Quick Highlights about Insurance Industry:
- Insurance is as large as $1.2 Trillion Industry.
- In which Life Insurance Constitutes 52% and 48% by P&C Insurances.
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According to a Recent report on Outlook of Insurance Industry by Deloitte, Percentage of US Insurance companies who have deployed suites based on their Functionalities and as you can see the growth is Phenomenal.
As you can see there is a great deal of demand for the above-mentioned tools and there are not many quality providers. That’s what Guidewire exploited and they are the market leaders of this domain.
Is Guidewire really a market leader?
Well, I know the evidence is required. Here you go:
Yes, Guidewire leads the market with ~32% market share( as of 2017) surpassing its next competitor by the difference of 13%.
Why is Guidewire a Market Leader?
Guidewire InsurancePlatformTM has 3 elements which are integrated into one system, Those are Core, Data and Digital.
Core constitutes of InsuranceSuite, Policy Center, Claim Center, Billing Center, InsuranceNow, Underwriting Management several Add-on Modules. It transactional system of records supporting the entire Insurance Cycle.
Data include DataHub, InfoCenter, Guidewire Live Analytics, Predictive Analytics and Guidewire Cyence Risk Analytics. As name Indicates its data hub of all the insurance, in addition, gives all types of Insights which could then help understand the trends.
Digital has Guidewire Digital, CustomerEngage, ProducerEngage, ServiceRepEngage, VendorEngage and EnterpriseEngage. This tool is made to improve the transactional experience for Policy Holders.
What do I have to do with Information?
As we already know, by no means Insurance is a small industry and being a market leader in such Industry’s part is a Big Deal and it obviously opens up a lot of job openings which there are already.
These are few of the most common Guidewire Designations by Top Companies like Deloitte, Capgemini, Accenture etc.
Thousands of more Jobs are open for Guidewire Skilled Candidates and as the number of Companies using Guidewires is Increasing the Job openings will increase rapidly.
Average Pay/year is $97K which will only increase as there is a huge discrepancy between supply and demand of Candidates.
So, Buckle-up Good days are here for Guidewire experts.