Insights from Guidewire Connections 2023: How insurers can operate faster and more flexibly in a more connected world
This year’s Guidewire Connections in Nashville saw the largest gathering of attendees and a growing partner community came together to discuss the latest Guidewire developments.
Speed was a major theme at this year’s event: building new products faster, going live faster, getting to market faster, innovating and collaborating faster were all recurring concepts. The importance of leveraging the capabilities and expertise of partner ecosystems was also a key topic – which was why we were particularly delighted to win a Passion for Excellence Award as part of the 2023 PartnerConnect Consulting/SI Excellence Awards.
Improving speed and agility with a service-oriented architecture
Recognising that this last year has been a particularly challenging one for the industry, building on Guidewire’s Cloud provider status and moving towards a service-oriented architecture (which provides far greater flexibility, scalability and openness while remaining efficient and reliable) was a key focus.
Unlike traditional monolithic architectures, this modular approach allows customers to consume reusable services and capabilities to build applications faster and more easily. This makes it simpler for insurers to take advantage of new opportunities, such as making new products, creating new connections with partners, or opening up new distribution channels.
Seven core areas have either been decoupled or will be in the future, covering the end-to-end insurance value chain. These are:
Product: Advanced Product Designer will allow insurers to customize and update products more easily and get to market faster
Integration: An integration tool (Integration Gateway) along with decoupled APIs that can be driven by events mean it’s easier to take advantage of wider ecosystems
Data: The data platform has been enriched and a data studio is currently available to early adopters ahead of a wider release, providing faster, more valuable business insights and analytics
Digital: Jutro Digital Platform will be available in December 2023, allowing insurers to create personalized digital journeys and take advantage of new digital distribution channels
Rules: Custom rulesets, a rules editor and a rules execution engine give business users more power and flexibility over rules, from underwriting to claims
Ratings: A data-driven pricing engine to improve the profitability of underwriting
Workflow: A workflow engine to optimize and automate business processes across the policy lifecycle
These services and APIs have exposed each step of insurance business processes, which were previously built-in and comparatively inaccessible. This makes it easier to support automation and rules-based handling, and deal with any exceptions that happen during the process.
What does this mean at a business level?
The flexibility and move to low-code/no-code gives business users power to interact with the system more flexibly and effectively. In claims, for example, this accelerates time to settle claims, optimizes costs, improves efficiency and helps move towards Straight-Through Processing.
Greater integration allows better collaboration across the ecosystem and more innovative solutions incorporating new capabilities. The new product and data services also support greater product customization and personalization. Finally, there has been a strong focus on creating a trusted architecture so that information exchange and data security are extremely robust.
If you’d like to discuss how GFT can help you leverage the new Guidewire capabilities to improve speed and agility, contact us today.