4 conversations you are sure to have at #GuidewireConnections

It’s here: Connections 2017, Guidewire’s premier annual user conference. Insurance industry experts representing claims, billing and policy departments, IT, operations and development are all in Las Vegas to explore new opportunities and to better understand how their peers are moving their organizations forward.

Between sessions and on the show floor, four topics will dominate conversation. How will insurance companies leverage the cloud? When does legacy core modernization become a must? What will InsurTech’s lasting impact have on the industry? And how does cybersecurity impact enterprise digital transformation?

How will you engage in those conversations? What will you say if someone asks you to share your organization’s best practice around modernizing your core?

Get ready

To help you get into the groove and join the conversation, here’s how those of us in Hyland Insurance Solutions are thinking about these topics.

1. Leveraging the cloud

When your peers talk about moving to the cloud, they’re talking about managing skyrocketing on-premises IT costs by adopting a subscription-based software as a service (SaaS) model for data and software storage. Ask them how they plan for their systems to interact and how and when their users will access those systems.

To do so successfully, organizations need cloud solutions that have dynamic infrastructures, high uptime guarantees, easy integrations with on-premises and other cloud systems, and excellent security track records.

More importantly, engaging with the right partner and having a plan will really determine how well an organization makes the move to the cloud. We know, because we’ve provided hosted solutions since 2000 and have seen what the right partnership can accomplish. Today, more than 700 global organizations access content and information from our dedicated cloud content management environment comprised of several highly secure private cloud data centers strategically located around the globe.

2. When does legacy core modernization become a must?

The short answer: It already is. Insurers looking to modernize core systems need to look holistically at creating multidimensional platforms that provide an omnichannel experience. These platforms should be flexible and agile.

To remain competitive, both in products and services, they also need to be fast and responsive, as well as provide the best customer experience possible. Collaborate with creative and insightful partner ecosystems that provide best-of-the-best solutions that have already created interoperability and robustness within the solutions they deliver.

3. What will InsurTech’s lasting impact have on the industry?

Nine out of 10 insurance CEOs agree technology will impact or completely reshape the insurance industry over the next five years.

InsurTech is disrupting the industry in ways we haven’t seen in decades, if ever. That should not come as a surprise. Over the last three years, InsurTech has grown exponentially in both prominence and promise. Well-established insurers are moving away from competing with these start-ups and toward collaborating.

But not as many as you would think. At least according to a study by PwC, which suggests a “disconnect exists between the amount of disruption perceived and insurers’ willingness to invest to defend against and/or take advantage of the innovation.” Only 43 percent of industry players included InsurTech in their overall corporate strategies, and only 28 percent explore partnerships with InsurTech companies.

Why are some in our industry slow to adapt and reluctant to disrupt? Especially when similar research says 9 out of 10 insurance CEOs agree technology will impact or completely reshape the insurance industry over the next five years. This may be the crux of the new InsurTech conversation.

And it is an integral part of any digital transformation conversation. New InsurTechs are leveraging the emerging technologies and data related to connected-world solutions. This trend – capturing, managing, and leveraging data from many connected things – is just in the early stages. Over the next decade, it will play a vital role in the industry’s digital transformation.

4. How does cybersecurity influence enterprise digital transformation?

While we strive for digital transformation today and look forward to InsurTech’s promise of a new tomorrow, insurers must not forget that information security is vital in the here and now. Evolving federal and state regulations won’t let you forget.

When it comes to secure information management, how software is developed is just as important as the finished product. The right solution should help you reduce risk and improve regulatory compliance, instead of introducing new risks and vulnerabilities.

To commit truly to protecting your data, you must implement security principles and tasks at each phase in the product lifecycle, including development, testing and support. Ask your prospective vendor to describe the role security plays at each phase in their product lifecycle.

So when you find yourself in conversations at #connections17, ask if the vendor trains all development and quality assurance employees on the skills and tools needed to prevent and detect software vulnerabilities.

To join the conversation or learn more, come see us in booth P3!

Nick Albina is the identity access manager at Salem State University.
Nick Albina

Nick Albina

Nick Albina is the identity access manager at Salem State University.

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