Guidewire Software, Inc. Enhances Guidewire Rating Management for Improved Insurer Business Agility
May 08, 2012 at 08:55 am EDT
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Guidewire Software, Inc. announced the availability of significant new enhancements for Guidewire Rating Management, an add-on module to the Guidewire's underwriting and policy management solution, Guidewire PolicyCenter. Present enhancements provide insurers with the visibility, flexibility and rapid time to market to capitalize on market opportunities faster than they could before. Rating Management provides more precise control and responsiveness over rating and pricing through all phases of the insurance product lifecycle to increase insurer business agility. The enhancements to Guidewire Rating Management include: Rating algorithm workbench: enables business and technology users to create, review and modify the formulas and calculation steps used to determine policy premiums. In addition to expanding the user roles able to manage rating algorithms, changes can be made quickly and efficiently enabling faster speed to market to take advantage of market opportunities. Rating impact testing-enables new rating models to be tested against a book of business to determine the influence they will have in actual scenarios, a valuable tool in measuring the effect of a change and evaluating alternatives. Rating worksheets - designed to provide more insight into the results of the rating process, rating worksheets present authorized users with a detailed view of the premium calculations. This visibility into the rating process empowers the underwriter with a clear understanding of the premium for a policy, enabling them to act effectively to manage rate adequacy for a risk and compete using underwriting precision.
Guidewire Software, Inc. delivers a platform that property and casualty insurers trust to engage, innovate and grow efficiently. Its platform combines core operations, digital engagement, analytics, and artificial intelligence applications delivered as a cloud service or self-managed software. Its core operational services and products include InsuranceSuite Cloud, InsuranceNow, and InsuranceSuite for self-managed installations. Its InsuranceSuite Cloud is a configurable and scalable product, delivered as a service and primarily comprised of three core applications, such as PolicyCenter Cloud, BillingCenter Cloud, and ClaimCenter Cloud. Its InsuranceNow is a cloud-based application that offers policy, billing, and claims management functionality to insurers. InsuranceSuite Cloud is hosted on Amazon Web Services and managed by its internal cloud operations team. Its Data Platform collects data from InsuranceSuite Cloud and InsuranceNow, as well as other internal and external sources.