HIGHLIGHTS:
New Guidewire Cyence™ for Small Business provides Workers’
Compensation insurers with internet-scale data collection on small
businesses to enable profitable, scalable, and streamlined digital
underwriting processes.
New innovations in Guidewire Predictive Analytics™ make it
easier to import and operationalize models built with third-party
software.
New Guidewire InsuranceNow™ Data Service provides near real-time
reporting data.
Enhanced navigation across all digital applications, faster
quoting experiences, stronger agent and broker enablement, plus the
ability to quote and bind Workers’ Compensation insurance
policies.
Seven Guidewire PartnerConnect™ 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.
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.”
Guidewire InsuranceSuite™ has been positioned as a Leader, and
Guidewire InsuranceNow has been positioned as a Challenger in
Gartner’s Magic Quadrant for P&C Core Platforms, North
America1. Guidewire Software has also been positioned as a Leader
in Gartner’s Magic Quadrant for Non-Life-Insurance Platforms,
Europe2.
* Note that not all products are available in every geography.
Guidewire customers can get more information from their Account
Executive.
1 Gartner, Magic Quadrant for P&C Core Platforms, North
America, Jeff Haner, October 9, 2018
2 Gartner, Magic Quadrant for Non-Life Insurance Platforms,
Europe, Sham Gill, 26 November 2018
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted
in its research publications, and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner's research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
About Guidewire Software
Guidewire delivers the industry platform that Property and
Casualty (P&C) insurers rely upon to adapt and succeed in a
time of accelerating change. We provide the software, services, and
partner ecosystem to enable our customers to run, differentiate,
and grow their business. We are privileged to serve more than 350
companies in 32 countries. For more information, please visit
www.guidewire.com and follow us on twitter: @Guidewire_PandC.
NOTE: All products mentioned in this announcement are
Guidewire products. For information about Guidewire’s trademarks,
visit https://www.guidewire.com/legal-notices.
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version on businesswire.com: https://www.businesswire.com/news/home/20190507006090/en/
Diana StottDirector, CommunicationsGuidewire Software+1
650-356-4941dstott@guidewire.com
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