As the customer expectations in insurance change with changing times many new relevant insurance data streams and digital business models are starting to emerge. These are often being produced by the new entrants and sometimes by non-insurance players. Also, supply chain disruptions and cyber-espionages are giving birth to new areas and opportunities. Insurance companies now need a comprehensive platform which can help them unify their software, services and partners ecosystem to power their businesses. Guidewire Software, a company based out of Foster City, California has been one such trusted provider of IT services and software for P&C insurers for a long time. The company was founded in 2001 and is a leading provider of technology solutions to P&C insurers around the world.
Guidewire has multiple offerings for the P&C industry including Guidewire Cloud (for SaaS Solutions), Guidewire Data and Analytics, Guidewire Digital, and Guidewire. The Guidewire Insurance Platform unifies all these for their customers to help them through their journey of integrating the newer technologies and simplify IT.
With a specialized focus on the P&C insurers, the company has amassed a huge customer portfolio. The company has as many as 500 plus implementations of its products focussed on a variety of goals which have been received very well. Their cloud experience is substantial considering more than 130 of their customers trust them and use at least one of their products through the Guidewire Cloud. Moreover, the company really cares and to ensure that they are maintaining the quality they have 800 consultants on their Guidewire team and almost 7,800 professionals from their consulting partners who help them stay up-to-date with the changing trends.
Focus on Research
When you are even remotely connected to the technology industry it is imperative that you innovate non-stop. It is this constant innovation which keeps companies alive in the ever-changing terrain of international markets. Guidewire puts a special emphasis on innovation as it dedicates over 35% of its product revenue to research and development. The company also deploys as many as 700 people in its R&D, making it a company which has one of the largest R&D teams in the industry.
The company enjoys a global presence with offices in North America, South America, Europe, and in the Asia-Pacific region. Having served over 350 P&C insurers from more than 30 countries, the company continues to grow and expand.
The Guidewire Chief
Marcus Ryu, CEO and President
As the CEO, he is responsible for the company’s operations and strategic direction. He has served the company at many capacities, including securing key customer relationships, communicating value proposition, and defining product strategy. He also serves on the company’s Board of Directors and has managed the engineering, sales, services, and strategy departments.
Prior to Guidewire, he was the Vice President of Strategy at Ariba and an Engagement Manager at McKinsey & Company. He currently also serves on the Board of Directors of Bloomreach.
He has an A.B. from Princeton University and B. Phil from New College, Oxford University. He was a Marshall Scholar while he was at Oxford.
-The company was named the winner of two XCelent Awards in Celent’s Europe, Middle East and Africa Policy Administration Systems 2018: Personal, Commercial, and Specialty ABCD Vendor View report. The Guidewire PolicyCenter™ was recognized as the top solution out of 38 vendors in two of the report’s four categories. PolicyCenter was placed highest in the Breadth of Functionality, and Depth of Service categories.
-The company was announced as a leader in Gartner’s Magic Quadrant for Non-Life Insurance Platforms, Europe 2018. Guidewire was placed the highest on both the ability to execute axis and completeness of vision axis.
Working with Rakuten General Insurance
Rakuten General Insurance Co., Ltd (Rakuten) is one of the leading Insurance companies from Japan. They offer insurance for fire, marine, and transport. Since its founding in 1951, Rakuten has expanded continuously with its great initiatives.
The company was looking for a competent claims management system for its automobile insurance. After much consideration and research, the company selected Guidewire ClaimCenterTM. ClaimCenter started doing things for Rakuten which were previously handled by several individual systems for contract content inquiry, accident inquiry, accident negotiation, and premium billing. With Claim Center onboard, the company was able to consolidate multiple legacy systems. Equipped with a seamless workflow of claim operations, Rakuten’s staff was able to increase the quality of customer service they provided to their policyholders.
“We chose ClaimCenter after we carefully reviewed packaged products from other vendors as well as our own systems. Key factors for selecting ClaimCenter included its compatibility with new technologies as well as its advanced functionality and operability. We were also impressed with Guidewire’s wealth of experience with implementation projects both here in Japan and overseas.”
-Osamu Sato, Claims Management Department, Rakuten General Insurance
“Guidewire exists to deliver the industry platform that P&C insurers rely upon to adapt and succeed in a time of accelerating change – and to ensure that every customer succeeds in the journey.”
“More than 350 P&C Insurers, across all lines of business have selected Guidewire.”
“We consider ourselves to be part of the global P&C insurance community, serving insurers by building mission-critical software that helps our customers solve both large and small problems.”
IBM Tops 2020 U.S. Patent List; IBM India 2nd Highest Contributor
SAP Invests €55M to Accelerate Its Cloud Strategy in India
LG Now Has a Controlling Stake In Alphonso
B2B E-Commerce Startup Udaan Raises $280 Million
Digital Healthcare Tech Company DXY Raises $500M
© 2021 CIO Bulletin. All rights reserved.