What products and services does Guidewire offer?
Guidewire is a publisher of business solutions for property and casualty insurance, protecting against risk and damage. We offer all the solutions that insurers and their ecosystem need for the production and management of contracts, billing or even claims management.
Since its founding in 2001, Guidewire has been a local software publisher. We have now decided to migrate to a SaaS business model, which meets the expectations of insurers, such as having regular innovations and service commitments.
Why is it necessary for the general insurance sector to achieve its digital transformation?
Its digital transformation began ten years ago in France, first by a wave of pioneers. Right now, we are in a wave of adoption by the most mature and visionary customers, who want to transform their business at scale, where the pioneers began with small touches. But about two-thirds of the property and casualty insurance market still relies on in-house IT solutions, created 20 or 30 years ago. It’s one of the rare industries here, and it’s a brake on innovation and customer service. There is therefore a need for technological renewal, with platforms such as Guidewire that combine a cutting-edge core business, APIs and digital solutions, as well as the integration of data analysis. The two recent examples in France are Macif and Ornikar.
Globally, there are very mature markets like North America or England, where Guidewire has a significant market share. At the other end of the spectrum, some countries such as Spain, Eastern European countries or the Maghreb have an extremely marginal adoption rate of modern management solutions.
What technologies are integrated into the operation of insurance companies?
Beyond our own R&D, Guidewire has chosen to create an ecosystem of innovative and Insurtech partners and federate them into one marketplace.
Insurtechs use drones to survey large factories or agricultural areas, which is simpler and less expensive to analyze risks or estimate damage. We integrate these images and make them available in our insurance software for insurance managers. Others also offer solutions in the field of vision: videoconferencing, photos, sensors, etc., which make it possible to streamline and speed up management processes and customer journeys.
The other great technological aspect widely used in insurance is artificial intelligence. Algorithms learn and process large amounts of data, which is relevant for this immaterial industry, where data is the raw material. In France, two examples, Shift Technology uses artificial intelligence to provide fraud scores, and Zelros uses it on structured or unstructured data to issue recommendations.
This content was produced with SCRIBEO. The BFMBUSINESS editorial team was not involved in the production of this content.
Source: BFM TV
