Guidewire’s unified platform, InsuranceSuite, serves as a central source for a range of information like critical customer and financial data, rate and product definitions, and workflows and business rules. The platform is an essential core system to support the P&C insurance lifecycle, which includes underwriting, policy, billing, and claims management. Being a single source of truth for transactional and financial data, InsuranceSuite enables insurers to realize analytic insights and a true omnichannel experience across all distribution channels and lines of business.
Insurers can select and implement individual applications or a pre-integrated core system suite based on their specific requirements and priorities. This also maximizes the flexibility for insurers to deploy and upgrade as required. Guidewire also offers flexible deployment options, including the ability to deploy InsuranceSuite via a traditional on-premises approach or in private and public cloud environments like Amazon Web Services (AWS) or Microsoft Azure. Alternatively, insurers can leverage a Guidewire InsuranceCloud Solutions partner to design a custom cloud solution.
Guidewire’s InsuranceSuite is a proven solution that promotes optimized insurance operations through insights derived from an engaged global customer community, and empowers employees, agents, and customers to respond and adapt to market change.
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For instance, The Canadian Automobile Association Insurance Company (CAA Insurance), a provider of auto and property insurance to clients in Ontario and the Maritimes, deployed InsuranceSuite as its new platform for rating, underwriting and policy administration, and claims management and billing. CAA Insurance implemented all InsuranceSuite applications in one parallel implementation. The deployment enabled the company to enhance its customer service capabilities and improve operational efficiency through easier access to data, improved reporting capabilities, and better visibility into its core operations.
More than 260 P&C insurers, across all undertakings, work in collaboration with Guidewire to enhance their operational efficiencies and witness continuous growth throughout their organization. Each project is a unique lesson for Guidewire to learn something new, which the company applies to constantly upgrade its products, implementation approach, and tools. Guidewire is not only adept at delivering these avant-garde solutions but also has immense prowess in assisting insurers to quickly adapt to these products and processes to achieve speed-to-market. “Our overarching ambition is to be the utility of the industry, providing capabilities that are less expensive and more reliable than insurers could build for themselves,” states Ryu.
The CEO opines that the various branches of the insurance sector are like different continents, and the nearest continent is the Life and Accident (L&A) insurance that they would endeavor for. At the same time, he intends to leave no stone unturned in their current undertaking for P&C insurance. “Of course, the world is moving, but it is critical that we follow through on the promises we have made before taking on a new raft of challenges,” concludes Ryu.