analytics

It has been difficult for the insurance industry to formulate a proper vision for their use of predictive analytics. Executives who set their company’s direction tend not to understand the scope of what is possible and lack direct experience with the benefits and challenges. Conversely, those who do have more experience and understanding tend not to be in a position to establish a corporate-wide vision. ... Read More >
As the insurance industry as a whole continues to feel the effects of COVID-19 in many different ways, insurers in the workers’ compensation market are keeping a close eye on claims numbers and legislative activity. According to a National Council on Compensation Insurance article earlier this month, complex COVID-19 claims are rare in frequency but have a disproportionately high impact on medical expenditures. ... Read More >
La version Aspen de Guidewire InsuranceSuite fait entrer les assureurs IARD dans une nouvelle dimension et leur permet d’atteindre une agilité jamais vue auparavant. Grâce à des solutions qui permettent une réelle autonomie aux utilisateurs métier, accélèrent le lancement de produits et facilitent la transformation numérique.... Read More >
Predictive analytics involves just that: prediction of the future. It is an inherently uncertain activity. While there are any number of metrics that can convince that a predictive model will indeed provide useful information, nothing proves the value to an organization as much as a verified success story. In addition, even good predictive models can begin to deteriorate over time as the data on which it is based gets older and older. A need exists to track this to know when to update a model. ... Read More >
Business intelligence looks at historical data to provide information about a company’s operations and performance. This can provide valuable insight but has limitations for predicting the future. Simply looking at historical patterns does not tell us how much of what we see in the data is a reliable pattern that can be depended on to continue – what we will refer to as “Signal” – and how much is due to random chance or unknown variables – what we will refer to as “Noise”.  ... Read More >
At the time of this blog’s publication, Guidewire customers are processing tens of thousands of insurance claims for the devastating wildfires in California, Oregon, and Washington.  The claims are not just for homes and businesses destroyed, but also for smoke contamination, contents damage, and living expenses due to evacuation orders.  ... Read More >
Insurance companies are organic institutions that evolve over time. The industry trailblazers in using predictive analytics faced new challenges and had to find their own solutions, but they experienced the benefit of first-mover status. Because the technology available was simultaneously evolving at a rapid pace, competitive advantages were found in investing in cutting-edge expertise and tools. ... Read More >
Today marks the 19th anniversary of the September 11 attacks in the United States, which tragically killed 2,977 people and resulted in insurance losses of more than $45 billion.... Read More >
I’ve had the pleasure of collaborating with many folks here at Guidewire who are working to fulfill one of our key missions: enabling a vibrant ecosystem that insurers can harness to accelerate innovation and differentiate. This is a goal we have not just as a company but as a participant in the P&C industry. Recently there’s been a tremendous amount of momentum in this area. The introduction of new integration approaches and developer tools, along with the pace at which new partners are signing on to participate in the Guidewire Marketplace, has resulted in a huge increase in the number of apps available. We’ve also introduced entirely new categories of solutions such as virtual claims inspections and AI-powered fraud detection. ... Read More >
To many in the insurance industry, this question may elicit the familiar phrase, “You can’t have your cake and eat it, too.” And for a long time, this was the case—until now.... Read More >

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