Guidewire Cloud 3.0 and Low-Code Ecosystems: Advanced Migration Strategies, API Marketplaces, and Composable Insurance Products in the Latest Cloud-Native Core Systems
DOI:
https://doi.org/10.63282/3117-5481/AIJCST-V7I1P102Keywords:
Guidewire Cloud 3.0, Low-Code Platforms, Api Marketplace, Composable Insurance, Cloud-Native Core Systems, Digital Transformation, Insurance Core SystemsAbstract
The insurances industry is experiencing a radical change with the impact of cloud-native applications, digital ecosystems, and the low-code application development platforms. Guidewire Cloud 3.0 is accepted as a revolutionary solution to allow insurers to improve their core business by modernizing it and increasing their business agility. The paper studies some of the complex steps in moving legacy insurance core systems to Guidewire Cloud 3.0, focusing on low-code ecosystems to help reduce the time and labor requirements to configure, integrate, and deploy. Additionally, it explores API marketplaces as a solution to an easy connection with other external services, fintech providers, and InsurTech partners. In the paper particular attention is given to the design and the implementation of composable insurance products since these allow insurers to engineer modular, customer customized products based on risk sharing using reusable policy building blocks. To ensure the optimization of the operational efficiency, time to market ratios, and customer experience, the research suggests practical implications to the insurers in this study through the completion of a comprehensive literature review, analysis of the methodology and presentation of the case outcomes. Others of great improvement include frameworks of migration planning, best practices of low-code adoption and measures of evaluation of API-enabled composable systems. The findings show that a composite strategy to assist in moving to digital with the assistance of cloud native architecture, low code ecosystems is expeditious and results in compliance, security and even operational scalability. It is also measured in the study providing tables, flowcharts and formulas to calculate the migration effort, integration complexity and composability efficiency. The article can be useful to any IT decision-maker, enterprise architect, and insurance innovation teams intending to upgrade to Guidewire Cloud 3.0 and exploit the low-code and composable concepts to remain viable in the evolving digital insurance landscape
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