Technological solutions to help insurance companies

[CONTENU PARTANAIRE] The insurance sector is still lagging behind in its digital transformation. To meet these needs, Guidewire Software publishes business solutions dedicated to non-life insurance. Emmanuel Naudin, Regional Vice President of Sales, tells us about the technological challenges in this sector.

What products and services does Guidewire offer?

Guidewire is a publisher of property and casualty insurance business solutions that protect against risk and damage. We offer all the solutions insurance companies and their ecosystems need for contract production and management, invoicing 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 non-life insurance sector to achieve its digital transformation?

Their digital transformation started 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 started with small touches. But around two-thirds of the risk and non-life insurance market still relies on in-house IT solutions created 20 or 30 years ago. It’s one of the rare industries in this case, and it’s a drag on innovation and customer service. There is therefore a need for a technological renewal, with platforms such as Guidewire combining a pioneering core business, APIs and digital solutions, as well as the integration of data analysis. The two most recent examples in France are Macif and Ornikar.

Globally, there are very mature markets such as North America or England, where Guidewire has a significant market share. At the other end of the spectrum, some countries such as Spain, the Eastern European countries or the Maghreb have an extremely marginal adoption of modern management solutions.

Which technologies are integrated into the operations of insurance companies?

In addition to our own R&D, Guidewire has chosen to build an ecosystem of innovative partners and Insurtech and to bring them together in a marketplace.

Insurtechs use drones to inspect large factories or agricultural areas, making it simpler and cheaper to analyze risk or estimate damages. We integrate these images and make them available in our insurance software for insurance administrators. Others also offer solutions within the field of vision: video conferences, photos, sensors, etc., which make it possible to streamline and accelerate management processes and customer journeys.

The other major technological aspect that is widely used in insurance is artificial intelligence. Algorithms learn and brew large masses of data, which is relevant to this immaterial industry where data is the raw material. In France, two examples, Shift Technology uses artificial intelligence to provide fraud results and Zelros uses it on structured or unstructured data to issue recommendations.

This content was produced with SCRIBEO. The BFMBUSINESS editorial team did not participate in the production of this content.

In collaboration with SCRIBEO

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