Greenfield with Guidewire: Promising Insurers Greener Pastures for a Sustainable Future 

In a transformative era for insurers, the unyielding desire to break free from the shackles of legacy thinking, outdated processes, and the limitations of traditional technology platforms reveals an exciting trend—according to a Celent survey, over 50% of insurers are not merely dipping their toes but diving headlong, making huge investments in greenfield projects.  

What is Greenfield? 

Greenfield in insurance means a fresh way of doing things digitally. Instead of building on old ways, companies start from scratch with the help of brand-new technology. 

In a greenfield approach, an established insurance company builds up a new and separate entity or company from the ground up with the purpose of creating, selling, and developing a product or set of products. This involves leveraging the latest business models, processes, and systems, as well as incorporating fresh talent and ideas. This new entity has its own identity and branding, and a considerable effort is typically invested in letting it stay distinguished from the parent company. 

In a nutshell, the greenfield operation enjoys the agility characteristic of a new venture, free from the burdens that often hinder established businesses, such as dealing with legacy systems or managing an existing book of business that needs to be addressed or migrated. 

Unlocking Advantages with the Greenfield Approach in Insurance 

The greenfield approach is gaining traction in the insurance industry, offering compelling advantages that captivate the sector, including: 

• Breaking Free from Legacy Constraints 

A major hurdle hindering rapid innovation in insurance is the presence of legacy systems. These systems, resistant to integrating new processes, can severely impact business operations. The greenfield approach, starting anew, eliminates this challenge. Insurers no longer need to contort technology to accommodate existing systems; instead, they shape the technology to align with their goals from the outset. 

• Accelerated Innovation 

Delivering an exceptional customer experience is paramount for insurers striving to stay ahead of the competition. Whether it’s implementing contactless claims or enhancing services through mobile platforms, insurers seek the agility to swiftly adopt changes and stay relevant in the market. Given the fickle nature of insurance customers, the ability to retain them is a priority. The greenfield approach empowers insurers to enhance their products and services on technology tailored for such innovations, enabling the quick rollout of updates and new functionalities to the market. 

• Scalability through Modern Solutions 

Embracing the greenfield approach involves leveraging new, cloud-based technologies. This strategic move enables insurers to scale their operations as they innovate. Instead of struggling to fit outdated legacy systems into modern frameworks, insurers enjoy the flexibility to scale at their own pace, adapting seamlessly to the evolving market landscape. 

Navigating Considerations in the Greenfield Approach 

The greenfield approach holds the promise of a revolutionary transformation in the insurance landscape, presenting insurers with unparalleled possibilities that spark excitement. However, amidst the potential, there are crucial challenges that demand thoughtful consideration before insurers proceed with further decisions. 

• Extensive Testing Requirements 

Greenfield, being a new and ground-up approach, necessitates extensive testing to ensure success. While the absence of constraints can be liberating, some insurers find value in the boundaries provided by solid existing systems to efficiently operate within their ecosystem. Without robust testing capabilities, insurers may encounter challenges in adapting to market changes and evolving customer needs. 

• Adapting to a New Mindset 

Despite the numerous benefits associated with greenfield, insurers must stay vigilant about cybersecurity and fraud considerations when embracing new technology. The saying ‘better the devil you know than the devil you don’t’ holds weight, especially in a risk-averse industry. It prompts questions about internal talent – do you have the expertise to drive such a change, and can your organization sustain this new way of thinking culturally? The greenfield approach extends beyond technology; it encompasses a significant cultural shift that demands careful attention. 

Is the Greenfield Approach Right for Your Organization? 

Two questions to answer:   

• Do your existing processes, attitudes, skill sets, distribution systems, or technologies hinder your speed-to-market and your ability to innovate, invent, and introduce successful new products? 
• Is your growth hampered by the commoditization of your products, and could a greenfield approach help break free from this limitation? 

If your answer is a resounding yes, then the greenfield approach beckons. If done right, this approach simply supports your business goals by being open, flexible, and easy to maintain. 

How Can You Make Sure Your Greenfield Approach Is Done Right? 

In the ever-evolving landscape of the insurance industry, the pursuit of innovation and efficiency has become a cornerstone for success. As you embark on greenfield projects — initiatives initiated from the ground up — the choice of a robust technology platform and the right implementation partner can significantly shape the trajectory of your endeavors. 

Why Choose Guidewire Cloud for Your Greenfield Project? 

Guidewire Cloud is a dynamic and scalable solution tailored to meet the unique demands of the insurance sector and help overcome the challenges of greenfield implementation. Here are some reasons why you should consider using Guidewire Cloud for a greenfield project: 

• Agility and Scalability: Guidewire Cloud offers a scalable and flexible environment, allowing insurance companies to adapt to changing business needs and scale their operations easily. This can be particularly beneficial for a greenfield project, where the organization is starting from scratch and wants a platform that can grow with its evolving requirements. 
• Reduced Infrastructure Management: By opting for a cloud-based solution like Guidewire Cloud, insurance companies can offload much of the infrastructure management responsibilities to Guidewire. This allows them to focus more on developing and enhancing their insurance products and services rather than worrying about the underlying infrastructure. 
• Faster Time-to-Market: Cloud-based solutions can often expedite the development and deployment processes. Guidewire Cloud provides tools and services designed to accelerate the implementation of insurance applications, potentially reducing the time it takes to bring new products and services to market. 
• Cost Efficiency: Cloud solutions often operate on a pay-as-you-go model, allowing organizations to pay for the resources they use rather than investing in and maintaining a large, upfront infrastructure. This can be cost-effective for a greenfield project, especially if the project’s scale is uncertain in the early stages. 
• Access to Guidewire’s Expertise: Utilizing Guidewire Cloud means gaining access to the expertise of Guidewire’s professionals who specialize in insurance technology. This can be valuable for a greenfield project, as the organization can benefit from the knowledge and best practices developed by Guidewire in the insurance industry. 
• Security and Compliance: Guidewire Cloud is designed with security in mind, adhering to industry standards and compliance requirements. This can be crucial for insurance companies, which often deal with sensitive customer data and must comply with various regulatory frameworks. 
• Integration Capabilities: Guidewire Cloud is built to integrate with other systems and technologies, allowing insurance companies to connect their new applications with existing processes and third-party services. This is important for a greenfield project that may need to integrate with various systems for a seamless workflow. 

Why is Hexaware the Right Technology Partner for Guidewire Cloud Greenfield Implementation?  

• Experience and Dedication in Perfect Harmony 

Hexaware is just the right size—large enough to deliver comprehensive solutions and small enough to genuinely care about your success. With extensive experience in the P&C insurance domain and a proven track record in Guidewire implementations, Hexaware brings value-added solutions and technology offerings, ensuring a seamless journey for insurers. 

• Expertise and Certified Professionals at Your Service 

Our greenfield implementation is spearheaded by specialists who are not only Guidewire Ace certified but also Cloud Platform certified consultants. This team boasts substantial experience in successfully delivering multiple Guidewire programs, ensuring the utmost proficiency in executing your greenfield initiative. 

• Strategic Winning Guidewire Partnership for Unmatched Support 

Hexaware’s robust partnership with Guidewire adds an extra layer of technical expertise to our offerings. This collaboration provides access to advanced tools and accelerators, ensuring a thorough and successful assessment of your greenfield implementation. 

• Outcome-based Greenfield Implementation Strategy 

Hexaware’s solution for rapid product design and development in Guidewire greenfield implementation is a treasure trove of accelerators, tools, and frameworks. Designed to boost speed-to-market and enhance delivery predictability, our approach allows insurers to focus on innovation and strategic growth. Through our comprehensive, outcome-based greenfield implementation strategy, Hexaware provides a solid foundation for policy, billing, claims, and digital channel services, ensuring a robust and forward-looking approach for your insurance endeavors. 

Final Thoughts 

The greenfield approach, defined by its digital reinvention of insurance processes, offers a refreshing departure from the limitations of traditional platforms. Insurers can break free from legacy systems, accelerate innovation, and scale operations seamlessly. However, navigating this transformative journey requires careful consideration. As you embark on the greenfield journey, remember that the right technology platform and implementation partner can significantly shape the trajectory of your endeavors.  

Hexaware, in collaboration with Guidewire Cloud, offers the winning combination of experience, expertise, and strategic support for insurers seeking to thrive in a digitally transformed and sustainable future. 

Ready to explore the promising pastures of greenfield with Guidewire Cloud and Hexaware? Contact us today to embark on a transformative journey towards a sustainable and innovative future in the insurance landscape. Your success awaits—seize it with Hexaware. Write to us at marketing@hexaware.com