Sollers Consulting, a specialist in consulting and implementation
services for the insurance industry, and Guidewire Software (NYSE:
GWRE), a provider of software products to Property/Casualty (General)
insurers, co-hosted the third annual international Innovations in
Insurance conference earlier this month in Warsaw, Poland. The theme
of this year’s conference was business transformation and featured
presentations from leading British and Polish insurers including Aviva
UK, AXA, Beazley, PZU, and Zurich UK, discussing industry issues such as
non-standard distribution channels and the role of Big Data.
One of the event’s presenters, PZU, the largest insurer in Central
Europe and a winner of Guidewire’s 2014 Innovation Award for Business
Transformation, discussed the transformation process which is allowing
the company to achieve its long term goals. PZU’s “Everest”
transformation project, which began in mid-2012, has already transformed
its policy administration and billing processes, consolidating 21
systems (with more to come), and has migrated 18 million customer
records to its new system as well. During the first six months following
the initial deployment of its new central policy administration and
billing management systems from Guidewire, PZU has sold 1.5 million
policies.
“PZU’s transformation story is not just about a change in systems, but a
reinvention of the whole company,” said Brian Desmond, senior vice
president, Marketing, Guidewire Software. “Their successful
transformation and those discussed by the other insurers, involved a
comprehensive technological, operational, and cultural change.”
Conference discussions focused on preparing for a future of unknowns,
with potential competition coming from companies like Google and Amazon,
which already accumulate a significant amount of data about their
customers. Consumer mindsets are also shifting suggesting that insurance
buyers would be eager to benefit from non-traditional channel options,
such as banks or Amazon.
Insurers will also have to meet the challenge of the Big Data
phenomenon, already used in other sectors to optimize offers for
customers. Merely 16% of insurance industry attendees surveyed admit
that they use Big Data today.
“Insurers must closely observe changes like The Internet of Things or
the use of mobile devices – those will be vital phenomena affecting the
market,” said Michał Trochimczuk, managing partner, Sollers Consulting.
“At the same time we must remember that 'innovation' is not equal to
increased spending, but to the organization's transformation, the change
of thinking and management. The future will belong to both Amazon with
its sales channels, and companies, such as PZU, which undergo a thorough
transformation in order to keep up with the changing world. Thus, we are
happy that Sollers Consulting serves as a vital input in this process.”
About Sollers Consulting
Sollers Consulting is an international company specialized in advisory
and implementation services for the financial sector. The company was
established in 2000 in Warsaw by experts in operational consulting and
IT. Sollers Consulting’s key areas of expertise cover insurance, banking
and leasing sector. In its projects Sollers Consulting combines business
knowledge with competence in new technologies. The company cooperates
with a number of partners all over the world including Guidewire,
Moody’s Analytics, Microsoft, Oracle, TIA Technologies. Sollers
Consulting team has completed various projects for over 50 financial
groups from all over the world such as PZU, PKO BP, Millennium,
Raiffeisen, Talanx (Warta), Generali and Proama. In a day to day work
the company uses modern project management methods such as Agile
methodology. Sollers Consulting is also a Polish pioneer of the
Responsive Web Design approach in design and development. The core value
of Sollers Consulting is a strong team of professionals – company
employs over 150 highly qualified consultants and developers in Warsaw,
Lublin and Cologne. More information can be found at www.sollers.pl.
About Guidewire Software
Guidewire builds software products that help Property/Casualty insurers
replace their legacy core systems and transform their business. Designed
to be flexible and scalable, Guidewire products enable insurers to
deliver excellent service, increase market share and lower operating
costs. Guidewire InsuranceSuite™ provides the core systems used by
insurers as operational systems of record. Additional products provide
support for data management, business intelligence, anytime/anywhere
access and guidance and monitoring. More than 180 Property/Casualty
insurers around the world have selected Guidewire. For more information,
please visit www.guidewire.com.
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NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, and Guidewire BillingCenter are registered trademarks of
Guidewire Software, Inc. in the United States and/or other countries.
Copyright Business Wire 2014