Smart Approach Blog

Welcome to Guidewire’s blog for property/casualty insurance. Here we'll share our experiences and lessons learned from more than 300 implementation projects. We'll also offer our point of view on industry trends and advice to help you adapt and succeed on your journey of continuous improvement.

Jul
20
2017

Where in the world are you most likely to find a connected car? Los Angeles? London? Rome?

Jul
19
2017

In an on-demand economy, consumers expect real-time service and customer support. Through the use of chatbots, carriers can deliver real-time customer service while also improving operational efficiencies.

Jul
14
2017

Why can’t the insurance business be more like Netflix? Or Tripadvisor or Booking.com?

Jul
11
2017

Investment in Property and Casualty (P&C) InsurTech may have taken a short breather in Q1 2017, with 23 deals when compared to 27 deals in Q4 2016, or the record 42 deals in the Q1 2016.  However, interest in new innovations in the industry shows no sign of waning, judging by the record attendance at InsurTech events, including the recent DIA Amsterdam conference in May. 

Point #1: Customers are not buying just an insurance policy, they are buying a promise

Jul
07
2017

Of all the processes inherent to insurance, it could be argued that none are more important than the claims process. The general consensus is that claims typically account for up to 80% of an insurance company’s costs. When it is stated like that, 80% does not seem like an exceptionally large number.

Jul
05
2017

When you consider the cutting edge of technology – the Internet of Things, drones, or telematics, for example – all these things have been quietly pioneered by insurers already to provide personalised products and services, years ahead of other sectors.

Jun
04
2017

In my first post in this series, I provided Guidewire’s perspective that we are at the early stage of a new era of P&C systems (see The Engagement Era).

May
08
2017

In a previous blog post (see The Engagement Era), I provided Guidewire’s perspective that we are at the beginning phase of a new era of P&C systems—the engagement era.

May
02
2017

Insurtech startups are driving innovation in our industry.  They are unhindered by carrier applications and culture, so they are able to swiftly target microsegments and deliver unique and streamlined customer experiences.  In my first blog in this series, I shared the FinanceFox value proposition.

Apr
26
2017

I believe there has been more change in the P&C insurance industry over the last two years than in the previous 10 or, arguably, 20 years. The trends of change have been well documented and I won’t cover them here. Suffice it to say, the pace of change will accelerate in the years ahead.

Apr
19
2017

There’s no question that autonomous vehicle technology could make cars safer and significantly reduce the frequency of auto claims.

Apr
14
2017

How do you price a product when you do not know how much it costs to produce? This is a problem the insurance industry faces every day. While most industries know the cost of materials, labor, and profit margin to calculate the price of their products, insurance does not know the cost of the product when it is sold. The true cost of the product may not be known for many years once all the claims have been paid.

Mar
22
2017

Whether you are fixing the kitchen sink, doing yardwork or cooking a meal, it is often essential to have the right tools for the right job. The same applies when it comes to predictive analytics. Solutions for business intelligence, data visualization, and reporting are very different to those for predictive analytics. It’s even important to use the right predictive analytics software, especially when it comes to analyzing insurance data.

Mar
09
2017

In honor of International Women’s Day, I am writing to discuss a topic seldom discussed among professionals.  Women.

It's true we talk about women all the time, but not about how amazing they are as professionals.  I believe in many ways they represent the most untapped potential in our world.

Mar
07
2017

My 4-year old daughter recently participated in a school exercise where she was asked to articulate her dreams and goals for the future when she grows up.  I was fascinated to learn that when she grows up she wants to be a Lego piece.

Mar
03
2017

Last November the Zurich Insurance Group hosted the first Insurance Hackathon in the DACH region (Germany, Austria, and Switzerland). It took place in the RheinEnergy Stadion, the home of the local football team, in the heart of the German insurance sector - Cologne. Over a three-day period various teams consisting of developers, designers, and inventors competed against each other to win €50,000.

Feb
02
2017

Property and Casualty (P&C) insurance companies today understand that in order to take advantage of opportunities in a fast-changing market, they must ensure their core systems are agile enough to enable such gymnastics. But the financial aspect of a new, modern system can be daunting: Plugging hardware and software line items into an IT budget might bring the scary reality of costs into sharp focus.

Jan
26
2017

As global insurance companies move to common IT platforms and applications, they have come to the realization that a “Company Layer” to handle enterprise-level capabilities such as common data for reporting is essential for global operations.

Jan
19
2017
Jan
16
2017

Data drives the digital age! Insurance carriers are realizing the benefits of the Big Data movement. Data provides a 360-degree view of the customer, feeds reporting and predictive analytics, and drives real-time business decisions. So why isn’t it also driving the strategy for implementing claims applications?

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