.
The right time to move to the cloud was yesterday and insurers must act fast; cloud-based platforms like Guidewire can transform insurance by expanding global footprint, eliminating dependence, and fostering operational flexibility and standardization.
As such, traditional P&C insurers continue to deal with complex infrastructure, limited accessibility to their data, and delayed reactions to market changes. From deploying new and upgrading existing applications, launching new lines of business, and optimizing them to market response, insurers have a lot to contemplate while plotting the course towards value-based outcomes. Evidently, insurers need to rethink and redefine value creation and transform the way they use enterprise applications to create, launch, and manage new products, that are faster and more innovative than they ever imagined.
Cloud-based platforms like Guidewire can transform an insurance business that wants to expand its global footprint, eliminate the risk of over-dependence in specific markets, and foster operational flexibility and standardization. In combing digital, core, analytics, and AI to deliver its platform as a cloud service, Guidewire can be a gamechanger for insurers seeking speed, efficiency, and agility. A plethora of benefits unfolded for a large mid-west insurer specializing in commercial and specialty P&C insurance when it implemented Guidewire InsuranceSuite of products on the cloud. Through their Guidewire Cloud instance, the insurer empowered business users, accelerated time-to-market and time-to-value, streamlined integrations, and enabled access to powerful ecosystems.
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