Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform general insurers rely upon, recently held its annual European customer Insurance Forum, this year in Paris. The conference attendees heard how insurers are achieving heightened efficiency and reduced long-term cost of ownership (TCO), as well as how they are re-imagining the future of insurance, and positioning themselves to realise its benefits through their innovation programmes; against a background of accelerated speed of change as the new normal.
Marcus Ryu, chief executive officer, Guidewire Software, started the day by reiterating Guidewire’s customer commitment to maximise the value of their technology investment, and to keep third party support as simple as possible. He confirmed that Guidewire’s industry platform, InsurancePlatform, with cloud being a key enabler, provides the standard on which insurers can optimize their operations, become more digital, use data in new ways, embrace insurtech, and simplify IT. Ryu confirmed that all Guidewire products are available via Guidewire Cloud™. For European customers, he described the shift in Guidewire’s development approach to a blend of traditional, country-specific content packages with Guidewire DevConnect™ supported integrations.
The following customer speakers presented:
Aviva Italy: Vittorio Giusti, Chief Operating Officer, described how their Guidewire InsuranceSuite™ project took only four months to deploy. Its focus on simplicity, modularity, service ecosystem, digital, and omni-channel allows customers to determine the scope of insurance they have, and when they want to access Aviva service. As well as choosing their preferred touch-points, customers are free to move across channels at any time;
Natixis Assurances, Non-life Business: Nathalie Broutèle, Chief Executive, and Françoise Terry, Claims Programme Manager, described the approach to their successful claims transformation programme, Purple#Care, and the benefits from their ClaimCenter deployment. Several factors have been key: no deviation from an OOTB approach, clear governance, budget, and timeframe, a team dedicated 100% to the project, and everyone agreed on the same end goal. Operational results include better customer service and value, enhanced risk and cost management, and the ability to drive innovation;
VHV Germany: Dr. Adam Melski, Project Manager, talked about the practical challenges and advantages experienced in the deployment of their first Guidewire ClaimCenter™ release. Dr. Melski stressed the strength of Agile over Waterfall, the importance of preparing staff by appropriate training, and the need to complete each element before moving onto the next. Staff morale and happiness are key. The result: VHV has better functionality, increased automation, enhanced claims tracking capability, and back-end system integration with their new digital portal; and
Hiscox UK: Dan Bishop, Head of Pricing, spoke of his practical experience as an analyst, data modelling approaches at the time of the 2008 financial crisis, and more importantly, the impact of Solvency II. He shared his perspective on what works and what will not add value, and offered examples of proven models that target specific business problems and deliver actionable insight for key decision makers.
Guidewire speakers presented on the following:
The impact of the Millennial generation on the insurance sector, as customers as well as the future labour force. Digital experience derived from Big Tech impacts on consumer expectation; insurtech is responding accordingly in how it develops and delivers products and services, and how Guidewire’s DevConnect developer environment facilitates an insurtech ecosystem;
In the digital-first age all insurance customers, agents, and employees assume instant, omnichannel service. Guidewire and its customers are leading the digital revolution with streamlined, omnichannel experiences, innovative solutions for market microsegments, and insurance-centric Salesforce-partnered CRM; and
Insurers face challenges in evaluating, testing, and integrating the volume of solutions offered by established software providers and insurtechs. Insurers can take advantage of new and innovative solutions through Guidewire Marketplace’s growing ecosystem.
Inspirational speaker: Nancy Rademaker, presented on the subject of Extreme Customer Centricity in the Day after Tomorrow. In light of the explosive growth of computing power, data, IoT, and Big Tech, Rademaker offered that agility is key. To succeed, she recommended a strategic shift for insurers with more focus on experimentation, new capabilities, collaboration, and risk-taking. The customer is the only boss now. B2B and B2C have been replaced by H2H (Human to Human). Rademaker concluded by stating that customer convenience is the new loyalty, and insurers must make their products and services accessible and frictionless.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.