How Guidewire Works

Guidewire is the platform of choice for the P&C industry. With Guidewire Automation, analytics, and PaaS, it is one of the most versatile and widely used digital platforms for the sector. This platform has many products, with the Insurance Suite being the major offering. Products like Guidewire Cloud are designed to support the Insurance Suite and enhance its capabilities. Guidewire implementation services are designed to attract customers, stay ahead of the competition and stay relevant in today’s changing market. This is why the platform is not only appropriate for upcoming insurtech companies but more so for conventional and established enterprises that are at some junction of their digital transformation journey. In this blog, we will look at how Guidewire works to revolutionize P&C processes and the vital role Guidewire consultants play in implementation.

Revolutionizing P&C

There are three main areas that Guidewire impacts – Policy, Claims and Billing. The Policy Center helps to quickly scale new products and reach markets faster. Claims Center is aimed at creating personalized experiences with speed and accuracy to provide a frictionless claims process. The Billing Center is designed to support policyholders with simplified billing experiences that ultimately enhance revenue for businesses. Here is how it works.

Supporting Innovation

The demands of policyholders keep changing rapidly and frequently. It can be a challenge to keep up with the demand of conventional systems. Guidewire Implementation enables you to understand customers and launch new products faster. It also allows you to explore new markets with impressive speed and accelerate business growth. Be it at the customer end or internal processes, with guidewire automation, you can empower processes and fulfill business goals.

Guidewire consultants help in leveraging the platform functionalities that prioritize customer needs. You can create omnichannel experiences, automate processes such as underwriting and make business decisions with predictive analytics insights.

In case of sudden changes in the market, Guidewire helps you to pivot faster and innovate products with flexible and purpose-built architecture. Furthermore, real-time analytics capabilities that deliver actionable insights help you to analyze your performance and make strategic decisions to maximize profits. Professional guidewire implementation services enhance your capabilities by helping you build new products using microservices, APIs and best-in-breed integrations at scale and in record time.

Optimization of Testing

Organizations are dealing with large amounts of data as code that needs to be carefully reviewed in the QA process. With manual testing, there is a possibility to make an inference based on the performance of the software, which may or may not be true. Artificial Intelligence and Machine Learning help in rapidly scanning the code to create test cases based on changes in functionality and requirements. This helps in the avoidance of failures that may occur with an incorrect judgment. AI will not only help in identifying the problem accurately but also give possible directions for improvement, thus optimizing the QA process. This aids QA engineers in making informed decisions and realizing optimal value and efficiency from the QA efforts.

Automation

Digitization and Automation are central to the evolution of any industry today. For P&C, Guidewire presents the opportunity to automate day-to-day processes so that resources can be reallocated to enhance customer experience, focusing on activities that need human judgment and innovating the product portfolio. Especially in the case of billing and claims, flexibility and anytime access to information help create an exceptional experience for the policyholders throughout the policy lifecycle. Guidewire consultants help you leverage the pre-built workflows that can be deployed quickly to bring about agility in processes such as billing. Workflow automation can be tailored to suit your market for a more personalized approach for your target customers. Guidewire automation helps in establishing processes that are efficient, convenient, agile and reliable.

Customer-centric Approach

Customer experience is the key to a successful business and is the ultimate goal of all business efforts. In the case of P&C, tasks like policy issuance, claims handling and billing are sensitive topics that need clear and transparent communication. Also, a personalized approach goes a long way in this industry, where a lot of weightage is given to building relationships. Guidewire helps in optimizing processes that reduce the turn-around time for new customers, claims and invoicing, resulting in improved customer satisfaction. Data and analytics provide valuable insights into customer segments and demands so that best-suited products can be offered or developed to delight the customers. From digital self-service channels to prompt third-party service, and fast issue resolution to transparent communication, Guidewire revolutionizes every aspect of the policy lifecycle to meet and exceed customer expectations.

Guidewire Implementation for Improved P&C Lifecycle

Guidewire is a platform equipped with all essential features and functionalities for P&C companies. What organizations need are reliable Guidewire consultants that provide end-to-end Guidewire implementation services.

Our experts, at OpenTeQ are experienced in Guidewire software configuration and implementation. We also deliver customized solutions that demonstrate our full-service Guidewire capabilities. To experience our deep domain knowledge, quick turnaround time and cost-effective solutions, reach out to us at info@openteqgroup.com