The late philosopher Karl Popper once said, “All life is problem-solving.” This statement fits perfectly for people working in the insurance sector. That’s why the Guidewire Insurance Suite has become so popular in the industry. More and more insurance companies and agencies are adapting to the software. The Guidewire Insurance software comprises three components; Guidewire Policy Center, Billing Centre, and Claim Centre.
Introduction to Policy Center
The Guidewire Policy Center is a web-based underwriting and policy administration system. In the property and casualty insurance (P&C) sector, the policy center is designed to tackle personal and commercial line carriers. The function of the policy center is to streamline the process of application submission, policy renewal, and to manage the changes in policy for both underwriters and producers.
Features of the Policy Center
The Policy Center component of Guidewire Insurance Suite covers aspects involved in reaching the customer with the right insurance product in the most feasible manner. It’s about choosing the right medium and understanding when the right time to offer a particular product to the customer.
Following are some of the key features or aspects of the Guidewire Policy Centre:
1. Omni-channel Experience
Truth be told, the customer spent its time on various digital channels. If you are targeting just one or few then basically you are missing out on potential customers. However, with the help of policy center you can easily provide an omnichannel experience to your customer by connecting with them on their preferred channel (which varies among individuals).
The bonus aspect is that you can provide the omnichannel experience not just to policyholders but to partners as well. This means your communication gets stronger with policyholders and your business partners.
2. Strategic Automation
Underwriting is a crucial aspect of the insurance business, and so is your underwriting team. That’s why, with the policy center, you can strategically automate tasks to leverage the talent of your underwriters. This improves the processing time of policies and also helps to make the overall process of finding the right amount for policy faster and easier.
3. Analytics and AI (Artificial Intelligence)
In today’s competitive market, one of the crucial aspects is understanding the need for your potential customer. Now within this aspect of understanding the need of your customer, there are two areas to take care. First is you need to understand the needs of the customer and customize your offerings accordingly. Given the dynamic nature of today’s market, this aspect is extremely crucial. The second thing is you also need to know when the customer needs which product. It may sound tough in practice, but with the help of Guidewire Policy Center, it is very much possible.
It uses predictive analytics and artificial intelligence to predict the needs of policyholders. This means you can provide a seamless experience to your customer. You can now make sure that not only you are taking care of the current needs of policyholders, but you are available for them at the time of another need which may arise in future.
4. Paced Product Introduction
Since the customer needs are changing quickly, you also need to improve your offerings and present them in the market as quickly as possible. The policy center has got your back in this aspect as well and lets you address the changing needs of the customer with in-depth analytics and account information.
The advantages of Guidewire Policy Center are much more than what can be covered in a few pages. You can learn about Policy Center online by opting for an online training through a reputed institution.
Related Article: Need to Learn with Guidewire Claim Centre