Innovation and evolution: The power of the Guidewire and Hyland team-up
Anyone conversant in pop culture is familiar with the classic team-up. In music, it’s that brief moment when Ed Sheeran and Beyonce share the stage. Or in sports, when some savvy GM unites LeBron James with Kyrie Irving (or Dwayne Wade or Anthony Davis).
Comic book fans probably know the team-up best. For readers, a team-up means the intriguing pairing of two superheroes. Publishers in the 1940s created the concept in an attempt to raise awareness and increase interest in individual books, but readers saw the real power behind the concept. Complementing abilities integrated as one, ready to take on any challenge. Brains and brawn, beauty and beast, brave and bold.
The team-up concept is a powerful business strategy, as well. A quick scan of insurance industry headlines on any given day reveals the latest pairings of InsureTech start-ups.
This combining of forces can be a formidable foe for carriers holding on to legacy systems and relying on siloed information to land new business. For one, it is nearly impossible to share information across all the different digital devices employees and insureds use – smartphones, wearables, apps – because those legacy systems lack an omnichannel interface. That’s a big problem when customers want a faster, more personal purchasing and claims experience.
Insurers may quickly discover that they lack the digital agility to capture new clients and hold on to current customers. What can they do?
Nurture a team-up of your own
In a typical team-up, heroes combine forces to match – and exceed – the power of their foes. While the analogy may be a bit over the top, the idea of competing and winning through innovation is not. This means insurers need to find a partnership that provides the power they need to succeed.
For many insurers, aligning their Guidewire strategy with Hyland content services delivers the team-up they’re looking for.
Take Washington’s Mutual of Enumclaw, for example. The mutual insurance company struggled with an aging legacy claims system. System limitations made efficiency identification nearly impossible. The organization couldn’t score, see troubled areas or even earmark future opportunities.
“The document management piece of any claims system implementation is vital,” says Jeff Obermeyer, claims business manager, Mutual of Enumclaw. “Inbound and outbound customer claims communication must be handled easily and efficiently if any insurer hopes to compete in our evolving industry. Guidewire ClaimCenter, integrated with OnBase, fulfills that requirement.”
Like any good team-up, the two solutions work together seamlessly, offering complete processing, intelligently linking all related information to a claim or policy and presenting it in a way most efficient to users.
But that’s not all.
Benefits of a great team-up
Great team-ups lead to amazing results, whether that’s hit singles, championship trophies or billion-dollar movie franchises. You can say the same about Guidewire and OnBase, Hyland’s enterprise information platform.
That starts with the Ready for Guidewire OnBase Accelerators, which seamlessly integrate capabilities like intelligent capture, enterprise content management (ECM), case management, process automation, customer communications management and secure file sharing with Guidewire InsuranceSuite™, enabling insurers to manage content in the context of their Guidewire screens and business processes. Hyland is the only enterprise content services software validated by the Ready for Guidewire program.
It also includes a remarkable set of ROI statistics, including 230 percent ROI with a 1.6-year payback for many customers. Others have increased claims processing and new business processing by up to 50 percent, or increased policy automation by more than 50 percent in process volume. Many see a 45 percent reduction in time to capture and classify claims photos, or they have reduced open enrollment processing from six days to less than 24 hours.
Or all of the above.
Often, initial team-ups become extended partnerships, as peers realize how much stronger they are together. Guidewire and Hyland, like any good team-up, has lasted the test of time. By tying together key systems, information works together, accelerating implementation time, lowering TCO, enhancing the user experience and building more powerful customer relationships.
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