Guidewire Announces 2019.1 Release of P&C Insurance Industry Platform to Accelerate Insurer Growth
Bill Sinn | May 07, 2019
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 America (1). Guidewire Software has also been positioned as a Leader in Gartner’s Magic Quadrant for Non-Life-Insurance Platforms, Europe (2).
* 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
- Electronic Chat with Russ Bostick
- Electronic Chat with Rock Schindler
- Electronic Chat with John Siegman
- Electronic Chat with Martin Burlingame
- Insurtech Landscape 2019: Top 5 Takeaways
- Grinnell Mutual Tackles Massive Transformation -- in Stride
- A Candid Conversation with Paul Mang
- SageSure Insurance Managers Improved Competitiveness by Consolidating Payments to a Single Digital Platform
- Digital Does Matter in Insurance-- And Insurers are Missing the Mark
- The 22nd-Century Insurer: Taking a Cloud-First IT Approach
- The September/October 2019 issue of ITA PRO magazine is now available in digital format here:
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Synergy Between Insurers' IT and Analytics Teams Key to Operationalizing Insights, Says Novarica
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- REIN's DroneInsurance.com and Measure Collaborate to Provide Commercial Drone Operators with Integrated Access to Drone Insurance
- Root Insurance Company Launches New Renters Insurance
- Trexis Insurance Goes Live with the Duck Creek Core Suite OnDemand and Duck Creek Insights
- Roost® Announces Commercial Property Telematics Partnership with Church Mutual Insurance Company
- Arch Insurance Live with Majesco Billing for P&C on Majesco CloudInsurer™
- Conning: Life Insurance Sector Catching Up in Terms of Innovation
- Efma and Accenture Announce Winners of Innovation in Insurance Awards in North America
- Guidewire Congratulates 2019 Innovation Award Winners – Aviva Italy, CAA Insurance Company, Farm Bureau Mutual Insurance Company of Idaho, and FRIDAY
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2020
ITA LIVE 2020 –SAVE THE DATE!
April 5th – 7th, 2020
The Diplomat Resort
Become a member today to receive updates – www.itapro.org/MR
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE