A bespoke application or an OOTB solution is a constant debate. Trust me, both are good as long as you know the requirements well. A clarity on that adds one more reason for good sleep 😉. Once you decide, the next level of choices you need to make might haunt you. If it’s a bespoke application, then you must consider the tech stack, cloud choices, etc. If it’s OOTB, then you must choose among the available options. This list goes on..

The insurance business is no exception. There are many custom-built and popular OOTB solutions. Interestingly, in the Guidewire world, right after deciding to move to Guidewire, there is often a choice between two flavors of the product. There is plenty of information available on what to choose and why, but I thought adding another blog post is not a sin.

Yes, this is about Guidewire vs. InsuranceNow. If you know what to choose, then you have better things to do by skipping the rest of the gyan 😊.

Let me share some gyan….

While there are many good reasons to consider, I am listing some of the top reasons that come to mind. In the list below, if you pick any reason, then you need Guidewire; otherwise, InsuranceNow will suffice.

1. Advanced Customization and Integration Capabilities Guidewire InsuranceSuite supports deep customization and integration with third-party systems, enabling complex solutions like proprietary underwriting rules engines, AI-powered chatbots, and blockchain-based claims verification.
2. Modular Architecture Guidewire InsuranceSuite’s modular architecture allows for flexible implementation of individual modules (PolicyCenter, BillingCenter, ClaimCenter), providing tailored solutions that can evolve with the organization’s needs.
3. Real-Time Data Processing and Analytics Guidewire InsuranceSuite offers robust support for real-time data processing, allowing for dynamic risk-based premium adjustments, real-time policy management through mobile apps, and personalized marketing campaigns.
4. Scalability and Performance Guidewire InsuranceSuite is designed to handle the demands of large-scale operations with high transaction volumes and complex workflows, ensuring consistent performance and scalability.
5. Global Support and Localization Guidewire InsuranceSuite provides extensive support for multi-language and multi-currency operations, making it ideal for multinational insurance companies that require localized solutions to meet regional regulations and customer preferences.

Needless to say, you would know by looking at these features the cost difference between both products.

Happy to help if you need a deep dive. Give me a shout.

#Guidewire #InsuranceNow #OOTB #Bespoke