GFT, a leading IT solution supplier to the financial services sector, EY, a global advisor in transformational solutions for the insurance industry and Guidewire Software (NYSE: GWRE), a provider of software products to Property/Casualty (General) insurers, recently co-hosted the first workshop of its kind in Milan focusing on insurance business transformation. The event entitled, How to Build a Value Case to Justify Core Insurance Replacement, was attended by a selection of leading Italian insurers who gathered to discuss claims management, and participate in a workshop that involved building a hypothetical core system replacement benefit case.
Recognising the speed of change in the insurance technology field, the workshop explored the importance of properly defining and effectively communicating the benefits of a core system replacement across an organisation. The event was based on the Guidewire Value Consulting methodology, which has been tailored by Guidewire to the specific needs of the Italian market in collaboration with its partners, GFT and EY.
“This was a very worthwhile event,“ commented Visigalli Giancarlo, head of operations & IT, ACE Group Italia. “Guidewire’s Value Consulting methodology with its ability to measure business benefits in a concrete manner is a very powerful approach. Of note, is the fact that it recognises the challenges insurers face in planning for claims management solution implementations and the need for strong internal commitment throughout the project and extending to when the new system is in production.”
The Value Consulting methodology focuses on defining and quantifying the benefit aspects of an initiative and using that definition of value to inform decision-making throughout the life-cycle of a project. It also extends beyond project completion to the assessment of realised value to an insurer after deployment. By explicitly articulating benefits in relation to strategic objectives, this methodology has proven to be a powerful tool in helping to ensure successful core insurance system replacements.
“We recognise that a well-developed benefit case can inspire stakeholders, gain business ownership, improve project decisions, and support benefits verification,” said Zachary Gustafson, director, value consulting, Guidewire. “This is a proven approach for us with insurers around the world and we are extremely pleased to offer it in the Italian market in collaboration with our partners GFT and EY. Our methodology and their local market expertise are an ideal combination, delivering real value and expertise to Italian insurers seeking to transform their business.”
About the GFT Group
emagine offers companies the opportunity to staff their strategic technology projects both quickly and flexibly with capable experts. To achieve this, emagine has an international network of highly qualified IT and engineering specialists at its disposal.
Headquartered in Germany, the GFT Group has stood for technological expertise, innovative strength and outstanding quality for over 25 years. Founded in 1987, the GFT Group is represented in eleven countries with a global team spanning more than 3,200 employees. The GFT Group is listed on the Frankfurt Stock Exchange (TecDAX – will become effective on 23 March 2015). www.gft.com.