The insurance sector is highly competitive and aims at providing personalized products and services to customers. The customers are also demanding and have high expectations, which leads insurance companies to turn to innovative technologies that can help in enhancing customer experience. The property and casualty (P&C) industry has struggled to upgrade legacy systems, that are unable to cater to today’s demands. The Guidewire InsuranceSuite is an ideal technology platform that transforms P&C core systems throughout the entire lifecycle. In this blog, we will discuss the key features of the platform that enable the industry globally to strengthen customer relationships and create business value.
Guidewire InsuranceSuite provides a streamlined digital experience for insurers supporting core operations, data and analytics and digital engagement. Their unified approach steers companies away from siloed operations to empower all stakeholders. With a single source of truth, insurers can provide an omnichannel experience to their customers for all lines of their business. The platform continuously evolves to keep pace with the market and stay relevant. Automated workflows enhance operational efficiencies and self-service capabilities to help insurers maintain their competitive edge. Guidewire Insurance Suite also allows companies to manage critical areas in their operations to proactively deal with fraud prevention, recovery management, underwriting etc.
The Guidewire InsuranceSuite revolutionizes operations across core operations for P&C. They have three main products that help in transforming the insurance lifecycle.
PolicyCenter – for Underwriting and Policy Administration
BillingCenter – for Billing and Receivables Management
ClaimCenter – for Claims Management
Being a highly competitive market, insurers need solutions to get to market swiftly and deliver products where the customers need them. With PolicyCenter, insurers can rapidly launch new products and scale their offerings as per customer demand. The automated workflows enable rapid innovation that is based on flexible and purpose-built architecture. Business-friendly tools and features like microservices, APIs and integrations in the platform speed up product development, reducing the time from a few months to just weeks.
The digital-first approach of the platform enables an omnichannel experience for policyholders as well as partners for a seamless interface. The product allows strategic automation, which means that select processes can be automated to make the most of the capabilities of the underwriting team.
PolicyCenter is powered by predictive analytics and AI that help companies anticipate the needs of customers to suggest innovative products and stay ahead of the competition. In-market business insights highlight opportunities for the growth of products and services and maximize profitability. Guidewire’s closed-loop analytics provides actionable insights that help insurers in monitoring the performance of their operations.
Billing is an important customer touchpoint for P&C that provides an opportunity to build customer relationships. A simple and convenient billing experience supports customer satisfaction that helps in building brand loyalty. The Guidewire BillingCenter enables insurers to deliver responsive billing interfaces that make payments hassle-free. The platform also allows you to introduce multiple payment options that make it easier for policyholders to make payments which in turn reduces delinquencies. Companies can create billing rules customized to their organization and also provide interaction opportunities for customers for issue resolution. The platform enables easy information access through a complete digital user interface for an exceptional user experience.
Furthermore, automation of day-to-day tasks enables resources to focus on creating new products and building customer relationships, rather than mundane tasks. The BillingCenter not only positively impacts customers but also enables the processing of agent commissions from a single interface for traditional as well as flat-rate models. Quick deployment of new billing rules and visibility across billing methods offer the agility to insurers that are needed to stay competitive in today’s market.
Claims management is an integral part of providing a superior and personalized customer experience. Fast, accurate, frictionless and transparent claims are a challenge for many in the P&C industry. Guidewire ClaimsCenter helps insurers in optimizing workflows through automation making it one of the most trusted platforms for claims management. In conventional systems, a considerable part of the adjuster’s time is taken up by monotonous paperwork. With Guidewire automation, adjusters can focus on claims that need human judgment and empathy, further enhancing the customer experience. ClaimsCenter enables insurers to truly make their operations customer-centric with self-service capabilities and reliable third-party service.
Communication and information access is one of the key pillars of claims management. With Guidewire, the claims teams can have uninterrupted and real-time access to policy information to quickly process claims. Leveraging new and emerging technologies, Guidewire extends your existing capabilities for enhanced decision-making, integration and security capabilities.
Guidewire InsuranceSuite is the foundation of the P&C digital transformation journey. It is a major undertaking and needs expert resources for the right implementation. The correct guidance and services can enable you to take your P&C business to new heights and make the most of your digital investments. OpenTeQ has certified and experienced Guidewire resources who understand the sector closely. This enables the creation of purpose-built, customer-centric and flexible systems that are future-proof and competitive.