Press Release

GFT, EY, and Guidewire Provide Value-added Service To Help Italian Insurers Build Case For Business Transformation

Distinctive methodology underpins business case for successful core system projects

STUTTGART, Germany; LONDON, UK; and FOSTER CITY, Calif., USA, March 16, 2015

GFT, a leading IT solution supplier to the financial services sector, EY, a global advisor in transformational solutions for the insurance industry and Guidewire Software (NYSE: GWRE), a provider of software products to Property/Casualty (General) insurers, recently co-hosted the first workshop of its kind in Milan focusing on insurance business transformation. The event entitled, How to Build a Value Case to Justify Core Insurance Replacement, was attended by a selection of leading Italian insurers who gathered to discuss claims management, and participate in a workshop that involved building a hypothetical core system replacement benefit case. 

Recognising the speed of change in the insurance technology field, the workshop explored the importance of properly defining and effectively communicating the benefits of a core system replacement across an organisation. The event was based on the Guidewire Value Consulting methodology, which has been tailored by Guidewire to the specific needs of the Italian market in collaboration with its partners, GFT and EY. 

“This was a very worthwhile event,“ commented Visigalli Giancarlo, head of operations & IT, ACE Group Italia. “Guidewire’s Value Consulting methodology with its ability to measure business benefits in a concrete manner is a very powerful approach. Of note, is the fact that it recognises the challenges insurers face in planning for claims management solution implementations and the need for strong internal commitment throughout the project and extending to when the new system is in production.” 

The Value Consulting methodology focuses on defining and quantifying the benefit aspects of an initiative and using that definition of value to inform decision-making throughout the life-cycle of a project. It also extends beyond project completion to the assessment of realised value to an insurer after deployment. By explicitly articulating benefits in relation to strategic objectives, this methodology has proven to be a powerful tool in helping to ensure successful core insurance system replacements. 

“We recognise that a well-developed benefit case can inspire stakeholders, gain business ownership, improve project decisions, and support benefits verification,” said Zachary Gustafson, director, value consulting, Guidewire. “This is a proven approach for us with insurers around the world and we are extremely pleased to offer it in the Italian market in collaboration with our partners GFT and EY. Our methodology and their local market expertise are an ideal combination, delivering real value and expertise to Italian insurers seeking to transform their business.”

About the GFT Group
 

The GFT Group is a global technology partner for future digital issues – covering everything from discovering innovation to developing and implementing sustainable business models. Within the GFT Group, GFT stands for competent consulting and reliable development, implementation and maintenance of customized IT solutions. The company is one of the world’s leading IT solutions providers in the banking sector.

emagine offers companies the opportunity to staff their strategic technology projects both quickly and flexibly with capable experts. To achieve this, emagine has an international network of highly qualified IT and engineering specialists at its disposal.

Headquartered in Germany, the GFT Group has stood for technological expertise, innovative strength and outstanding quality for over 25 years. Founded in 1987, the GFT Group is represented in eleven countries with a global team spanning more than 3,200 employees. The GFT Group is listed on the Frankfurt Stock Exchange (TecDAX – will become effective on 23 March 2015). www.gft.com.

About EY
 

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.

Insurers must increasingly address more complex and converging regulatory issues that challenge their risk management approaches, operations and financial reporting practices. EY’s Global Insurance Sector brings together a worldwide team of professionals to help you succeed — a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Sector team works to anticipate market trends, identify their implications and develop points of view on relevant sector issues. Ultimately, this team enables us to help you meet your goals and compete more effectively.

About Guidewire Software

Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. We are privileged to serve more than 350 companies in 40 countries. For more information, please visit www.guidewire.com. Follow us on Twitter: @Guidewire_PandC.