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Guidewire Announces 2016.2 Release of InsurancePlatform
Data and Digital product enhancements help insurers meet needs of an increasingly fast-paced, data-centric, and digitally-driven world
“The pace of change facing Property/Casualty insurers continues to
accelerate,” said
“This release delivers on our goal of continually adding new sources of
value for our customers, particularly in the fast-paced Data and Digital
engagement areas, enabling our customers to mine and deploy far more
insight from the explosion of data available to the industry today,”
said
This release of Guidewire InsurancePlatform features new versions of Predictive Analytics, Spotlight, and Digital Portals. Key enhancements by product family include:
Data and Analytics:
Guidewire Data and Analytics, comprised of DataHub, InfoCenter, Guidewire LiveSM, and Predictive Analytics, provides insurers with a P/C industry-specific data store, business intelligence warehouse, and cloud-based predictive analytics products for claims and profitability respectively. Enhancements to Predictive Analytics 6 and Spotlight* include:
Predictive Analytics 6:
-
Deliver automated modeling functionality
- Pre-built processes for the modeler to automatically scan a new data set and pick optimal binning for each variable based on predictive signal, and correlations by year;
- Uncover true predictive power of each variable by correlation-correcting each variable; and
- Intelligent analysis engine input parameter search builds sequential models to decrease length of modeling process and increase model power.
-
Operationalize complex predictive models
- User interface to prepare predictive models for real-time interaction with core system processes;
- Avoid silos of code with ability to perform variable transformations and customize model API response using scripting toolkit within product; and
- Combine multiple predictive models into one output for additional accuracy and insight.
-
Monitor the predictive models
- Model scoring service logs all transactions into monitoring database and reporting suite designed to measure model performance;
- Reports in transaction volume, errors, and model score distribution; and
- Compares inputs and results against model expectations and presents users with information to measure both the near- and long-term health of predictive models.
Spotlight*:
-
Enabling underwriting team self-sufficiency
- Allows underwriting teams to define and maintain their own views of risk through the use of new admin screens; and
- Enables underwriters to manage risk profiles, assessments, and visualizations without needing to involve a data consultant.
Digital Engagement:
Guidewire Digital Portals™ provide support for omni-channel engagement across policy, billing, and claims to external stakeholders such as agents, policyholders, and vendors. Digital Portals 5.1 enhancements include:
-
Satisfying key consumer buying preferences, especially the growing
millennial demographic
- Deliver personalized marketing and branding, online research aids, and social media sharing capabilities; and
- Enable more mobile self-service functionality such as checking on claim payment status and updating payment method details.
-
Increasing agent/broker enablement
- Deliver additional portal self-service capabilities such as cancellations and homeowner policy changes;
- Improve collaboration with underwriters with an exception and referral flow; and
- Enable better communication with adjusters by being able to view claim payment status.
-
Facilitating a test and learn approach for both the business and IT
on their digital channel’s performance
- Produce pre-built web analytics hooks including sample plug-ins to Google Analytics and Segment;
- Optimize user experience with a framework for A/B testing that includes a sample Google Experiments plug-in; and
- Enhance branding and marketing campaign support.
About
Guidewire delivers the software 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 an insurance platform that enhances insurers’ ability to engage and empower their customers and employees. 260 P/C insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: @Guidewire_PandC.
* Guidewire Spotlight is available in
NOTE: Guidewire,
View source version on businesswire.com: http://www.businesswire.com/news/home/20161024005647/en/
Source:
Guidewire Software
Diana Stott, +1 650-356-4941
Director,
Communications
dstott@guidewire.com
or
onechocolate
Communications
Daniel Couzens/Susanna Woods, +44 (0)20 7437 0227
guidewire@onechocolatecomms.co.uk
or
Guidewire
Software (UK) Ltd
Louise Bradley, +44 (0)7474 837 860
lbradley@guidewire.com