My last blog post highlighted Guidewire’s continued investment in our policy and underwriting capabilities for London Market insurers. I’m back to talk about the completion of our latest milestone which has been reached through our Flaine release - Guidewire’s 6th major half-yearly platform release since 2020. Our focus this time around is to offer further improvements in PolicyCenter to better support underwriters, and to bring our existing claims capabilities in ClaimCenter onto the same cloud platform, thus enabling efficient agreement and settlement of London Market claims. For Underwriters We are able to afford more time and attention to the premium-centric nature of risk being placed through London, ensuring easy access to, and holistic views of, written, signed, estimated, and benchmark premiums, as well as offering authorised users the ability to override premium coding details any time prior to bind.
Management of premium coding to classify risks We have broadened our coverage across the policy lifecycle to extend to cancellations, reinstatements, re-writes, and mid-term endorsements, ensuring that premiums remain accurate for all transactions.
Full policy lifecycle support For the Claims Team We offer a single system from which to agree and settle claims efficiently, including support for the document services needed to enable integration with an insurer’s document management system, and ensure consistency with the market central repository.
Efficient Agreement and Settlement of Claims All of this is available now, extending a platform aligned with core insurance practices, designed to support flexible integrations and increasingly rapid change. What’s next?
At Guidewire, we already offer complementary solutions for managing cyber risk, as well as risk assessment for US-based properties with HazardHub. We want to capitalise on the strengths of our cloud platform and data ecosystem by embedding data and analytics into underwriting and claims processes for better insights, and feel we’re uniquely placed to position ourselves ahead of the pack. Why? According to Swiss Re Sigma, P&C insurance premium is expected to double in size by 2040, but most of this growth will be driven by new risks emerging from a more dynamic, hazardous, and connected world. Embedded analytics enables our customers to prepare for this future by transforming their system of record into a system of insight. They can rapidly build and deploy predictive approaches to maximise their income and use new data sources to respond to new threats and opportunities such as climate change, social inflation, and ethical AI. In summary, we’ll continue to invest and enrich our capabilities in the year ahead, but that’s all for this brief update. Thanks for reading. Please talk with your Account Executive or get in touch at info@guidewire.com if you’re interested in finding out more.