Guidewire Solutions

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.

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.

Commercial lines insurance in the United States is complicated; to stay conformant, insurance products, forms, and rating are all subject to change hundreds of times each year as insurance departments in each state and territory pass new laws and issue updates. While Insurance Bureaus like ISO and NCCI help US insurers ensure regulatory compliance via circulars, managing the work behind the scenes to maintain conformance is time consuming and requires a heavy lift from IT.

Our US Bureau Content Solution makes it easier to launch new products while staying compliant with ISO and Workers’ Comp standards without straining internal IT resources, saving insurers time and money.

• Standards Based Templates (SBTs) are automatically updated when new circulars are released and significantly reduce product configuration time.
• An optional update service is available through Guidewire Professional Services to implement product updates directly into an insurer’s instance of PolicyCenter.