Top 5 Predicted Tech Trends for 2013: Guidewire

The property/casualty insurance industry is poised to embrace new technology in 2013, according to to Brian Vannoni, Guidewire’s director of product marketing.

He identified the top five tech trends and predictions for 2013.

“Acceleration of Tier 1 insurers considering packaged software solutions for core system replacement”

In 2013, tier 1 providers will replace legacy core systems with packaged systems designed to simplify technology environments, facilitate efficient and intuitive processes and provide built-in adaptability to changing market conditions. The rate of adoption of core system replacement in tier 1 carriers will rapidly accelerate not only for claims, but underwriting and policy administration as well. Nationwide crossed the barrier in 2012 – expect to see others follow.

“Keeping an eye on the storm”

2012 saw catastrophes of historical proportions and it is predicted that in 2013 we will see even more severe weather. It’s no longer a question of “if” a major catastrophe will strike but rather a question of “when and where.” The integration of CAT management solutions across core system suites, adoption of advanced geographical, map and forensics data, external content and expert tools will enable insurers to offer more advanced services in handling catastrophes and help expedite the claims process and enable policyholders to recover more quickly than ever before.

“There’s an app for that”

It was just a matter of time before the “appification” trend made its way to the insurance industry. With the explosion of mobile devices in the field, a surge in new mobile apps will take center stage in 2013 bridging external and internal data from core systems to tame the data deluge: connecting the insurer to the information, curating that data to ensure they have the most relevant information, and “appifying” it for easy access.

“Merging of community and technology, to drive innovation”

Modern core systems are achieving critical mass of live customer communities. Unlike legacy systems, modern products have been built for connectivity and extensibility / innovation. Examples include: customer groups coming together to share data with peer communities to take a new ‘networked’ benchmarking approach; increased support for innovative new workflows across multiple business partners and systems.

“The year of the hybrid cloud: The best of both worlds”

Insurers will take advantage of on-premise core systems and in-cloud services as they move to increase flexibility, speed and most importantly become better at communicating and integrating with partners and customers. The trend towards a hybrid cloud approach will improve the connection of internal core competencies with external data and services enabling providers to offer the same level of customer interaction and superior service whether in the office or on the road.

Source: Guidewire