Author: AadityaJain

Insurance Technology Market Trends: Reflecting on the Recent Guidewire Kufri Release | Blog

Guidewire’s latest release, Kufri, showcases the company’s dedication to innovation, efficiency, and global reach in the insurance technology space. Emphasizing streamlined processes, advanced data analytics, and expanded global solutions, Kufri is set to enhance the competitive edge of insurers worldwide. Reach out to us to explore further.

In the rapidly evolving world of insurance technology, Guidewire continues to lead the charge with innovative solutions that cater to the industry’s growing needs. The latest “Kufri” release, the second of three planned releases for 2024, marks another significant milestone for the company. Named after the picturesque mountain town in Shimla, India, Kufri symbolizes Guidewire’s commitment to blending innovation with a global perspective. This release emphasizes process efficiency, accelerated time to market, and enhanced data analytics capabilities, all while expanding Guidewire’s reach beyond North America.

Key focus areas of the Kufri release

  1. Process efficiency and time to market Kufri introduces several enhancements designed to streamline insurance processes, making them more efficient and reducing the time to market for new products. These improvements are crucial for insurers looking to remain competitive in a fast-paced market, where speed and agility are critical.
  2. Enhanced data and analytics In today’s data-driven world, the ability to leverage data for better decision-making is invaluable. Kufri’s focus on data and analytics provides insurers with deeper insights, particularly in areas like property insurance and cyber risk assessment. This enhancement allows insurers to make more informed decisions, improving risk management and underwriting accuracy.
  3. Global expansion and localized solutions One of the standout aspects of the Kufri release is Guidewire’s strategic push to expand its presence outside North America. A significant part of this strategy is the rollout of HazardHub in 19 additional countries across Europe, the Asia-Pacific region (APAC), and Africa. This move underscores Guidewire’s commitment to delivering localized solutions that cater to the specific needs and regulatory environments of different regions.

Opportunities for Guidewire

Guidewire’s strategic initiatives open up a multitude of opportunities for growth and market expansion:

  1. Regional GTMs to unlock growth from emerging markets As Guidewire extends its footprint into new markets, it is crucial to develop regional messaging that resonates with local audiences. Collaborating with system integrators and solution partners who possess deep regional expertise will be vital. These partnerships can help tailor Guidewire’s offerings to meet the unique demands of each market, ensuring a smoother adoption process and better customer engagement.
  2. Amplified messaging on industry-aligned digital customer experiences In a competitive landscape, offering a superior policyholder experience is key. Guidewire’s digital experience platform, Jutro, is designed to deliver personalized interactions and accelerate the time to build micro frontends. Highlighting LoB-specific design templates and high configurability could help Guidewire differentiate itself against other major digital experience platforms that lack off-the-shelf industry-specific contextualization.
  3. Low-code capabilities and configurability over customization Guidewire’s platform has done well in building quick configuration capabilities and a low-code architecture that are increasingly sought by insurers. This allows carriers to improve time-to-market for peripheral capabilities, without making major customizations – so, insurers can stay agile in a dynamic market, while avoiding the added complexity for future upgrades. Such messaging and capabilities will resonate with Guidewire’s existing customers who need to drive value acceleration on their core technology estate, but are struggling to build a business case for a major upgrade or moving to Guidewire Cloud.
  4. DevOps and FinOps integration To maximize the benefits of cloud adoption, Guidewire can further integrate its solutions with DevOps and FinOps practices. This integration will provide insurers with greater visibility into their operations, enabling better management of the total cost of ownership. Additionally, incorporating AIOps elements will enhance reporting and governance in cloud environments, driving efficiency and cost-effectiveness.

Looking ahead: expectations for the final 2024 release

As we look forward to Guidewire’s final release of the year, there are several areas where further advancements are anticipated:

  1. Embedding generative AI Guidewire’s customers are increasingly interested in the practical applications of generative AI. The upcoming release could offer out-of-the-box AI use cases that provide insurers with new capabilities in underwriting, claims processing, and customer servicing.
  2. Mature data fabric offering A mature data fabric offering would allow insurers to leverage powerful analytics capabilities, enabling more precise risk assessment and personalized product offerings. This evolution will be crucial as insurers seek to differentiate themselves through advanced data-driven insights.
  3. Cost-effective data migration The final release should also focus on providing cost-effective data conversion and migration capabilities, leveraging cloud infrastructure. Simplifying these processes will help insurers transition to new systems more smoothly, minimizing disruptions and reducing costs.
  4. Aggressive expansion in specialty products While the Jasper and Innsbruck releases have made significant strides in commercial and specialty products, there is a need for continued innovation in this area. Competition from niche tech providers is intensifying, and Guidewire must maintain its momentum to secure its position as a leader in this segment.

The role of Guidewire’s consulting and system integration services partner ecosystem

Guidewire’s consulting and system integration (SI) services partner ecosystem plays a crucial role in supporting its global expansion and product development efforts. Here are some key opportunities for this ecosystem:

  1. Contextualized regional solutions As Guidewire expands in Europe and APAC, there is a growing need for region-specific solutions and go-to-market strategies. Consulting and SI service partners can leverage their experience and understanding of such regional markets to develop localized offerings and blueprints that address unique needs of each market.
  2. Talent development and recruitment The demand for local talent with regional expertise is rising, particularly in emerging European markets. Guidewire’s partners should invest in targeted recruitment and talent development, including specialized training and certification programs. Partnerships with local universities and regional service providers can also provide a steady pipeline of skilled professionals.
  3. Comprehensive support and technical debt remediation As insurers shift to cloud-based solutions, there is an increasing need for comprehensive pre- and post-implementation support. SI partners should plan to integrate service level agreements (SLAs) and develop detailed roadmaps for technical debt remediation, ensuring smooth transitions and sustained operational efficiencies.
  4. Ecosystem-driven business value realization Guidewire’s partners should elevate their conversations with existing customers from a focus on maintenance and changes to a broader discussion about business value realization. This approach involves championing an ecosystem-led core augmentation strategy, leveraging plug-and-play solutions, and exploring new opportunities in data, digital experiences, and advanced risk modeling.
  5. Focus on cloud migration and surround services Partners should align their co-innovation and GTM efforts with Guidewire’s vision on taking a cloud-first approach. They should also shift their focus to providing surround services around the core, working with Guidewire-affiliated solution providers to help clients realize value and achieve high-velocity outcomes.

As Guidewire continues to innovate and expand, the Kufri release sets a strong foundation for future growth. The company’s focus on efficiency, data, and global expansion positions it well to meet the evolving needs of the insurance industry. With the final release of the year on the horizon, expectations are high for even more groundbreaking developments that will further solidify Guidewire’s leadership in the market.

Recommendations for insurance enterprises:

Existing customers:

Based on current technology maturity and appetite for REQUIRED change, insurers must have a defined roadmap to maximize value from existing core investments, without making massive customizations. They should work with their SI partners to identify capability gaps and build future-proof playbooks to adopt plug-and-play solutions from the Guidewire marketplace.

New customers:

Insurers evaluating whether they should embrace modern core systems such as Guidewire must factor in off-the-shelf product capabilities and ecosystem-led scalability. They must bake in the integration effort involved in customizing the product to their business context and conducting a thorough cost-benefit analysis for the migration – for both the immediate term and long term. Enterprises must also adopt a “partner over vendor” mindset and encourage a two-way conversation, where the SI partners are incentivized to drive value additions and bring in best practices from other such engagements to drive on-time and on-budget implementations.

AI and cloud readiness

In line with the vision to scale data-driven decisioning capabilities, insurers should evaluate the potential of the Guidewire Data Platform and augmented data-sets for effective risk assessment and pricing capabilities. Insurers must gauge cloud-native and embedded AI capabilities and seek ongoing guidance from Guidewire and their SI services partners to ensure building a future-proof core tech estate.

Experience

Leverage Jutro’s off-the-shelf templates to accelerate the delivery of engaging digital experiences for policyholders as well as agents. Migrating to Guidewire Cloud allows insurers to access such updates quickly and adapt to evolving stakeholder needs, providing a more personalized and responsive user interface.

To learn more about Guidewire and the platform services market, please reach out to [email protected], [email protected], and [email protected].

Check out our webinar, Mid-market Digital Transformation: Insights and Outlook for 2025, for best-practice recommendations for adopting newer technologies, based on our analysts’ recent experiences.

Life & Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment 2024

Life & Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment

The Life and Annuity (L&A) insurance industry is rapidly transforming, driven by technology advances and evolving customer expectations. As insurers face challenges with legacy systems, regulatory changes, and market dynamics, IT service providers become crucial allies in navigating associated complexities. To accelerate digital transformation, L&A insurers need support to create data-driven workflows, deliver seamless digital experiences, and achieve faster time-to-market.

Previously, insurers focused on cloud migration projects, process automation, and reducing data silos. The recent economic climate has shifted their priorities toward quick wins and long-term growth. This shift emphasizes business outcomes such as empowered intermediaries, enhanced customer experiences, omnichannel interactions, and expanded voluntary benefits for group life insurance.

In response, IT service providers are developing in-house solutions and collaborating with technology providers and InsurTechs worldwide. Further, they are integrating AI and gen AI solutions in their core offerings.

Life & Annuity (L&A) Insurance IT Services PEAK Matrix

What is in this PEAK Matrix® Report

This report assesses 24 leading IT service providers featured in the L&A Insurance IT Services PEAK Matrix® Assessment 2024. Based on Everest Group’s annual RFI process, client references, and ongoing market analysis, this report evaluates these providers and their capabilities in meeting the L&A insurance industry’s evolving needs.

Contents:

In this report, we 

  • Assess 24 IT service providers on Everest Group’s L&A Insurance IT Services PEAK Matrix®
  • Examine the Leaders’, Major Contenders’, and Aspirants’ characteristics
  • Evaluate the IT service providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments
  • Discuss the global L&A IT service market’s market size, growth drivers, investment themes, and future outlook
  • Identify enterprise priorities and demand themes
Scope:
  
  • Industry: L&A insurance
  • Geography: global

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Guidewire Services PEAK Matrix® Assessment 2024

Guidewire Services PEAK Matrix® Assessment 

In 2023, the Property and Casualty (P&C) insurance industry progressed in digital transformation, prioritizing platform modernization to meet evolving business and customer demands. In this landscape, Guidewire was pivotal for insurers seeking to update their core systems. Thus, enterprises are optimizing operational efficiency, scalability, and customer engagement through flexible and interconnected system architectures.

In response, providers are improving their Guidewire expertise to align their services with modern P&C insurance requirements. The emphasis is on developing proficient talent pools, enhancing cloud integration strategies, and reinforcing data analytics capabilities to support complex migration and implementation processes. Additionally, they are expanding across growth markets, building local capabilities, adopting geo-specific strategies, and improving offshore capabilities for cost-effectiveness.

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  • An assessment of 28 leading Guidewire service providers on Everest Group’s Services PEAK Matrix® evaluation framework
  • Characteristics of Leaders, Major Contenders, and Aspirants in the Guidewire services market
  • Detailed profiles of the providers, along with their key strengths and limitations
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  • Industry: insurance, financial services
  • Geography: global

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Duck Creek Services

In the Property & Casualty (P&C) insurance sector, digital transformation is the key to enhancing operational efficiencies and underwriting profitability. Duck Creek Technologies leads this modernization with its SaaS platform, favored for its low-code configurability and robust performance. IT service providers are aligning their strategies and investments with Duck Creek’s vision to capitalize on this growing market opportunity. They are expanding their Duck Creek-certified talent pools and developing accelerators and frameworks to streamline implementations.

Duck Creek Services

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Contents: 

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  • An assessment of 14 leading Duck Creek service providers on Everest Group’s Services PEAK Matrix® evaluation framework
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Lending IT Services PEAK Matrix® Assessment 2023

Lending IT Services 

The lending industry is currently undergoing a significant transformation, propelled by the increasing demand for technological integration to enhance operational efficiency, user experience, and cost-effectiveness. This shift is largely driven by the widespread adoption of advanced cognitive tools, such as AI and predictive analytics, enabling lenders to improve automated approval rates and gain deeper insights into customer behavior. Additionally, the rise in delinquencies, stemming from a growing disparity between wage growth and expenses, is prompting lenders to embrace more user-friendly online tools for flexible payments.

In response to these challenges, lenders are leveraging cloud computing and alternative data to revolutionize underwriting and data management processes. The introduction of innovative products, such as green mortgages and Buy Now Pay Later (BNPL) options, addresses modern consumer demands within a framework aimed at consolidating products for improved efficiency. Moreover, the lending ecosystem is increasingly becoming API-driven, facilitating real-time integrations with third parties and offering flexible customer experiences without the need for costly in-house functionalities. This trend is evident across various sectors, with mortgage lending investing in technology and alternative products and auto financing transitioning toward subscription and shared ownership models. Particularly in commercial and SME lending, there is a noticeable shift toward streamlined online financing experiences and platform modernization.

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What is in this PEAK Matrix® Report

In this report, we analyze 28 lending IT service providers and position them on Everest Group’s proprietary PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants.
 

In this report, we: 

  • Examine key trends in the lending IT services industry
  • Classify 28 lending IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework
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  • Assess providers’ key strengths and limitations

Scope

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Low-code Technology Providers in Insurance – Products PEAK Matrix® Assessment 2023

Low-code Technology Providers in Insurance – Products 

In recent years, insurance enterprises have embarked on a modernization spree to improve the experience for both customers and stakeholders. However, the significant surge in costs and unprecedented underwriting losses in these challenging times have intensified the need for an agile, scalable approach to modernization.

Leading insurance organizations are seeking support to manage the technology environment, address the talent shortage, and respond to changing market dynamics. They aim to realize value from existing investments quickly and with minimal complexity in integration or application development. Insurers are increasingly relying on low-code technology for rapid application development, integration, and meeting time-to-market needs. Low-code solutions offer insurers out-of-the-box integrations with their existing technology stack, enable rapid value realization from digitization investments, and eliminate the need for extensive transformation efforts.

Low-code Technology

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In this research, we assess 21 low-code technology providers featured on the Low-code Technology Providers in Insurance – Products PEAK Matrix®. The research will help buyers select the right-fit provider for their needs, while providers will be able to benchmark themselves against each other.
 

In this report: Everest Group analyzes 21 low-code technology providers’ capabilities to serve insurance enterprises on its proprietary PEAK Matrix® assessment framework.

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