Seventeen Guidewire customers have chosen to receive their ISO
updates digitally for a fast, efficient, and cost-effective way to bring
current products to market
FOSTER CITY, Calif. & JERSEY CITY, N.J.--(BUSINESS WIRE)--Aug. 10, 2016--
Guidewire Software, Inc. (NYSE:GWRE), a provider of software products to
property/casualty insurers, and Verisk Insurance Solutions, a leading
source of information about property/casualty insurance risk, today
announced the growing adoption of Guidewire Standards-based Templates
based on Verisk’s ISO Electronic Rating Content (ERC) in the insurance
market. Guidewire Standards-based Templates make it easier for insurers
to stay current with the latest commercial lines rules and advisory loss
costs. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK)
Guidewire is experiencing growing adoption among its customers, with 17
recent PolicyCenter customers electing to use Standards-based Templates
based on ISO ERC as their direct source of rating content for commercial
lines, including workers compensation. A few recently announced
customers selecting Guidewire Standards-based Templates include
Frankenmuth Insurance, Harford Mutual, Safety National, and Western
Reserve Group. GuideOne Insurance is already in production for Workers’
Compensation in the 47 states where templates are available and are
reporting a 30 percent productivity savings attributable to its use of
Guidewire Standards-based Templates and ERC.
“ISO ERC has been gaining traction in the market,” said Karlyn Carnahan,
research director, Celent. “With the industry in the midst of a digital
revolution, we see ISO ERC as providing the electronic method needed to
help get products and rate changes to market more quickly and
cost-effectively. This ongoing investment by Verisk Analytics and
companies like Guidewire will benefit the whole industry.”
“ISO Electronic Rating Content is helping our customers lower costs,
realize efficiencies, and reduce risk in today’s rapidly changing world
of digitization and risk management,” said Beth Fitzgerald, president of
ISO Solutions. “Guidewire, a longtime strategic business partner, has
seen growing ISO ERC adoption, and we’re excited that they’re helping
insurers implement our content digitally across the property/casualty
“As a technology company, we firmly believe that automation through
intelligent software design saves enormous time and expense,” said
Marcus Ryu, chief executive officer, Guidewire Software. “Our strategic
commitment to ISO ERC and collaboration with Verisk over the last
several years reflect that view. Based on our experience and the
successful service to numerous joint customers, we’re confident the ISO
ERC approach is quickly becoming the industry standard.”
Verisk Insurance Solutions is committed to the advancement of ERC and
recently announced enhancements to its ERC Suite that make it easier for
insurers to identify and apply the latest rating information for today’s
rapidly changing world of risk. These enhancements include an automated
feed that allows insurers to import the most recent changes to ISO
advisory loss costs and rating algorithms directly into their rating
systems. The suite also features accompanying automated release notes,
helping insurers identify the latest changes to rating information and
logic with greater efficiency.
Verisk and its ISO business are members of the Guidewire PartnerConnect™
Solution program, a network of select companies that provide
complementary software, technology, data, and insurance support
solutions to enhance and extend the capabilities of Guidewire products.
Guidewire is also a member of Verisk Strategic Alliances and licenses a
wide variety of ISO data, information, and related products.
Learn more about ISO ERC at www.verisk.com/iso/ercsuite
and about Guidewire PolicyCenter at https://www.guidewire.com/products/policycenter.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is
a leading source of information about property/casualty insurance risk.
Drawing upon unique data assets and deep domain expertise to provide
innovative solutions that are integrated into customer workflows, Verisk
Insurance Solutions includes the industry-leading brands of ISO, AIR
Worldwide, and Xactware. Around the world, Verisk Insurance Solutions
helps customers protect people, property, and financial assets. For more
information, visit www.verisk.com/insurance.
About Guidewire Software
Guidewire delivers the software that Property/Casualty insurers need to
adapt and succeed in a time of rapid industry change. We combine three
elements—core operations, data and analytics, and digital
engagement—into a technology platform that enhances insurers’ ability to
engage and empower their customers and employees. More than 200 P/C
insurers around the world have selected Guidewire. For more information,
please visit www.guidewire.com.
Follow us on twitter: @Guidewire_PandC.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, and Guidewire BillingCenter are registered trademarks of
Guidewire Software, Inc., in the United States and/or other countries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160810005165/en/
Source: Guidewire Software, Inc.
MWW Group (for Verisk Insurance Solutions)
Diana Stott, +1-650-356-4941