Two software companies focused on the insurance industry are releasing new initiatives that bring in high tech to help carriers do their jobs more efficiently.
Guidewire Software, a California tech outfit that designs its wares for property/casualty insurers, rolled out its InsuranceCloud Solutions program. It will be initially available in the U.S. and Canada, but a global launch is planned in the future.
As envisioned, consultants involved with the effort will sell cloud-based products that combined Guidewire tech with their own content and services, mixed with complementary third-party systems for property/casualty insurers in a hosted environment. Participating partners/consultants will deploy and maintain Guidewire software along with the other third-party products. Initial partners in the program include Capgemini, Ernst & Young and PricewaterhouseCoopers.
The target audience: emerging or mid-size insurers that don’t want to invest large sums of money in massive IT projects they themselves would host.
Guidewire InsuranceCloud solutions is built to help add systems for smaller insurers that improve customer and agent management, lower operating costs and grow their businesses. Making them cloud-based also would be a cost-effective way to do this, the company said.
New York’s Majesco, meanwhile, launched a version of its Business Analytics product, combined with technologies it obtained when it merged with Cover-All Technologies. It will be pre-built to run with Majesco’s other main system – P&S Suite – and produce data involving policy, rating, underwriting, billing, claims and reinsurance. The system will also include a standalone product to help companies internalize their data, business information and analytics needs across the company.
On its own, Majesco Business Analytics already has seven insurance carriers using the product, and is being ramped up for two other insurers, the company said.
Sources: Guidewire Software, Majesco