Guidewire Software, Inc. (NYSE:GWRE), a provider of software products to property/casualty insurers, and Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced the growing adoption of Guidewire Standards-based Templates based on Verisk’s ISO Electronic Rating Content (ERC) in the insurance market. Guidewire Standards-based Templates make it easier for insurers to stay current with the latest commercial lines rules and advisory loss costs. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
Guidewire is experiencing growing adoption among its customers, with 17 recent PolicyCenter customers electing to use Standards-based Templates based on ISO ERC as their direct source of rating content for commercial lines, including workers compensation. A few recently announced customers selecting Guidewire Standards-based Templates include Frankenmuth Insurance, Harford Mutual, Safety National, and Western Reserve Group. GuideOne Insurance is already in production for Workers’ Compensation in the 47 states where templates are available and are reporting a 30 percent productivity savings attributable to its use of Guidewire Standards-based Templates and ERC.
“ISO ERC has been gaining traction in the market,” said Karlyn Carnahan, research director, Celent. “With the industry in the midst of a digital revolution, we see ISO ERC as providing the electronic method needed to help get products and rate changes to market more quickly and cost-effectively. This ongoing investment by Verisk Analytics and companies like Guidewire will benefit the whole industry.”
“ISO Electronic Rating Content is helping our customers lower costs, realize efficiencies, and reduce risk in today’s rapidly changing world of digitization and risk management,” said Beth Fitzgerald, president of ISO Solutions. “Guidewire, a longtime strategic business partner, has seen growing ISO ERC adoption, and we’re excited that they’re helping insurers implement our content digitally across the property/casualty insurance industry.”
“As a technology company, we firmly believe that automation through intelligent software design saves enormous time and expense,” said Marcus Ryu, chief executive officer, Guidewire Software. “Our strategic commitment to ISO ERC and collaboration with Verisk over the last several years reflect that view. Based on our experience and the successful service to numerous joint customers, we’re confident the ISO ERC approach is quickly becoming the industry standard.”
Verisk Insurance Solutions is committed to the advancement of ERC and recently announced enhancements to its ERC Suite that make it easier for insurers to identify and apply the latest rating information for today’s rapidly changing world of risk. These enhancements include an automated feed that allows insurers to import the most recent changes to ISO advisory loss costs and rating algorithms directly into their rating systems. The suite also features accompanying automated release notes, helping insurers identify the latest changes to rating information and logic with greater efficiency.
Verisk and its ISO business are members of the Guidewire PartnerConnect™ Solution program, a network of select companies that provide complementary software, technology, data, and insurance support solutions to enhance and extend the capabilities of Guidewire products. Guidewire is also a member of Verisk Strategic Alliances and licenses a wide variety of ISO data, information, and related products.
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