A Leading Carrier Gains Better Insights by Connecting Its Policy Admin and Financial Systems
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THE CHALLENGE
Disconnected systems and a lack of visibility into their financial data
In the insurance industry, having immediate access to financial data is more than a competitive advantage; it’s a necessity. A major insurance carrier operated off of a policy administration and financial system that were not integrated. With multiple instances of Guidewire across their products and geographies, traditional methods could not provide the efficiency, real-time accessibility, and streamlined data flow the business demanded.
BUSINESS NEED
Streamlining data flow and exchange between policy and financial systems
This insurance carrier realized the need for seamless data flow between their policy administration system, Guidewire Policy Center, and their financial system, PeopleSoft, with a data warehouse as the vital intermediate component.
HOW OZ HELPED
OZ builds a new integrated data solution leveraging ACCORD messaging
The OZ team accepted the challenge, stepping in to overhaul their data integration process with a solution that leveraged the industry standard ACORD messaging format and an enterprise-level message bus architecture.
In the new setup, the Guidewire system generates ACORD messages whenever significant policy changes—such as endorsements, new policies, or cancellations—occur. These messages are immediately dispatched to a middleware platform—in this case, IBM’s App Connect Enterprise (IBM ACE). Rather than operating on an older point-to-point data transfer system, OZ introduced a bus-based communication system, enabling applications to subscribe, as necessary and appropriate, to any and all messages originating from Guidewire.
Next, OZ developed a web service that processes these ACORD messages, parses the data, and stores it in a database that feeds into the client’s data warehouse. Using the data warehouse as an intermediary between Guidewire and PeopleSoft ensures real-time accessibility, synchronization, and data standardization, keeping the financial system continuously updated. It eliminates manual entries, triggering an instant response to financial changes related to any policy in the Guidewire system.
IMPACT
Instant access to financial records leads to faster decision making
The integration between Guidewire and PeopleSoft through a real-time data warehouse comes with many advantages:
- Enhanced Competitive Edge: This carrier can make more informed, data-driven decisions through real-time insights and immediate access to financial records
- Streamlined Data Management: Efficient, accurate, and automated data management processes have brought this carrier closer to completing the migration to the data warehouse, translating into significant savings in both time and resources
- Rapid Implementation: The transition from inception to production took only around 90 days, underscoring OZ’s commitment to meeting business needs without delays and minimal disruption
