With any journey, the first mile and the last mile are the most difficult to traverse. An insurer’s journey to get value from analytics is no different. The majority of time spent on analytics projects is within the first mile: the period in which insurers must collect and curate useful and reliable data. Another common impediment occurs within the last mile, the period in which the clean, usable data must be harnessed and integrated into core processes in order to deliver analytics insights to business users. With Innsbruck, Guidewire delivers key innovations to make the first and last miles simpler and faster for insurers in all regions.
Data Studio. Now available to all insurers with the Innsbruck release, Data Studio is a user-friendly dataset preparation application with a curated content repository for building, organizing, and publishing datasets. Data Studio liberates InsuranceSuite data so business analysts can query using SQL and curate data into analytics-ready datasets. It includes views on current and historical data, along with a library of Guidewire-created, business-ready datasets to jump-start analytics initiatives. Data Studio is also pre-integrated with Explore, allowing analysts to accelerate time-to-insight without requiring additional third-party tools. In future releases, we will expand the usage of the application for modeling and integration use cases.
Predict - Analytics Manager. Guidewire Predict's Analytics Manager is now available as a microservice. Customers can access it via the Guidewire Cloud home page and Okta SSO. Predict enables insurers to build and deploy predictive models, and its Analytics Manager tool lets them embed the insights derived from the models directly into ClaimCenter and InsuranceNow workflows with codeless configuration. Predict’s Analytics Manager can also be used by self-managed customers to turn any system of record into a system of insight.
Predict - Tune. Predict’s Tune is a new pricing framework that can help insurers accelerate rate changes by up to 4x. It empowers actuaries to quickly create pricing scenarios, analyze the potential impact of the rate changes on customers and business segments, then “tune” the models to generate rates. The application also features territory-based maps to help actuaries visualize the impact of rate changes, and the framework for collaborating with stakeholders on the proposed rate changes and securing approval.
HazardHub - Canadian Property Risks. HazardHub is now available to insurers operating in Canada, enabling them to understand true property risk in seconds. The new data set features 100 data elements across 13 risk factors covering multiple perils such as fire, storms, and earthquakes. With it, Canadian insurers can quickly and accurately assess risk for any personal or commercial property to make better underwriting and pricing decisions, while also informing insureds on how they can help to lower their risk of loss.
From the first mile to the last mile and every mile in between, the Innsbruck release delivers analytics innovations that enable insurers to harness their data, make better decisions, and drive superior outcomes across the insurance lifecycle.