All new Guidewire Integrated Insurance Platform 2016

Guidewire, a software very familiar among the insurers and insurance companies has released mid-2016 its latest integrated insurance platform.  This revolutionary software which combines core operations, data, and analytics and digital engagement in a powerful platform help the insurers to improve their customer engagement and resource management.

The all new Guidewire Insurance Platform would beat the traditional core system suite offering to include data and analytics, and digital engagement capabilities with its new release features, Digital Portals, Data Hub, and Info Center offerings.

“This release, an important milestone in our journey, features the simultaneous availability of new versions of our core, data, and digital products delivered as a unified whole,” comments Ali Kheirolomoom, chief product officer, Guidewire Software. “We’ve designed our platform to provide integrated experiences across the insurance lifecycle for specific user personas such as the underwriter, agent, claims adjuster, and IT professional. Additionally, InsuranceSuite 9 has been designed for public cloud deployment by our customers and partners.”

Below are the added features to learn about the Guidewire Platform

Core Operations:

Core Operations are improvised with the following improvements,

• Support for cloud deployment
• Flexible deployment options in private, public, or hybrid cloud environments for Customers and Guidewire partners
• Included Visual configuration capabilities facilitating quicker and easier system behaviors like underwriting rules
• Tailored user experience for the underwriter with integration across PolicyCenter and Spotlight, a Guidewire-hosted analytics application that the vendor says enables more accurate and consistent property risk assessment;
• Claims straight-through invoice processing, so adjusters can manage by exception and claims vendors receive payments more quickly; and
• User-friendly Account and Policy Summary screens for fast, informed billing service to policyholders, and Equity Warnings to ensure sound business practices.

Data and Analytics:

The enhancements in Data and Analytics in Guidewire platform include,

• Foundation tooling to automate and expedite delivery of data to DataHub—starting with BillingCenter—speeding business users’ time to analysis while lowering IT’s cost of development, according to the vendor.
• Addition and consolidation of billing data and easy-to-use billing journals for accounts receivable, accounts payable, cash, and general billing transactions;
• Interactive data visualization to help agents understand new business growth requirements relative to customer churn, and embeddable and pre-integrated content with Guidewire Gateway Portal for Agents; and
• New Loss Development App to support actuaries, claims managers, and regulatory reporting with easy data access and ability to pull pre-calculated loss development details for more complex analysis and flexible loss triangles.

Digital Engagement:

Some of the mention worthy enhancement in the digital engagement are,

• Mobile-first designed consumer quoting experience with very little data entry required;
• More self-serve capability for policyholders with a user experience that better meets the expectations set by other industries, e.g. retail;
• Configurable marketing sidebar in Gateway Portal for Agents allowing insurers to tailor marketing messages to agents – making them easy to find;
• Integration between Gateway Portal for Agents and InfoCenter enabling agents to see their performance analytics directly in the portal, empowering them to assess how they are growing and making money and where they should focus; and
• New wizard flow API in Digital Portals that simplifies the creation of unique user experiences.