Maximizing Business Value Post Guidewire Implementation

Author:

Jayashree Baskaran

Program Manager, Guidewire Practice, Tech Mahindra

Selecting the right implementation partner is essential for insurance companies leveraging Guidewire's platform for core system transformation. The ideal partner offers project management expertise, deep insurance industry knowledge, and technical skills in Guidewire products, ensuring a seamless transition to its cloud solutions. This approach is vital for insurers to modernize systems, improve operational efficiency, and enhance customer experience through digital transformation. Guidewire leads in providing platforms for P&C insurers, facilitating modernization and technology innovation. Its cloud services allow insurers to quickly adapt to market changes, reduce costs, and accelerate digital strategies. The Innsbruck update emphasizes automation, analytics, and scalability, aligning with market demands while ensuring security and compliance. Implementation costs depend on project scope, complexity, customization, and integrations. Choosing an experienced implementation partner can navigate these factors, optimizing the investment in Guidewire's offerings for sustainable, compliant, and efficient deployments.

Setting a Strategic Approach for Aligning with Organizational Goals

A successful Guidewire implementation goes beyond the initial setup; it hinges on meticulous post-implementation support planning. To maintain and enhance the Guidewire Insurance Suite effectively, a structured, customer-centric approach is paramount. This approach isn't just about technical upkeep; it's about driving tangible business benefits that make a real impact.  Application Management Services (AMS) are expected to offer more than mere back-office support; they must strive to create substantial business value. Insurance IT organizations are under relentless pressure to boost efficiency, reduce costs, and provide 24/7 accessibility amid increasing demands. 

By focusing on the following key success factors, organizations can effectively manage Guidewire maintenance, improve operational efficiency, provide robust IT infrastructure, and support, and mitigate risks and governance challenges:

• Effective Incident Management: Establishing a well-defined incident management process that includes clear incident logging, classification, prioritization, assignment, resolution, and closure procedures is essential. Immediately after implementation, the support team is likely to have many tickets as they step in to help business users navigate through the software, and a plan must be in place to support such surge situations. Timely and efficient incident handling is essential to minimize downtime and operational disruptions. In case of downtime of the application, Guidewire has an established major incident process, and the AMS team should be incorporating this as part of their process.   Also, leveraging automation tools to handle routine maintenance tasks, updates, and error resolution, will free up IT resources for more strategic work.

• Proactive Monitoring: Implementing robust monitoring tools prescribed by Guidewire for their cloud implementations - Guidewire Cloud Console, DataDog, Guidewire platform monitoring, Guidewire community case system. - is necessary to proactively identify potential issues and performance bottlenecks. This allows for early intervention and minimizes the impact of incidents.

• Change Management: Developing a structured change management process for implementing minor enhancements and updates is essential. Ensuring that the Guidewire SurePath methodology is being implemented and that accelerators supplied by Guidewire are being utilized is crucial. Ensuring thorough testing, impact analysis, and user training to prevent issues during deployment continues to be important. Sticking to Guidewire OOTB to the maximum extent possible for smooth cloud upgrades in the years to come has been recommended. Establishing a small enhancements team as part of the overall application maintenance team will go a long way in keeping up the business requests and staying up to date with the latest cloud upgrades from Guidewire.

• Cloud updates: Guidewire mandates at least one cloud update every year. Establishing a Tech Currency Office to focus on identifying ways to accelerate Guidewire provided updates with no business disruption has been highly beneficial. Investing in regression suites to accelerate time to implement has been proven to be a valuable approach.

Ensuring a Strategic Approach For Sustained Success

Conclusively, the success of insurers using Guidewire hinges on a combination of expert partnerships, skilled cloud support, continuous enhancements, and robust training. This strategic focus ensures that Guidewire's capabilities are fully leveraged, marrying operational efficiency with strategic goals. Such a comprehensive approach not only enhances agility and meets evolving demands but also secures a competitive advantage through automation, analytics, and scalability. By prioritizing these critical elements, insurers ensure their Guidewire Insurance Suite is not just operationally sound but also future-ready, positioning them for sustained success in the ever-changing insurance sector.

With a dedicated team of Guidewire specialists and industry experts, Tech Mahindra can assist insurers in streamlining and optimizing their Guidewire journey using best practices. Get in touch with the Tech Mahindra Guidewire team at insurancemarketing@techmahindra.com to discuss and bolster your transformation journey.

About the Author

Jayashree Baskaran
Program Manager, Guidewire Practice, Tech Mahindra

Jayashree Baskaran is an accomplished leader with over 25 years of experience in the insurance domain, having worked in various capacities across life, annuity, property, and casualty. Her extensive background encompasses managing deliveries in substantial transformative projects and implementing technology solutions based on commercial off-the-shelf (COTS) products. Throughout her career, she has undertaken diverse responsibilities, including delivery management, solution design, practice development, and pre-sales activities in the insurance sector.