"There is currently a procedural, operational, and strategic information gap that insurers face. Claims managers wonder, “How do I obtain more efficiency in my claims handling?”; the CEO might ask “How will my business look in three years with these decisions?”; claims adjusters would like to know, “I’ve estimated four of these in the past; give me the average to start.”; the CMO might ask “Based on my current experience, which markets should we target?”; product managers wonder “What new coverages can I offer to help differentiate my products?”. Embedding analytics within the core processes helps bridge this information gap.
Insights from Guidewire's Satyen Paneri following his participation in a webinar about a new Strategy Meets Action (SMA) white paper, “Core Systems, Analytics, and the Data Explosion – Empowering Modern Core Systems with Data and Analytics”. As a sponsor of this research, Guidewire was able to share how insurers can discover the greatest benefits when their core and data systems are fully integrated with analytics operationalized throughout the core systems. Think 'Data in Motion' which perfectly illustrates how dynamic, accessible data at the point of decision can empower the insurance worker to make better decisions for their customers.
The digital revolution is felt to be a threat by many in the insurance industry, especially following the increase of innovative new entrants and the rapid rise of comparison websites. Insurance disrupted focuses on nine applications of digital technology that could have the greatest potential to disrupt general insurance over the next ten years.
Whether you view the digital revolution as a time of threat or one of opportunity, this UK-based report by Guidewire partner, Deloitte provides good insight into nine so called 'killer apps' - apps that utilize digital technology to change P&C/general insurance. Are they on your radar? Is your company poised to seize the opportunities that lie ahead? Not sure? Then this research report is a must-read.
The Digital Age has forced many changes in how organizations do business; essentially, they must adapt to survive and thrive. For example, the rise of mobile device use means consumers now demand anytime, anywhere access to what they need, and a personalized experience that makes them feel empowered and important. On the business side, organizations must be able to take advantage of all the benefits that the cloud offers — cost savings, flexibility and scalability, in particular.
The modern technology platform that insurers need to remain competitive and differentiate their products is often tough to justify by traditional means. Guidewire authors share their insights on looking beyond the IT budget to justify the cost of your core system project and not letting the possibility of upfront sticker shock stop you from moving forward.