The business of insurance is all about data, with the amount of available data increasing at an exponential rate. At the same time, data storage and processing costs continue to tumble with the rise of cloud computing.
Insurers see this as an opportunity. They want the ability to apply internal, external, and behavioral data to add value across the insurance lifecycle—and the possibilities are endless. But data is messy to work with. It needs to be sourced, extracted, stored, curated, and analyzed to provide value. Simply put, data is difficult to craft into a commercial asset.
At Guidewire, we’ve been asking this question: How can we use technology to make the craft of insurance smarter?
What if insurance knowledge workers could make smarter decisions?
What if your actuaries and product managers could have access to technology that enables better predictive insight and the ability to analyze risk more precisely?
What if this technology could also help them uncover new categories of risk, or to price risk in entirely different ways than in traditional actuarial approaches?
We believe that we have the answers for you. In general, P&C insurance can benefit from two Guidewire approaches that make the most out of your data and analytics:
Smart Product – Designing a new product involves market segmentation, product design, and rate determination. Smart Product enables insurers to increasingly use non-obvious data and analytics to guide the design process, identify attractive targets, and find the right signal through the noise.
Smart Core – Core operational systems provide pricing, underwriting, claims, policy, and billing services. Smart Core enables insurers’ core systems to consolidate and monitor their operational data and then apply analytics to provide actionable insights where decisions are made.
When they work together, the two approaches make the craft of insurance smarter—what we call Smart Insurance.
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