Introduction
As the CEO of iBrain, a leading technology company, I am thrilled to share insights into the transformative journey of Guidewire and its revolutionary Guidewire Cloud Platform (GWCP). In this article, we will delve into the discussions held during a panel featuring Gal, the VP of Guidewire Cloud Platform, Francois, the VP of IT at Promutuel Insurance, and Eric, the VP of Beneva. We will explore the motivations behind the development of GWCP, its impact on the industry, and the advantages it brings to insurers like Eric and Francois in their quest to stay competitive in a rapidly evolving market.
Enabling Innovation: The Drive Behind GWCP
The panel kicked off with a fundamental question: Why did Guidewire decide to develop the Guidewire Cloud Platform? Gal emphasized that innovation was at the core of this strategic move. Guidewire recognized that its customers, primarily insurance carriers, desired to shift their focus from mundane tasks like database tuning to more innovative endeavors. Instead of allocating valuable development resources to building basic infrastructure services, carriers wanted to concentrate on creating innovative front-ends and unique lines of business that catered to their customers’ evolving needs.
Guidewire heeded its customers’ call and committed to providing a comprehensive solution. It aimed to deliver high availability, basic infrastructure services, and a robust cloud platform, allowing carriers to unleash the full potential of their development teams. By leveraging GWCP, carriers could free up their resources, empowering developers to drive innovation and build cutting-edge experiences for their customers. Guidewire’s customers were the guiding force behind this decision, seeking a partner who would adapt to their needs and become an integral part of their future growth.
Accelerating Innovation: The Power of Cloud Technology
The panel discussion further explored the advantages of the cloud and its impact on the speed of innovation. In the traditional on-premises software model, the release and adoption cycles were considerably longer, often spanning several years. However, with the cloud, Guidewire could deliver updates and new features every two weeks, revolutionizing the industry’s pace of innovation. Gal highlighted the significance of these frequent releases, referring to them as “ski resort releases” occurring three times a year, enabling carriers to access new features swiftly.
The ability to deliver innovation at a rapid pace provided carriers like Eric and Francois with a competitive edge. Shorter release cycles empowered carriers to stay ahead in the race, outperforming their competitors. By embracing GWCP, carriers could seize opportunities swiftly, integrating new technologies like artificial intelligence (AI) and leveraging design frameworks to create exceptional digital experiences for their customers. Guidewire’s commitment to accelerating innovation became a critical factor in their battle against industry giants such as Amazon, who have disrupted various sectors, including banking and insurance.
GWCP: Equipping Carriers to Compete
Gal emphasized that GWCP’s primary objective was to equip carriers with the necessary tools to compete effectively against formidable players like Amazon. By providing a comprehensive service orientation, Guidewire aimed to empower carriers like Eric and Francois with a turnkey solution that catered to their unique requirements. The analogy of providing a house with plumbing and electricity already built-in resonated well with the audience. Guidewire’s approach enabled carriers to focus on customizing and personalizing their digital experiences rather than worrying about fundamental infrastructure components.
The panelists acknowledged the advantages of this service orientation. Eric and Francois expressed their satisfaction with Guidewire’s ability to offer a robust infrastructure while still allowing for customization and configuration. Guidewire’s approach struck a balance, providing a standard platform with out-of-the-box functionality, reducing the burden on carriers while still offering ample room for customization. This turnkey model delivered immediate value, enabling carriers to swiftly adapt to market dynamics and dedicate their resources to strategic initiatives.
The Path to Success: Partnering with Guidewire
Francois and Eric shared their perspectives on the transformative impact of adopting GWCP. Francois highlighted the need for insurers to be time-to-market in a rapidly evolving industry. He emphasized Guidewire’s strong presence and expertise in the Property and Casualty Insurance space, offering a deep understanding of insurers’ processes and needs. GWCP’s comprehensive framework and services aligned perfectly with their goals, enabling Promutuel Insurance to focus on value creation for both employees and customers.
Eric echoed Francois’s sentiments and emphasized the value of GWCP for both existing and new clients. For new clients, GWCP allowed for a seamless journey, starting with a well-built foundation and requiring minimal customization. Existing clients experienced the transition from on-premises solutions to the cloud, leveraging Guidewire’s ongoing commitment to provide tailored solutions for their unique needs. Eric highlighted the importance of Guidewire’s After APD platform, which facilitated the migration process for long-standing clients, ensuring a smooth transition to the cloud.
The Future of Insurance with GWCP
As the discussion progressed, Gal shed light on the adoption rate of GWCP within the industry. While exact numbers were challenging to pinpoint, Gal indicated that the majority of new Guidewire implementations were already taking place on the cloud. He expressed confidence in the continued growth of GWCP adoption, aiming for 50% of Guidewire’s customer base to transition to the cloud within the next couple of years.
The impressive adoption rate of GWCP signifies the trust and confidence carriers place in Guidewire’s innovative solutions. As carriers increasingly recognize the advantages of the cloud, they embrace Guidewire’s turnkey approach, allowing them to focus on core competencies, drive innovation, and deliver exceptional digital experiences to their customers.
Conclusion
Guidewire’s development of the Guidewire Cloud Platform represents a paradigm shift in the insurance industry. By embracing cloud technology and delivering a turnkey solution, Guidewire empowers carriers to innovate, compete, and thrive in an ever-changing landscape. The combination of standard services and configurability allows carriers to leverage the best of both worlds, offering a robust foundation while enabling customization to meet their specific needs.
Guidewire’s commitment to understanding and addressing the requirements of its customers shines through in the success and rapid adoption of GWCP. With an impressive adoption rate already achieved, Guidewire is poised to lead the industry’s transformation, enabling insurers to navigate the evolving market dynamics, deliver exceptional customer experiences, and stay ahead of the competition.
As the CEO of iBrain, I applaud Guidewire’s vision and commitment to empowering innovation. The Guidewire Cloud Platform represents a new era in insurance technology, revolutionizing how carriers operate and excel in an increasingly digital world. Together, we can embrace the transformative power of GWCP and shape the future of insurance.
