Guidewire Announces 2016.2 Release of InsurancePlatform
October 24 2016 - 8:55AM
Business Wire
Data and Digital product enhancements help
insurers meet needs of an increasingly fast-paced, data-centric,
and digitally-driven world
CONNECTIONS 2016–Guidewire Software, Inc. (NYSE: GWRE), a
provider of software products to Property/Casualty (P/C) insurers,
today announced the 2016.2 release of Guidewire InsurancePlatform™.
Built specifically for the P/C insurance industry,
InsurancePlatform combines three elements – core operations, data
and analytics, and digital engagement – that work together to
enhance insurers’ ability to respond to industry changes and better
engage and empower their customers, agents, and employees. The
release features enhancements to Guidewire’s Data and Digital
product families and improves capabilities that support
policyholders, agents, actuaries, and IT professionals.
“The pace of change facing Property/Casualty insurers continues
to accelerate,” said Ayan Sarkar, vice president, business owner –
Digital, Guidewire Software. “We see it as our role to keep
evolving our products in a way that ensures our customers are
equipped to adapt and succeed in an environment that is being
rapidly reshaped by new entrants, changing consumer behaviors, and
technological innovations.”
“This release delivers on our goal of continually adding new
sources of value for our customers, particularly in the fast-paced
Data and Digital engagement areas, enabling our customers to mine
and deploy far more insight from the explosion of data available to
the industry today,” said Wade Bontrager, vice president, business
owner – Predictive Analytics, Guidewire Software. “This release is
also notable as it marks our first Predictive Analytics product
release since acquiring EagleEye Analytics earlier this year.”
This release of Guidewire InsurancePlatform features new
versions of Predictive Analytics, Spotlight, and Digital Portals.
Key enhancements by product family include:
Data and
Analytics:
Guidewire Data and Analytics, comprised of DataHub, InfoCenter,
Guidewire LiveSM, and Predictive Analytics, provides insurers with
a P/C industry-specific data store, business intelligence
warehouse, and cloud-based predictive analytics products for claims
and profitability respectively. Enhancements to Predictive
Analytics 6 and Spotlight* include:
Predictive Analytics 6:
- Deliver automated modeling
functionality
- Pre-built processes for the modeler to
automatically scan a new data set and pick optimal binning for each
variable based on predictive signal, and correlations by year;
- Uncover true predictive power of each
variable by correlation-correcting each variable; and
- Intelligent analysis engine input
parameter search builds sequential models to decrease length of
modeling process and increase model power.
- Operationalize complex predictive
models
- User interface to prepare predictive
models for real-time interaction with core system processes;
- Avoid silos of code with ability to
perform variable transformations and customize model API response
using scripting toolkit within product; and
- Combine multiple predictive models into
one output for additional accuracy and insight.
- Monitor the predictive models
- Model scoring service logs all
transactions into monitoring database and reporting suite designed
to measure model performance;
- Reports in transaction volume, errors,
and model score distribution; and
- Compares inputs and results against
model expectations and presents users with information to measure
both the near- and long-term health of predictive models.
Spotlight*:
- Enabling underwriting team
self-sufficiency
- Allows underwriting teams to define and
maintain their own views of risk through the use of new admin
screens; and
- Enables underwriters to manage risk
profiles, assessments, and visualizations without needing to
involve a data consultant.
Digital
Engagement:
Guidewire Digital Portals™ provide support for omni-channel
engagement across policy, billing, and claims to external
stakeholders such as agents, policyholders, and vendors. Digital
Portals 5.1 enhancements include:
- Satisfying key consumer buying
preferences, especially the growing millennial demographic
- Deliver personalized marketing and
branding, online research aids, and social media sharing
capabilities; and
- Enable more mobile self-service
functionality such as checking on claim payment status and updating
payment method details.
- Increasing agent/broker
enablement
- Deliver additional portal self-service
capabilities such as cancellations and homeowner policy
changes;
- Improve collaboration with underwriters
with an exception and referral flow; and
- Enable better communication with
adjusters by being able to view claim payment status.
- Facilitating a test and learn
approach for both the business and IT on their digital channel’s
performance
- Produce pre-built web analytics hooks
including sample plug-ins to Google Analytics and Segment;
- Optimize user experience with a
framework for A/B testing that includes a sample Google Experiments
plug-in; and
- Enhance branding and marketing campaign
support.
About Guidewire Software
Guidewire delivers the software Property/Casualty insurers need
to adapt and succeed in a time of rapid industry change. We combine
three elements – core operations, data and analytics, and digital
engagement – into an insurance platform that enhances insurers’
ability to engage and empower their customers and employees. 260
P/C insurers around the world have selected Guidewire. For more
information, please visit www.guidewire.com. Follow us on twitter:
@Guidewire_PandC.
* Guidewire Spotlight is available in the United States and
Canada (except Quebec).
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter,
Guidewire PolicyCenter, and Guidewire BillingCenter are registered
trademarks of Guidewire Software, Inc. in the United States and/or
other countries.
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Guidewire SoftwareDiana Stott, +1 650-356-4941Director,
Communicationsdstott@guidewire.comoronechocolate
CommunicationsDaniel Couzens/Susanna Woods, +44 (0)20 7437
0227guidewire@onechocolatecomms.co.ukorGuidewire Software (UK)
LtdLouise Bradley, +44 (0)7474 837 860lbradley@guidewire.com
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