Can a Core System Be Complete, Not Complex?
To many in the insurance industry, this question may elicit the familiar phrase, “You can’t have your cake and eat it, too.” And for a long time, this was the case—until now.
Insurers know that moving core insurance operations to a modern platform enables them to be more agile and keep pace with market demands. A modern core platform allows insurers to focus more time on their business and therefore accelerate innovation.
However, if you are a regional or super regional insurer constrained with limited IT resources, the thought of a large core system replacement project can be a daunting prospect. These projects can consume IT resources, take several years to fully implement, and be extremely disruptive to the business.
The problem is that traditional P&C insurance core systems have been designed to serve the various needs of all insurers, including the world’s largest and most complex. These systems are therefore complex, requiring teams of people to implement, integrate, and support.
Guidewire InsuranceNow is different. It is built specifically to address these concerns. InsuranceNow is a ready-to-go core system that is complete, not complex. It enables P&C insurers with limited IT resources to replace outdated systems quickly, increasing business agility so they can turn challenges into opportunities.
InsuranceNow is a comprehensive system that goes beyond core and includes digital—enabling you to better engage your customers and agents. It also includes data and analytics—providing insights to fuel the right decisions in the moment. It comprises additional capabilities as well, like document management, e-signature, optical character recognition for ACORD forms, and more. Additionally, InsuranceNow integrates with apps from more than 100 P&C Solution partners that you do business with, so you can quickly connect for extended capabilities. And the system is constantly evolving, with major upgrades released every six months.
A hallmark of InsuranceNow, and something that eliminates underlying complexity seen with many other systems, is its all-in-one design. InsuranceNow was designed from day one as an all-in-one core solution. This means just a single application is needed for the key functions of policy, billing, and claims. The all-in-one design reduces implementation time and costs by eliminating the need for ongoing complex integration projects to tie these modules together. It also makes upgrades easier, with just a single upgrade needed to keep your business current.
InsuranceNow is a ready-to-go solution, which means that more functionality is available out-of-the-box, and it comes preconfigured with best practices, so you can begin processing business faster.
Finally, many aspects of the system are configurable through low-code configuration, often by business analysts, so you can quickly design, test, and roll out new products to capitalize on opportunities or respond to market demands, even with limited IT resources.
So can a system be complete, not complex? With InsuranceNow, the answer is simple—yes!