EY announces significant investment in an Insurance Nexus™ release for the London Market
16 May 2017
Insurance Nexus™, the EY complete strategic offering for cloud-based modernization of core insurance technology, powered by Guidewire Software, will be extended with specific accelerators to support the London Market.
The EY Insurance Nexus™ London Market release will enable a simpler go to market solution for carriers operating in the London Market. The core insurance solution built on Guidewire InsuranceSuite will be further extended with pre-configured Commercial lines of business, full London Market messaging support, support for ECF Writeback messages, and pre-configured integrations and business services (document management, security, finance, geocoding, and more) as key accelerators.
Alongside Guidewire’s industry-leading technology, EY Insurance Nexus™ enables P&C carriers to efficiently and effectively migrate core insurance operations to the cloud providing a cost-effective support model for ongoing maintenance and upgrades, which can be delivered outside a carrier’s IT environment.
The cloud-based transformation model, reduces the overall delivery risks and increases the return on investment, helping insurers to realize the benefits of:
- Faster speed to market through rapid implementation cycles, as well as launch of new products much faster than when using traditional approaches.
- Reduced burden on business and IT resources: outsource ongoing maintenance and support.
- Lower total cost of ownership: EY Insurance Nexus™ total cost of ownership for the London Market is more than 50% cheaper than a traditional on-premise implementation. Those savings result from highly conformant solutions (up to 90%), pre-configuration, virtualized infrastructure, and more cost-effective upgrades and maintenance.
- Increased access for small and midsize carriers to advanced technology: leveraging platforms typically available only to large carriers, and gain access to advanced insurance products based upon Guidewire and other leading technologies.
- Stronger digital and analytical capabilities built into the solution: can enhance customer experience via mobile apps and portals.
“London Market Insurers and Managing Agents seeking a world-class platform to support their business growth, combined ratio improvements, and a competitive return on investment, should consider EY Insurance Nexus™." said Mark Robertson, Partner at EY. "The track record of success across our technology enabled transformation projects within Insurance, together with tested, low-risk approach from a number of successful EY Insurance Nexus cloud based transformation programmes, are supported by the significant scale of more than 14,000 Insurance professionals, and over 1,500 EY Guidewire professionals around the world, providing the greatest confidence in success."
" As a Guidewire PartnerConnect™ consulting partner, EY has managed or actively participated in close to 100 Guidewire implementations around the world,” said Keith Stonell, managing director, Guidewire – EMEA. “We admire their commitment to the London Market, and their focus on building value around Guidewire technology. This offering benefits insurers by providing an advanced, reliable and configurable core processing platform, supporting them to better engage and empower their customers, agents, and employees.”