Smart Approach Blog

Welcome to Guidewire’s blog for property/casualty insurance. Here we'll share our experiences and lessons learned from more than 300 implementation projects. We'll also offer our point of view on industry trends and advice to help you adapt and succeed on your journey of continuous improvement.

Oct
10
2016

As highlighted in a recent report by the World Economic Forum, insurance appears to be the sector potentially most impacted by the Internet of Things trend. Its value chain could be profoundly impacted by these technologies, so it’s time for a strategic reflection at an industry level.

Sep
29
2016

So, you’ve taken the leap – you’re modernizing the core systems of your insurance business, laying down the architecture and infrastructure to propel your business into the digital age. It’s a large-scale transformation project that will most likely take months of resources to complete.

Sep
28
2016

Recently I accessed my Amazon.com app to purchase garbage bags and was surprised and slightly amused, to see my product recommendations which included a meat thermometer, race car set and drone. Understanding that my husband also uses our Amazon app explains the product recommendations.

Sep
21
2016

That statement sums up what millennial small business owners know about insurance; in essence, not much. In a focus group we conducted to better understand the needs of this unique cohort, we heard this statement, as well as the amusing consensus of the group that older people must know more about insurance.   

Sep
14
2016

Recently I conducted a focus group of Millennial policyholders to understand their unique perspective on buying insurance. A clear message that resonated from the group was they don’t want to purchase insurance the way their parents do. Insurers understand this and are overhauling how they target, sell to, and service this unique cohort.

Jul
28
2016

Though I am but a humble consultant for a software vendor, I share something in common with many of you for-reals insurance professionals: I have been deepening my understanding of the P/C (Property/Casualty) insurance industry with courses from The Institutes.

Jul
18
2016

Every insurer wants (needs?) a robust, mobile-friendly, online presence. After Steve Jobs introduced the first iPhone in 2007, insurers worldwide realized that mailing documents, personal lines agents and enlarging call centres would soon become as legacy as their decades old core systems. The new generation of customer base expects (demands?) to store and organize their “life” on an abstract cloud. They also expect new, light-structured apps to support them.

Jun
28
2016

The project kick-off meetings are in diary. Your systems integrator and Guidewire consultants are booked. You have seconded internal team members for your new implementation. The scene is set for your Guidewire implementation.

May
17
2016

There has been some recent news coverage suggesting that insurers should start to consider their core operational systems as ‘commodities’ and that their innovations will come from other areas of technology.

Apr
28
2016

To improve outcomes of core and data transformation initiatives, P/C insurers can benefit from investing in an insurance data solution from the core systems provider to serve as an intermediary between the core operational systems and the data warehouse, business intelligence, and advanced analytical systems.

Apr
25
2016

Data is the lifeblood of the property/casualty (P/C) insurance industry. Data is not only used to support core operations across policy, billing, and claims, but also to monitor the business and fulfill statutory and regulatory requirements.

Apr
19
2016

If you build it, they will use it.  Won’t they?

Implementing and managing core systems is an amazing feat of balance. Even with clear mandates and best intentions teams have conflicting opinions of how to optimize their processes. Each data field, mouse click, list value, and business rule needs to be assessed against trade-offs of quality, user experience, and processing efficiency. Each user views the workflow and processes slightly differently.

Mar
28
2016

After spending decades in the insurance industry on several continents, it never ceases to amaze me how we continuously fail to adapt to change as effectively as other industries around us.

In the past, it has been possible to get by with expedient choices to address immediate needs. What has crept up on the industry is the impact of a whole generation of new customers with different demands - I am, of course, speaking about Millennials.

Jan
26
2016

Other than wondering how to manage integration dependencies, the most frequent question I hear during the software evaluation phase is about the applicability of an agile development process to an integration team.

Of course! It’s just a little (maybe a lot?) more challenging than the product configuration tracks. Here’s why:

Jan
20
2016

While watching Roger Federer play in the U.S. Open a few months ago, the commentators reminded viewers what a big deal it was that he had switched to a new tennis racket last year. To the casual fan, changing rackets would seem like a very nonchalant activity. For Roger Federer, who has won more Grand Slam tournaments than any other men’s tennis player in history, change is not something that equates to success.

Jan
07
2016

On a recent plane ride back home from a customer visit, I watched the movie San Andreas. Almost instantly my thoughts went back to few weeks ago when I was awakened around 2:45am by a 4.0 quake. The epicenter was about 8 miles deep but only about 1 mile away on the ground from where I live. Nevertheless it was powerful enough to wake me up. I also remember feeling a minor aftershock a few minutes later.

Dec
17
2015

In some corners, critical discussions around core system technology have changed dramatically.  Just a few short years ago it was all about issuing policies and bills faster, settling claims more accurately, reducing error ratios, automating routine processes, and utilizing industry data standard

Dec
10
2015

Big Data is a common buzzword in the business and technology world today. Wikipedia defines Big Data as a broad term for data sets so large or complex that traditional data processing applications are inadequate. The 4 V’s – Volume, Velocity, Variety, and Veracity - characterize big data.

Dec
02
2015

Marcus Ryu’s kickoff presentation at Guidewire’s Connections 2015 started with an appropriate reference to Lloyd’s Coffee house in London. Not only was Lloyd’s the birth place of insurance, but it was also home to the seafaring population of London in the 1700s.

Nov
16
2015

On a recent customer visit to build a case study and obtain user video testimonials, I got to witness firsthand how the Guidewire marketing team creates these assets. The team travels with an enormous amount of equipment, moving it from one location to another, setting it up each time, and then recording the customer testimonial. You can see the amazing results produced by this team on our corporate website.

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