Encova Insurance Selects Guidewire Cloud to Modernize Technology and Optimize Resources
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Insights
The decision by Encova Insurance to migrate its InsuranceSuite from a self-managed environment to Guidewire Cloud represents a significant strategic move in the property and casualty (P&C) insurance sector. By offloading system maintenance to Guidewire, Encova aims to streamline its IT operations, which could lead to cost savings and improved efficiency. This approach aligns with the broader industry trend where insurers are increasingly adopting cloud services to enhance scalability and agility in response to market demands.
For stakeholders, this transition to a cloud-based infrastructure may result in improved service quality due to the potential for more frequent and seamless updates. Additionally, the focus on business continuity and disaster recovery capabilities is pertinent in an industry where data security and uptime are critical. By leveraging PwC's expertise for the implementation, Encova is likely seeking to mitigate risks associated with such a significant IT transformation.
Encova's partnership with PwC and Guidewire for its digital transformation journey underscores the importance of strategic collaborations in executing complex technology shifts. The move to cloud computing is indicative of a broader digital transformation imperative within the insurance industry. Encova's emphasis on decreasing its on-premise technology infrastructure footprint will not only reduce costs but also allow the company to reallocate resources towards innovation and value-adding activities.
From a technology transformation perspective, the implementation of Guidewire Cloud is expected to provide Encova with the agility to quickly adapt to changes and new opportunities in the P&C insurance market. This agility is crucial for maintaining competitiveness and meeting the evolving expectations of agents and policyholders. The long-term benefits may include faster time-to-market for new products and services, as well as the ability to leverage data analytics for better risk management and personalized customer experiences.
Encova's initiative to enhance its business continuity and disaster recovery capabilities through Guidewire Cloud is a proactive risk management measure. In the P&C insurance industry, the ability to maintain operations during unforeseen events is paramount and cloud-based solutions can offer more robust and flexible disaster recovery options compared to traditional on-premise systems.
The use of cloud services can potentially reduce the impact of disruptions and improve the resilience of business operations. Furthermore, the shift to a cloud environment may help Encova in managing regulatory compliance risks, as cloud providers often have dedicated resources to ensure that their services are up-to-date with the latest regulations. This move could also be seen as a risk mitigation strategy, spreading operational risks across a cloud infrastructure that is maintained by Guidewire, a specialist in the field.
“We selected Guidewire Cloud because it serves our ongoing digital transformation journey,” said Encova Vice President, Information Technology Application Services, Casey Jordan. “By leveraging InsuranceSuite on Guidewire Cloud, we will be able to shift system maintenance to Guidewire, so we can stay current on the latest innovations and decrease our own on-premise technology infrastructure footprint, enabling our IT staff to focus on tasks that deliver value to our agents and policyholders. We will also be able to manage risk by maturing our business continuity and disaster recovery capabilities.”
“We are thrilled that Encova entrusted PwC again to deliver the next stage of its transformation journey through the implementation of InsuranceSuite on Guidewire Cloud,” said PwC Partner Imran Ilyas. “Cloud transformation is no longer a luxury but a necessity for businesses to stay competitive in today's rapidly evolving landscape. As a trusted partner, we are committed to delivering the highest level of expertise and support to Encova as they embark on this project.”
"It's been a true honor partnering with Encova in driving innovation and growth," remarked Guidewire Chief Marketing Officer Brian Desmond. "As we transition into the next chapter together with Guidewire Cloud, we are excited to fulfill our role in delivering the agility Encova can depend on to continually enhance its offerings and services for agents and policyholders."
About Encova Insurance
Encova Insurance provides commercial, auto and home insurance.
A super-regional carrier ranked in the top 20 mutual insurance companies in
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 540 insurers in 40 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with more than 1,600 successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
For more information, please visit http://www.guidewire.com/ and follow us on X (formerly known as Twitter) and LinkedIn.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240311555002/en/
Diana Stott
Director, Communications
Guidewire Software, Inc.
+1.650.781.9955
dstott@guidewire.com
Casei Phillips
Vice President, Branding and Communications
Encova Insurance
614-225-8666
casei.phillips@encova.com
Source: Guidewire Software
FAQ
What is the partnership between Encova Insurance and Guidewire about?
Why did Encova choose Guidewire Cloud for its digital transformation?
Who has been chosen to lead the implementation project for Encova?
What benefits does Encova expect from migrating InsuranceSuite to Guidewire Cloud?
