(Image source: Elysian Ganchon website.)
Guidewire Software (San Mateo, Calif.) has announced the release of Elysian, its latest cloud release. The vendor bills Elysian’s new features as equipping insurers to quickly connect third-party apps, including insurtech solutions, with Integration Gateway, launch lines of business fast with Guidewire GO and Advanced Product Designer (APD), and expand distribution with a new Embedded Insurance Solution for travel.
App Integration Capabilities
Guidewire reports that Elysian reduces integration complexity and increases developer efficiency with Integration Gateway, which the vendor describes as a cloud micro-service that externalizes integration logic and orchestrates calls to and from InsuranceSuite and third-party applications, making it easier to integrate with 170+ partner apps available on the Guidewire Marketplace.
“The cost and time required to integrate core systems with third-party apps significantly impacts speed to market. Integration Gateway sets a new bar for openness and reinvents how easy it is for developers to integrate to Guidewire,” comments Diego Devalle, chief product development officer, Guidewire.
Speeding Product Launches with Guidewire GO and APD
Guidewire vaunts Elysian’s ability to accelerate speed to market with expanded country-specific content across lines of business currently available in Guidewire GO, a library of pre-packaged product definitions designed to speed the product design process. Guidewire GO content also is available for download from the Guidewire Marketplace. Guidewire emphasizes the following capabilities, as described by the vendor:
- Underwrite risk flexibly with new commercial lines content and messaging integration for the London Market.
- Process claims efficiently in the French motor market with full IRSA, IRCA, and bodily injury support, including allocation of claims, real-time asynchronous messaging, and payment processing.
- Excel in the Australian personal motor market with full support of regional addresses, currency, product structures, data models and rules, and regulatory data and tax collection.
- Launch products quickly with 1,000+ ISO SBT updates. Reduce product configuration and maintenance effort with new AAIS Commercial Inland Marine products for insurers in North America.
- Implement farm insurance in the U.S. market up to twice as fast with a new GO Product for InsuranceNow.
Elysian also features enhancements to APD, a visual configuration cloud service for product model definition that supports the entire insurance lifecycle, simplifying configuration and accelerating product launches, according to Guidewire. The vendor says Elysian adds new functionality that enables insurers with existing PolicyCenter LOBs to auto generate the creation of cloud-ready APIs and integration views that streamline the transition to Guidewire Cloud.
“Elysian demonstrates our continued investment in high-value industry content, expanding our insurance product library with new Guidewire GO out-of-the-box product lines and commercial, personal, and country-specific content to help insurers get to market faster,” comments Eugene Lee, SVP, general manager, Guidewire.
Expanding Distribution with Embedded Travel Insurance
According to a report from InsTech London, the embedded insurance market is expected to grow to $722 billion in gross written premium (GWP) within eight years, making it six times its current size. Lightyear Capital has reported that the U.S. market value of embedded insurance is expected to increase from $5 billion in 2020 to $70.7 billion in 2025.
Elysian introduces market-specific solutions that are pre-configured to address key line of business requirements so insurers can launch embedded insurance for travel in 12 weeks and deliver an end-to-end solution from quote to claim, Guidewire reports. The Guidewire Embedded Insurance Solution for travel combines the data and functionality of Guidewire Cloud Platform (GWCP) with integrated capabilities from its partner ecosystem to provide support across the entire travel insurance lifecycle.
“Guidewire customers trust us to respond quickly to evolving market demands,” adds Guidewire’s Devalle. “With the introduction of our first Embedded Insurance Solution, insurers can quickly activate another distribution channel on GWCP.”
Guidewire will broadcast the Elysian Release Launch event, “Enter Elysian,” streaming live at 8:00 am PT on May 19. The event will also be available on-demand. For details about what’s new in Elysian, visit guidewire.com/Elysian.