If your year was like mine, you drove your car less. I only drove to get groceries and gas and go to an occasional doctor's appointment. Don't get me started on the last time I got an oil change! With the decrease in driving, more than 10 million US adults now have a form of usage-based insurance (UBI). Those numbers are expected to grow 50% by the end of 2021. With increases in working from home and sustained declines in personal driving, usage-based insurance is on the rise.
That's why I'm excited to announce that Guidewire is rolling out our Usage-Based Insurance Solution to support insurers looking to capitalize on that market opportunity. From start to finish, you can stand up a complete UBI insurance offering in just a few months. Guidewire's UBI Solution is a rapidly deployable offering that includes core functionality, integrations, line-specific accelerators, implementation of best practices, and predefined use cases.
The solution was built based on extensive experience across multiple Guidewire UBI deployments. One of those UBI deployments was at CAA Insurance Company, Canada's largest not-for-profit automobile association. CAA has been an in-production InsuranceSuite customer since 2012.
Here are a few of Guidewire's UBI Solution features:
End-to-end insurance lifecycle support: Enables you to quote and write policies, handle claims, and support UBI billing
Prebuilt integrations with trusted providers:Cambridge Mobile Telematics and TrueMotion for telematics
Digital policyholder screens: Full policyholder lifecycle support, including quoting, buying, and policyholder account management
Experience-based implementation approach: Informed by multiple UBI deployments and our experience with more than 400 customers
Telematics data support: Includes pay-by-mile and behavioral factors, including distracted driving, hard braking, and excess speed
To learn more, please join us for Connections Reimagined on May 11-12. Be on the lookout for Guidewire's UBI Solution during the keynote, and get a closer look during the breakout session 'Deep Dive: Our New Usage-Based Insurance Solution.'
Read about CAA's UBI offering in a Celent case study, 'Building a First-to-Market Pay as you Drive Offering ' and hear more about the initiative in an InsurTalk podcast interview with Guidewire Chief Evangelist Laura Drabik and President of CAA Insurance Company Matthew Turack.
Guidewire Software Inc. published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 13:22:01 UTC.