Multiyear backlogs of IT requests are not uncommon in insurance. But, if you have to get in line for time- and labor-intensive reprogramming just to enable a new product or to enter a new region, you'll likely fail to capture new opportunities.
Guidewire PolicyCenter accelerates your speed-to-market by giving your product development, actuarial, and underwriting teams nearly unlimited flexibility in defining the products you want to offer. Easy-to-use configuration tools let the right people with the right knowledge tailor offerings to particular market segments, avoiding the delays of custom IT coding.
However, speed-to-market goes beyond product definition. Guidewire InsuranceSuite―which integrates our three core systems―supports an efficient rollout of product changes across the insurance lifecycle, including policy administration, claims management, billing, and customer service. The integrated nature of InsuranceSuite enables many capabilities to be available across the three products.
Our customers select Guidewire because our software enables them to make the changes they need to stay competitive and succeed in this time of rapid industry change. Before implementing PolicyCenter, many of our customers found themselves in a situation where their key products had not been updated in years―primarily due to the limitations of their aging legacy systems, where product definition is buried in code and often dispersed among multiple systems.
For the products that these customers had updated, simple product maintenance changes took months, leaving them constantly behind their market opportunities. With PolicyCenter, they can now make updates in just days, enabling them to adapt to the changing market quickly and successfully.
The video below highlights how The Co-operators (one of our earliest PolicyCenter customers) improved its speed-to-market so that it could take advantage of new opportunities.