Cortina Builds on the Closed Loop to Give Insurers More Predictive Power
In his recent blog post on Guidewire’s Cortina Release, Chief Product Development Officer Diego Devalle wrote of his passion for skiing and how, like expert skiers, we at Guidewire are pushing ourselves to perform at higher levels so we can deliver the platform that helps insurers engage customers, innovate faster, and grow profitably.
One of the ways we are doing this is with Guidewire Analytics. Our closed-loop analytics platform enables insurers to leverage their own data, enrich their insights with third-party and behavioral data, embed intelligence within core workflows, and learn continuously.
For Cortina, we’ve built on the closed loop to give insurers more predictive powers than ever before.
More regions can leverage their data quickly and securely with Guidewire Data Platform
The closed loop starts with insurers’ own data. For Cortina, we extended regional hosting of Guidewire Data Platform to include Australia, New Zealand, and Canada so that insurers in those regions — as well as insurers in Europe and the U.S. — can leverage their data quickly. Regulatory data protection compliance ensures data safety, and data is transferred securely from the data platform to Guidewire Predictive Analytics through Okta integration. Early adopters can also take advantage of Guidewire Data Studio, a new service of Guidewire Data Platform that enables insurers to access, create, manage, and publish business-ready data sets quickly and in one place so they can further support impactful analytics projects.
Insurers gain insight with expanded Guidewire Predictive Analytics capabilities and on-demand cyber risk assessments
The Cortina release includes new capabilities to help insurers enrich their insights. Specifically, text mining in Predictive Analytics models has been enhanced to support TF-IDF (term frequency-inverse document frequency) based on open-source dictionaries. Insurers can also leverage an API call to the NHTSA (National Highway Traffic Safety Administration) to append VIN data to modeling data sets.
True closed-loop analytics cannot be effective if insights are not embedded in core workflows, so we’ve embedded Cyence for Small Business risk factors in InsuranceNow workflows. Underwriters can now assess prospects’ small-commercial risk profiles in one glance, directly from InsuranceNow. For ClaimCenter customers, predictive analytics is key. We provide Guidewire Predictive Analytics modeling tools to segment personal auto claims for total loss, injury severity, and the likelihood of an unreported injury. We’ve also enabled insurers to use Predictive Analytics to prioritize underwriting submissions for business owners’ policies in PolicyCenter with better policy administration.
Data scientists and actuaries learn continuously with model alerts in Predictive Analytics
The analytics loop is complete when insurers can learn continuously so that their analytics insights get better over time. For Cortina, we added monitoring and threshold alerts for Predictive Analytics models so that data scientists and actuaries are always aware of how models are performing and can edit them as needed.
Next up: the Dobson release and Connections live — and in-person — in Las Vegas on November 1–4, where we’ll have more exciting news about Guidewire closed loop analytics!