Guidewire Underwriting Management™ is an integrated business application designed for commercial and specialty lines insurers to drive premium growth and profit from better underwriting. This rich, cloud-based workstation delivers straight-through processing, exception-based underwriting, real-time collaboration, and knowledge management in one integrated solution.
The insurance industry is entering a new age of underwriting, and a core competitive differentiator for commercial and specialty insurers is the ability to leverage an “underwriting at your fingertips” approach—enabling collaborative workflows, deep integration to underlying systems, and access to contextual data analytics for underwriters. Underwriting Management is a proven and trusted application that automates highly complex underwriting practices, enabling insurers to control, customize, and revolutionize their underwriting processes to achieve continual productivity and growth.
Underwriting Management Benefits
Provide a Unified Environment for Underwriters
When you make important underwriting decisions, it is paramount to see the whole picture of an account—not just a single line of business or policy. Eliminate the need for underwriters to use many systems or reference documents. Instead, provide a single system that centralizes the information accessed across those systems and documents, and leverage business rules and automation to deliver straight-through processing, exception-based underwriting, real-time collaboration, and knowledge management—enabling underwriters to perform all underwriting-related work in one integrated solution.
Empower Your Distribution Channel
Extend your underwriting and collaboration best practices directly into your distribution channels by providing a complete point-of-sale portal for both new business and renewals. In delivering real-time quotes based on your defined business rules, our UM Agent portal enables you to efficiently synchronize agent submissions with your risk appetite and pre-qualification standards, while also gaining comprehensive agency-facing capabilities and a reputation for ease of doing business with your agents, brokers, and MGAs.
Enhance Workflow, Visibility, and Decision-Making
The Underwriting Management system ensures that all participants in a submission have complete visibility into all relevant data about the risk, and streamlines work assignments and hand-offs between staff, giving you complete awareness regarding where a risk stands at all times.
Guidewire Underwriting Management also enables you to integrate any third-party data or modeling tool into the underwriting process, enabling utilization of underwriting scorecards, analytics, and external models to ensure that you underwrite the right risks at the right price, and automatically decline risks that don’t fit your appetite.
Improve Underwriting Profitability
Underwriting Management enables you to grow and scale the business profitably without increasing resources. We capture the underwriting expertise of your most experienced underwriters in “Checklist Rules” that guide the underwriting process for all, and also provide configurable authority thresholds to ensure that underwriters don’t exceed their authority. As a result, insurers can define and enable a fast, online referral process to quickly approve or decline referrals so that enforcing authority doesn’t slow down underwriting.
Underwriting Management also includes a configurable, out-of-the-box integration capability for passing data to and from backend systems (such as rating engines and policy administration systems) so that insurers can deploy products faster to keep up with market needs and competitive demands.