Becoming Brilliant in the Moment with Guidewire Analytics

Julie GetzlaffJuly 7, 2020

“All life is problem solving,” said the late philosopher Karl Popper. He was right, of course—especially for those who work in insurance.

How can we protect individuals and businesses from increasing cyber threats, such as ransomware? How can we segment claims effectively? At every moment of every workday, insurance workers must find answers to problems large and small, and they must do so quickly.

But what if analytics was easy? What if actionable insights were embedded throughout the insurance lifecycle so every insurance worker could make smart decisions quickly?

This is the opportunity the Guidewire Analytics team aims to address: how to enable every insurance worker—from brokers to underwriters to claims officers—to be brilliant in the moment.

With the Aspen release of the Guidewire platform, we have made significant progress toward this goal. It starts, as all effective analytics must, with the right data. For Aspen, we delivered:

Guidewire Data Platform with Cloud Data Access to give insurers secure access to all Guidewire InsuranceSuite data, including all intra-daily changes
Guidewire DataHub/InfoCenter 10.3.0, which lowers the time and cost for self-managed insurers to get access to their LOB financial reporting data

For cloud customers, we have bundled Guidewire Analytics capabilities in Guidewire PolicyCenter and Guidewire ClaimCenter, so they can benefit from embedded, actionable insights across the insurance lifecycle. The bundles include:

Guidewire Data Platform to reduce IT complexity and accelerate innovation
Guidewire Explore to improve business performance and agility
Guidewire Compare for peer benchmarking to improve claims performance
Guidewire Predictive Analytics to optimize claims and underwriting profitability
Cyence Risk Insights Starter Kit for on-demand underwriting risk assessments, powered by the Cyence data listening engine that captures valuable data at internet scale

For both self-managed and cloud customers, our Bring Your Own Model (BYOM) program now supports 13 model types, so insurers can further enhance their Guidewire Smart Core system with Predictive Analytics.

We have also made enhancements to Guidewire Cyence for Cyber Risk Management to give underwriters quick views of companies’ estimated record counts and distribution by record type, and to provide portfolio managers with the capability to view customized modeled yearly losses, estimate the frequency and severity of losses, and analyze historical losses and performance for any portfolio.

Finally, our Guidewire Analytics team delivered new products to provide more value to all policyholders:

Guidewire Cyence for Personal Cyber for easy-to-use, fast cyber assessments of personal and company-issued devices
Guidewire Cyence for Small Business for Employment Practices Liability so underwriters can assess small- and medium-sized businesses’ management liability based on 90 risk factors and peer comparisons

But Aspen is just the beginning. We are already working on Banff, Cortina, and beyond to deliver more improvements and innovations that make problem-solving simple, fast, and profitable so every insurance worker can be brilliant in the moment.

Leading Through Change with Analytics

Please join us on July 14, 2020, as Guidewire Chief Innovation Officer Paul Mang interviews industry leaders from Tokio Marine, RenaissanceRe, Beazley, and Marsh. The broadcast will be followed by a live Q&A session. Register here.