Guidewire Cloud – The Success Guide To P&C On Cloud

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.

The fastest path to change

Specifically engineered to simplify infrastructure upgrades and new deployments, Guidewire Cloud brings in a wide array of features like isolated, single-tenant core systems, multitenant cloud-native services, open and extensible APIs, and embedded analytics. Developers can create new environments at the click of a button, leverage and manage their CI/CD pipeline, source code, environments, users, billing, and auditing in an intuitive fashion. The following benefits form a compelling business case for cloud adoption in P&C insurance:

  • Business agility
  • Faster upgrades and access to the latest features
  • Seamless maintenance
  • Cost efficiency
  • Vast partner ecosystem
  • Lower TCO
  • Control over the introduction of new capabilities

Shoot for agility, aim for the cloud

The right time to move to the cloud was yesterday and insurers must act fast. Given the numerous benefits and advantages, more than 40 InsuranceSuite core systems are currently in production on Guidewire Cloud or are in the process of being deployed. More than 140 of over 400 customers have subscribed to 350 unique Guidewire Cloud services.1 As a consulting alliance partner for Guidewire, HTC Global Services is contributing to digital transformation journeys and successful implementations of their mutual insurance customers. A full-service Guidewire partner trusted by several P&C insurers for years now, HTC Global Services draws on its deep industry experience to enable business transformation in the truest sense. As Guidewire experts, team HTC collaborates with organizations to accelerate implementation and reduce costs through a Lean-Agile delivery framework powered by pre-built accelerators and standardized templates and assets. Right from testing cloud-readiness to inception planning and finally the deployment, HTC ensures to provide support in all aspects and migration efforts.

References

AUTHORS

Prasanna Gunjikar

Senior Vice President and Practice Head – Insurance and Health

Sundararajan Anandan

Vice President
Practice Head – Insurance Package Solutions

SUBJECT TAGS

#guidewire
#insurance
#cloud
#omnichannel experience
#cloud-based platform
#guidewire cloud services

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