Guidewire Debuts Latest Release of InsurancePlatform at Connections

The new release features enhancements to Guidewire’s Data and Digital product families and improves capabilities that support policyholders, agents, actuaries, and IT professionals.

(Bay Bridge in San Francisco, location of Guidewire Connections 2016. Photo credit: Caroline Culler.)

As the Guidewire Connections 2016 annual user group meeting gets underway in San Francisco, the host has announced the 2016.2 release of Guidewire InsurancePlatform. The property/casualty-specific platform combines core operations, data and analytics, and digital engagement capabilities to help insurers better engage and empower their customers, agents and employees, according to a Guidewire Software (Foster City) statement. The new release features enhancements to Guidewire’s Data and Digital product families and improves capabilities that support policyholders, agents, actuaries, and IT professionals, the statement says.

Ayan Sarkar, VP, Digital, Guidewire Software.

Ayan Sarkar, VP, Digital, Guidewire Software.

“The pace of change facing Property/Casualty insurers continues to accelerate,” comments Ayan Sarkar, VP, business owner, Digital, Guidewire Software. “We see it as our role to keep evolving our products in a way that ensures our customers are equipped to adapt and succeed in an environment that is being rapidly reshaped by new entrants, changing consumer behaviors, and technological innovations.”

New Sources of Value in Data and Digital

“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,” comments Wade Bontrager, VP, business owner, Predictive Analytics, Guidewire Software. “This release is also notable as it marks our first Predictive Analytics product release since acquiring EagleEye Analytics earlier this year.”

Wade Bontrager, Predictive Analytics, Guidewire Software.

Wade Bontrager, VP, Predictive Analytics, Guidewire Software.

The current release features new versions of Predictive Analytics, Spotlight, and Digital Portals. Key enhancements by product family include:

Data and Analytics:

Guidewire Data and Analytics, which comprises the vendor’s DataHub, InfoCenter, Guidewire Live, and Predictive Analytics offerings, provides insurers with a P/C industry-specific data store, business intelligence warehouse, and cloud-based predictive analytics products for claims and profitability respectively. The vendor details enhancements to Predictive Analytics 6 and Spotlight as follows, noting that Spotlight is currently available in the United States and English-speaking Canada:

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 omnichannel 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.

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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