Guidewire Software Announces InsuranceSuite 8

Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property/Casualty (P/C) insurers, today announced the availability of Guidewire InsuranceSuite™ 8, the latest release of Guidewire’s core system suite for P/C insurers. The culmination of 500 developer-years of work, InsuranceSuite 8 makes it easier for insurers to replace legacy core systems and provides a platform to help them transform their business. The new release delivers major new functionality, many architectural and performance improvements and deepens the native integration between PolicyCenter, BillingCenter, and ClaimCenter, the separately implementable and upgradeable applications that make up the suite.

InsuranceSuite 8 includes a number of significant suite-level features. For example, a new user interface provides an enhanced look and feel and contains many enhancements including better navigation, personalization, and improved inline editing resulting in increased end-user efficiency and effectiveness. A new suite-level feature, Service Tiers, enables insurers to precisely tailor the service experience across underwriting, policy administration, billing, and claims to individual policyholders. InsuranceSuite 8 also provides enhanced capabilities for insurers who are focused in the London Insurance Market and/or operate across international borders. These include broader support for multiple currencies and region and country-specific formats as well as improved support for large commercial risks, particularly those involving long schedules of locations or exposures.

To date, more than 150 insurers of all sizes, across a range of personal, commercial, specialty and workers’ compensation lines of businesses, in 17 countries, have selected one or more core systems from Guidewire. Over thirty insurers have selected all three products that make up InsuranceSuite.

“Guidewire has a strong track record of continuous improvement and delivery across its product portfolio,” said Craig Beattie, senior analyst, Insurance, Celent. “Technology modernization is a journey, not a goal. It is crucial that providers of core systems demonstrate leadership and bring their clients with them on the journey.”

Highlighted features for each product include:

PolicyCenter:

• Product Designer supports business agility by providing an easy-to-use interface for business users to manage product offerings.

• Enhanced Account Holder Summary screen for faster, more accurate service - quickly view a complete picture of the customer relationship and tailor interactions in the moment.

• Policy Import / Export for risk and coverage data is one of several enhancements designed to make PolicyCenter 8 even more commercial lines friendly.

BillingCenter:

• Agency Bill Management brings together the new UI and a redesigned workflow to streamline the agency bill process while increasing the insurer’s flexibility to process payments in the way agents would like to do business with them.

• Policy-level cash management enhancements enable insurers to optimize their customer relationships by maintaining accurate and precise tracking of all payments made at a policy level.

ClaimCenter:

• Vendor Management crystallizes best practices from working with our global customer base into a new capability that help claims professionals provide a more customer centered experience by finding the best qualified vendor to perform a service, manage vendor progress, and measure vendor performance – all without leaving ClaimCenter.

• Weighted Workload claim assignment process added because all claims are not created equal. Some types of claims are inherently more complex and time-consuming to adjust. Insurers now have the ability to assign claims based on pre-defined “weight” values helping them more realistically balance their adjuster workloads.

“With this release, we are deepening our commitment to legacy replacement and to delivering a platform that helps our customers transform and augment their businesses in ways that were previously too expensive to contemplate,” said Jeremy Henrickson, vice president, Development at Guidewire. “We are proud of what our customers are achieving and look forward to serving them for decades to come.”