Guidewire Solutions: Accelerate Your Insurance Business
Guidewire Solutions
Guidewire Solutions
Guidewire Solutions help insurers launch new P&C insurance products quickly and solve complex business challenges in a rapidly deployable manner on Guidewire Cloud. They leverage the combined power of Guidewire Cloud Platform, Guidewire Data Platform, and Guidewire Marketplace.
Access your data with confidence, accelerate time-to-insight, and unlock your innovation potential with the most complete P&C insurance–focused data platform delivered as a cloud service.
Launch End-to-End Embedded Insurance Faster Than Ever on Guidewire Cloud
Embedded Insurance presents an opportunity for carriers to serve new customers in a new distribution channel, offering insurance at the point-of-sale of a non-insurance product. Guidewire’s Solution for Embedded Insurance addresses this challenge head-on with a rapidly deployable, quote-to-claim offering that includes:
Core systems
Integrations
Implementation best practices
Predefined use cases
The solution is optimized for travel insurance but can be tailored to other lines of business as needed.
Underwrite More Complex Commercial Risks with Confidence
Our Guidewire Solution for Excess & Surplus lines enables you to capitalize on a booming market opportunity by creating new products and iterating on existing products with Advanced Product Designer and Guidewire GO pre-built content. This end-to-end solution allows you to:
Easily customize policies leveraging capabilities that support manuscript endorsements and manual overrides (e.g., for premiums and commissions)
Deliver programs that require more complex broker billing scenarios and/or co-insurance (e.g., layers, quota share)
Small and midsized businesses (SMBs) represent an underserved and often untapped market opportunity for insurers, especially for:
Home-based businesses
Freelancers
Online sellers
The Guidewire Solution for Micro-BOP enables carriers to deliver straightforward, direct-channel insurance that prioritizes simple underwriting and straight-through processing. Policies are offered through personalized digital experiences, in simple, everyday language, and with coverages and documents specific to home-based businesses. Best of all, your coverages, risks, and underwriting are all tailored as part of a guided and focused implementation.
Capitalize on the Coming Parametric Insurance Boom
The parametric insurance market is projected to nearly triple in size by 2031 to $29.3 billion. Parametric insurance policies can:
Improve a carrier’s overall expense ratio by automating underwriting and claims processing
Simplify pricing
Mitigate risk
Increase the total addressable market by enabling more price-sensitive buyers to obtain smaller policies that would be cost prohibitive for carriers when thorough claims adjustment is required.
The Guidewire Solution for Parametric Insurance opens the door for carriers to launch new parametric policies easier than ever on Guidewire Cloud.
Take Action to Retain Your Most Profitable Customers
It’s no secret that retaining an existing customer is less expensive than acquiring a new one, but the impact to the bottom line can be staggering: a 1% increase in retention translates to an estimated savings of $4 million for a $500 million dollar carrier.
The Guidewire Solution for Retention can help you proactively retain your best customers and grow your business by leveraging internal and external data as predictors of churn risk and sales opportunities. Leverage this solution to empower your teams to take a quantitative approach to retention, create a virtuous cycle for data, and turn your system of record into a system of insight.
Delight Your Customers with Affordable Usage-Based Insurance
With auto insurance rates at an all-time high, policyholders are comparison shopping more than ever and are seeking new options to maintain coverage at prices they can afford. Carriers that offer pay-as-you-drive models are meeting these emerging demands to acquire and retain the best customers.
The Guidewire Solution for Usage-Based Insurance (UBI) provides a predesigned architecture for the UBI product, including integrations from a selection of PartnerConnect Solution Partners for:
Rating
Billing
Telematics
This architecture enables you to deliver a robust, end-to-end UBI offering in just a few months on Guidewire Cloud.
Learn More About Guidewire Solutions. Request a Call, Schedule a Demo, or Ask Us a Question.
An Unmatched Commitment to Our Customers
"If we didn't have Guidewire, we definitely would not have been able to build MyPace, the first pay-as-you-go auto insurance program in Canada. InsuranceSuite really is part of the foundation that lets us innovate."
If your year was like mine, you drove your car less. I only drove to get groceries and gas and go to an occasional doctor's appointment. Don’t get me started on the last time I got an oil change! With the decrease in driving, more than 10 million US adults now have a form of usage-based insurance (UBI). Those numbers are expected to grow 50% by the end of 2021. With increases in working from home and sustained declines in personal driving, usage-based insurance is on the rise.
I know what you’re probably thinking: the word “solutions” gets tossed around way too much in tech blogs. But bear with me for just a minute before you scroll past this one; I promise this one is different.
Are you planning a big trip this summer? I noticed a recent travel survey calling 2022 the year of the GOAT, with people taking their “Greatest Of All Trips.”
