The implementation and running of core insurance systems is a substantial undertaking. The investment made needs to yield a significant return and, when implemented correctly, Guidewire products can certainly deliver that return. However, as new product versions are released and wider functionality offered, those insurers need to evaluate the benefits of upgrading systems against the option of not upgrading.
Guidewire 9’s recent release creates a scenario for all existing (and potential) Guidewire customers to evaluate whether and upgrade would help them drive further efficiency, cost savings and increase a competitive edge.
Upgrades can be critical to ongoing operational effectiveness (as well as remaining on a supported version), therefore must Insurers seek an effective approach for the upgrade process.
An onus on delivering a ‘Out of the Box’ system is important as decisions made about configuration and customisation during implementation will have a direct impact on how well the upgrade process will run. Robust planning, preparation and scoping can lead insurers to select the optimal version of the software for their needs and objectives, define specific business and technical requirements, and confirm the best upgrade deployment options and timeline.
The value when it comes to upgrading is that Insurers experience an efficient, low-risk process that enables them to boost the return on their investment in industry-leading Guidewire applications.
Choosing the right time for upgrades
- Choose the right version of the application
- Ensure your scope is clearly defined and the latest version delivers all the functionality needed (remove a reliance on customisation and extra configuration)
- Engage the right resources both internally and externally
- Consider future versions – ensure you have a view on guidewire’s proposed product roadmap – is this a functional upgrade or a technical upgrade
- Understand the impact of the upgrade process and any business interruption
- Select the right implementation partner