Smart Approach Blog

Welcome to Guidewire’s blog for P&C 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.

To quickly grow their business in a highly competitive market, insurers frequently consider adding a new insurance line or entering a thriving new market. Why not do both? For example, they can launch an insurance product that covers new and evolving cyber risk specifically for the underserved market of small and medium-sized enterprises (SMEs).... Read More >
Approaching the end of the Atlantic hurricane season often comes with questions, concerns and comparisons. The first concern and utmost importance is always the lives impacted by the storms.... Read More >
Guidewire Cyence™ Risk Analytics recently announced the general availability of the fourth-generation update to our risk model (Model 4) for Guidewire Cyence™ for Cyber Risk Management. While developing this new model, our team collected additional data and reviewed a significantly larger set of claims.... Read More >
Insurers have access to an unprecedented amount of information today. They can look at the treasure troves of internal information collected through historical artifacts, access external up-to-the-minute information on the current state of the relevant landscape, and capture behavioral information from the digital footprints of their customers and partners.... Read More >
Cyber-attacks are hardly new news, but they are an ever-changing threat. The cyber landscape does not stand still for long, and with each new technological innovation, hackers find new vulnerabilities to exploit for their benefit. Even with existing technology, hackers never cease to find new ways or loopholes for intrusion. The threat is coming from everywhere: past, present, and new technologies.... Read More >
Back in April, the CEOs of UK insurers, brokers, and other providers, received a letter from the Financial Conduct Authority (FCA) telling them to sort out poor customer service or else.... Read More >
Scott Belsky, the former chief product officer at Adobe, once said about innovation: “It's not about ideas. It's about making ideas happen.”... Read More >
Fraud is an ongoing headache for the insurance industry. The Association of British Insurers reported that the industry detected 113,000 dishonest insurance claims in 2017, equating to a value of £1.3bn. The total number of detected insurance frauds, which also accounts for practices such as lying when applying for cover or ‘ghost broking’, was over half a million at 562,000.... Read More >
The value of the Internet of Things (IoT) to the insurance industry is becoming understood but there is plenty of room for even more innovation. The roots of IoT applications in insurance lie in how telematics were used to support early blackbox insurance for younger drivers. Early applications of this technology were being talked about over a decade ago on the BBC, for example.... Read More >
Towards the end of last year, I attended a major insurtech conference. As ever, the week was packed with interesting debates and stories about how technology is impacting the insurance industry and how insurers are reacting to changing customer demands. One of the key takeaways concerned the manner in which customers might soon be communicating with their insurer. Talk becomes action... Read More >

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