The Growing Impact of Guidewire on the London Market.
What functionality does Guidewire offer?
Guidewire offers an industry-leading insurance cloud platform that supports the entire insurance lifecycle. It delivers end-to-end capabilities from placement to settlement, tailored to the London Market – which has been on a painful and costly journey to modernise over the last few years.
Their business-critical core systems, data-driven solutions and automation capabilities help insurers make informed decisions, focus on underwriting performance, and thrive with sustainable growth. The innovation lies in the flexible cloud architecture that amplifies insights through embedded analytics and data capture, flexible connections with trading partners, and automation of manual processes.
What benefits does Guidewire bring to the London Market?
Will McAllister, Managing Director – EMEA Guidewire, said:
“The London Market is in a period of unprecedented change and 2023 marks the point where insurers need to have assessed their readiness for Blueprint Two and begin addressing barriers to them thriving in a digital trading environment. The Guidewire platform solves key challenges for complex commercial lines insurers and enables the consolidation of products, accounts, policies, and claims into one open platform; supported by integrated data and analytics for better decision-making and process efficiency.”
The solutions’ key features mean that the London Market insurers can:
- Improve premium handling and pre-bind support, through sophisticated premium coding and simplified risk capture
- Enable full policy lifecycle support for all London Market placement types
- Agree and settle claims efficiently and effectively, by leveraging integration to central services, or gateways to other providers
How is r10 accelerating digital transformation?
Seeing the rise in demand for individuals who understand the complexity of the London Market and Guidewire, r10 took the approach to –
- Build an in-house team of trained and certified project managers, business analysts and senior technical SMEs (business and technical architecture specialists)
- Built a strong relationship with our Guidewire partner Alchemy Technology Services, to offer clients access to a broader range of resources
- Create a specific vertical within our associate pool that could offer clients unrivalled SME knowledge
Arun Khanna, r10’s Talent Consultant, said,
“We are experiencing a growing demand for Guidewire specialists to enhance our clients’ capabilities across the UK, Europe, US, and Canada. With the digitisation activity across the London Market gathering real pace and the predicted shift from legacy platforms, we can only see the demand for project, implementation and support resources continuing.”
What are r10 and Alchemy doing to address this demand?
In partnership with Guidewire, r10 and Alchemy developed a model to address this resourcing challenge.
John Harkin, CEO of Alchemy, said,
“We wanted to prove that young professionals could be trained in both the Guidewire product set and the London Market in an accelerated model so that they could support a high standard of delivery services at an attractive rate. Alchemy has also worked alongside Guidewire to develop the latest London Market cloud-based modules, so given r10’s market knowledge and expertise, this provides a compelling service offering.”
What does the next 12 to 18 months look like for Guidewire within the London Market?
The reaction to Guidewire’s London Market Launch in October 2022 has already confirmed that there is a strong market demand for a proven and credible Policy Admin offering in London’s complex marketplace.
Guidewire believes the next 18 months will see Guidwire’s PolicyCenter offering grow its presence and deliver efficiencies and benefits which scores of their global customers have witnessed in the general insurance space. ClaimCenter is of course already an established Claims Admin leader and has led on London Market initiatives such as ‘ECF Write-back’. The degree of sophistication Guidewire can bring to their product deployments is increasing steadily, thanks to their Data & Analytics capabilities which truly allow them to provide Systems of Insight to customers. Finally, Guidewire are huge believers in the need for greater connectivity in the London market, so they are rapidly increasing their ecosystem of pre-integrated solutions. Flexibility and choice are key demands of insurers as they seek to imbed core solutions that offer them agility going forward.