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Continued Success of German Insurance Industry Requires IT and Business Working Together as Strategic Partners

Continued Success of German Insurance Industry Requires IT and Business Working Together as Strategic Partners

IT key to delivering insurance innovation and digital transformation
MUNICH Germany and LONDON, 18 julio, 2017

Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to general insurers, today announced in its latest Dossier the importance of IT-led, technology-driven innovation for the ongoing success of the German insurance industry. This follows a recent study, sponsored by Guidewire, and conducted by EY Innovalue and St Gallen University, in which German insurance companies, of various sizes, and with varying focuses took part. Participants were asked about the impact of digitalisation in their IT departments. The study confirmed that most insurers have a moderate level of digitalisation in place, and an awareness of digitalisation in the industry, but it identified a disconnect between IT and Business strategies, as well as an ad hoc approach to digitalisation that lacks operational integration.

The study recommends three overall areas for improvement:

  • Processes: move towards more automation and the use of Agile methodology;

  • People and organisation: insurers must address knowledge gaps, retain and train existing staff, and proactively recruit new staff with the necessary technical skills; and

  • Technology and infrastructure: increase co-operation with Business, stronger customer focus, optimized processes (including integration with new technologies and use of standard software).

“Guidewire recognizes the need for IT in digital transformation, and the significance of its role in driving forward entire companies,” said René Schoenauer, product marketing manager - EMEA, Guidewire. “Digitalisation plays an important position in supporting increased interaction for all stakeholders in the insurance industry. Nowadays, this Age of Interaction, or Engagement Era, is characterised by digital technologies, bringing customers to the fore. The challenge is to achieve a comprehensive customer experience, including personalisation, convenient mobile and multiple channel interaction, and fast service. Modern technology for IT - core systems, digital portals and data analysis – supports end-to-end interaction in real time, and is vital for a real digital user experience.”

In more than 300 implementation projects around the world, Guidewire has amassed extensive experience working with general insurers of all sizes. In “Agile” projects where inter-functional teams are equipped with decision-making skills, projects can be fast, flexible, and very successful. According to Guidewire customers, one of the most important factors in successful projects is the close cooperation between IT and Business departments. “Agile” methodology and good quality software products also play a major role.

“In the past, IT departments have often been limited to the role of internal service provider,” commented Keith Stonell, managing director – EMEA, Guidewire. “With better cross-functional collaboration, and with increased use of Agile, IT personnel are better placed to handle larger, faster, and more synchronised projects. To ensure the continued success of German insurers, IT departments should become active innovators; develop their staff, deepen their customer understanding, and step up as full strategic partners of the businesses they serve.”

Sobre Guidewire

Guidewire es la plataforma en la que las compañías de seguros generales confían para comunicarse, innovar y crecer de manera efectiva. Combinamos digital, core, el análisis y la inteligencia artificial en nuestra plataforma como servicio en la nube. Más de 400 aseguradoras, desde nuevas empresas hasta las más grandes y complejas del mundo, funcionan con Guidewire.

Como socio de nuestros clientes, evolucionamos continuamente para garantizar su éxito. Estamos orgullosos de nuestro historial de implementación sin igual, con más de 1,000 proyectos completados con éxito, respaldados por el equipo de I + D más grande y el ecosistema de socios más amplio de la industria. Nuestro marketplace tiene cientos de aplicaciones que aceleran la integración, localización e innovación.

Para obtener más información, visite nuestro sitio web Síguenos en Twitter: @Guidewire_PandC.

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