Guidewire [NYSE:GWRE]: Digitizing the Insurance Lifecycle

Follow Guidewire [NYSE:GWRE] on :

Marcus Ryu, CEO, Guidewire [NYSE:GWRE]Marcus Ryu, CEO
“If you are an insurer and want to position yourself to compete in a radically different landscape, we can help,” remarks Marcus Ryu, CEO, Guidewire [NYSE:GWRE]. Specializing in serving Property and Casualty (P&C) insurers, Guidewire is committed to put customer success above all else with a view that P&C insurance plays a vital role in protecting people and business, and in enabling the society to function. To ensure that customers have the right technology to execute on their promises to policyholders over the long term, the company provides a robust and highly flexible modern core platform that strengthens digital engagement strategies. Guidewire has done tremendous groundwork to build a technology platform that combines three elements—core processing, data and analytics, and digital engagement— to enhance insurers’ ability to engage and empower their customers and employees.

Guidewire’s unified platform, InsuranceSuite, serves as a central source for a range of information like critical customer and financial data, rate and product definitions, and workflows and business rules. The platform is an essential core system to support the P&C insurance lifecycle, which includes underwriting, policy, billing, and claims management. Being a single source of truth for transactional and financial data, InsuranceSuite enables insurers to realize analytic insights and a true omnichannel experience across all distribution channels and lines of business.

Insurers can select and implement individual applications or a pre-integrated core system suite based on their specific requirements and priorities. This also maximizes the flexibility for insurers to deploy and upgrade as required. Guidewire also offers flexible deployment options, including the ability to deploy InsuranceSuite via a traditional on-premises approach or in private and public cloud environments like Amazon Web Services (AWS) or Microsoft Azure.

If you are an insurer and want to position yourself to compete in a radically different landscape, we can help

Alternatively, insurers can leverage a Guidewire InsuranceCloud Solutions partner to design a custom cloud solution.

Guidewire’s InsuranceSuite is a proven solution that promotes optimized insurance operations through insights derived from an engaged global customer community, and empowers employees, agents, and customers to respond and adapt to market change. For instance, The Canadian Automobile Association Insurance Company (CAA Insurance), a provider of auto and property insurance to clients in Ontario and the Maritimes, deployed InsuranceSuite as its new platform for rating, underwriting and policy administration, and claims management and billing. CAA Insurance implemented all InsuranceSuite applications in one parallel implementation. The deployment enabled the company to enhance its customer service capabilities and improve operational efficiency through easier access to data, improved reporting capabilities, and better visibility into its core operations.

More than 260 P&C insurers, across all undertakings, work in collaboration with Guidewire to enhance their operational efficiencies and witness continuous growth throughout their organization. Each project is a unique lesson for Guidewire to learn something new, which the company applies to constantly upgrade its products, implementation approach, and tools. Guidewire is not only adept at delivering these avant-garde solutions but also has immense prowess in assisting insurers to quickly adapt to these products and processes to achieve speed-to-market. “Our overarching ambition is to be the utility of the industry, providing capabilities that are less expensive and more reliable than insurers could build for themselves,” states Ryu.

The CEO opines that the various branches of the insurance sector are like different continents, and the nearest continent is the Life and Accident (L&A) insurance that they would endeavor for. At the same time, he intends to leave no stone unturned in their current undertaking for P&C insurance. “Of course, the world is moving, but it is critical that we follow through on the promises we have made before taking on a new raft of challenges,” concludes Ryu.

Guidewire [NYSE:GWRE] News

Guidewire Announces 2019.1 Release of P&C Insurance Industry Platform to Accelerate Insurer Growth

FOSTER CITY, Calif.--(Business Wire)--Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced the 2019.1 release of Guidewire InsurancePlatform™. This latest release supports insurers’ imperatives to optimize operations, be more digital, use data in new ways, and innovate quickly. Underlying these business drivers is a general theme to simplify and de-risk insurers’ IT environments.

“Insurers today are driving towards more continuous delivery of technology enabled capabilities to their internal and external stakeholders. Increased release cadence of vended core systems like Guidewire InsurancePlatform, will help insurers address increasing time to market demands and improved upgrade experience,” said Martina Conlon, executive vice president, Research and Consulting and practice leader for property/casualty at Novarica. “Workers’ Compensation specific capabilities in this release will address additional needs of the very active Workers’ Compensation market.”

Guidewire InsurancePlatform has been designed to power the P&C insurance business, in support of the following key insurer imperatives:

Optimize operations: InsurancePlatform optimizes operations by embedding best practices and efficiency into insurer core processes. This provides standardization and scalability, while also enabling insurers to reimagine what’s possible.

• InsuranceNow* 2019.1 contains usability improvements to some First Notice of Loss, Claims, and Billing areas of the system to provide a more consistent and intuitive user experience.

• InsuranceNow Studio* is designed to allow developers to manage the configuration source using familiar tools, while presenting the business relevant portions of the configuration in an intuitive non-technical user interface.

○ 2019.1 expands Studio’s scope to include additional underwriting features and support for claims configuration.

○ New Server Control features for restarting InsuranceNow to pick up configuration changes more quickly, enabling more agile business change.

Use data in new ways: InsurancePlatform helps insurers drive smart decisions across the insurance lifecycle by leveraging scientific techniques and delivering actionable insights at the time key decisions are being made:

• New Guidewire Cyence for Small Business is an on-demand risk assessment engine for Workers’ Compensation, using machine learning to capture non-obvious data about a business at the point of underwriting. It also unlocks meaningful opportunities in fine-tuned segmentation for prospecting, and more risk differentiation for pricing.

• New innovations in Guidewire Predictive Analytics make it easier to import and operationalize models built with third-party software, prevent overfitting of certain variables, allow for gradual adoption of model recommendation, and monitor overall impact on claims, pricing, and submissions.

• The InsuranceNow Data Service* is a brand new microservice developed that provides near real-time reporting data in a centralized Amazon Redshift data warehouse.

Improve digital engagement: To meet rising digital expectations, InsurancePlatform 2019.1 helps insurers increase digital engagement by digitizing every interaction and delivering a satisfying, consumer grade, omnichannel experience.

• Provides more streamlined quoting experiences for customers, agents, brokers, and customer service representatives (CSRs) through enhanced quote flow navigation that enables users to move back and forth in quote flows while maintaining the integrity of the data submitted, thus improving the speed and efficiency of the quoting process.

• Expands functionality in Guidewire ProducerEngage™ and Guidewire ServiceRepEngage™ to give agents, brokers, and CSRs the ability to quote and bind Workers’ Compensation insurance out of the box. Agents, brokers and CSRs can also drag and drop spreadsheets to pre-fill information for complex quotes.

• Innovative error handling in ProducerEngage and ServiceRepEngage notifies agents, brokers, and CSRs of data entry errors and qualification issues as they occur, allowing them to address issues right away to save time and avoid working on quotes that cannot be bound. The alerts fall into three categories: error messages, warnings, and underwriting approval alerts.

Innovate quickly: To empower insurers to respond to changing competition and new entrants, InsurancePlatform enables innovation while reducing complexity of integrations with promising insurtechs as well as established players.

• Insurers can choose from 100 Guidewire validated third party solution integrations currently available for download in the Guidewire Marketplace.

• PartnerConnect Solution partners added since the October 2018 release include: ACI Worldwide, Advanced Remarketing Services, Franco Signor, Mirror Technologies, Omadi, Ontellus, TruePic, and Zipwhip.

• In the past four months, 7 Solution Partners have signed up to use the new Guidewire DevConnect developer environment to create plug and play Ready for Guidewire add-ons for ClaimCenter: Advanced Remarketing Services, Livegenic, Mirror Technologies, Omadi, Ontellus, TruePic and WeGoLook.

Simplify IT complexity: InsurancePlatform reduces IT complexity and minimizes the operational burden with key infrastructure improvements to InsuranceSuite.

• The Policy Migration Tool reduces the cost and risk associated with legacy policy migration into Guidewire PolicyCenter™ by providing a supported tool that simplifies the process.

• The InsuranceSuite Behavior Testing Framework promotes better collaboration between business and IT by enabling business analysts to create InsuranceSuite test scenarios in everyday language.

“InsurancePlatform releases remain focused on simplifying the technology that supports insurers, while improving digital engagement across the customer lifecycle, enabling insurers to achieve their business imperatives,” said Ayan Sarkar, principal, InsurancePlatform, Guidewire. “2019.1 unveils exciting new products, features, and tools in support of these objectives.”