Guidewire (NYSE: GWRE) announced the launch of its new solution for the London Market at a breakfast briefing and panel discussion held today at Lloyd’s. The panel included speakers from Generali (Yanna Winter, CIO for GC&C and Generali UK), Liberty Specialty Markets (Mandy Macqueen, Chief Digital Transformation Officer), and QBE (Matthew Gouldstone, Group CTO), with a focus on London Market innovation and modernisation, along with their related challenges.
Guidewire’s solution, built on the Guidewire Cloud platform, is focused on the success of London Market insurers by offering end-to-end capabilities from placement to settlement, through core-embedded analytics and data, easy connections with third party systems, and automation of manual processes.
The solution’s key features mean that London Market insurers can:
• Leverage efficient premium handling and pre-bind support – meaning simplified risk capture, accelerated pricing procedure, and streamlined premium coding;
• Access full policy life-cycle support – comprising extension of policy and underwriting capabilities, beyond new business, to accommodate cancellation, mid-term endorsement, reinstatement, and full-term rewrites; and
• Agree and settle claims effectively – through a single system, pulling documents from a central repository (IMR) with viewing controls, including the ability to choose or retain existing gateway providers.
As the largest global commercial and specialty risk market, the London Market is long known for its expertise and excellence in underwriting virtually any type of risk, but its digital transformation is made difficult because of diverse back-office systems.
“The Guidewire platform solves key challenges for complex commercial lines insurers and enables the consolidation of products, accounts, policies, and claims into one open platform; supported by integrated data and analytics for better decision-making and transparency,” said Will McAllister, Managing Director – EMEA, Guidewire. “We’re focused on the success of our customers in this market on their technology transformation journeys and look forward to supporting them as they deliver cutting-edge services and products to their own customers.”