Guidewire Software: A Smart Approach towards Insurance Underwriting

Marcus Ryu, CEO, Guidewire SoftwareMarcus Ryu, CEO
To continually adapt and succeed in the insurance industry that is entering a new age of underwriting, insurers are in need of a solution that consolidates all the tools, risk information, third-party data, and reports that underwriters and producers need to collaborate productively on risk assessment decisions. Fulfilling these modern requirements, is the Foster City-based Guidewire, that offers Underwriting Management solution to automate highly complex underwriting practices, enabling insurers to control, customize, and revolutionize their underwriting processes to achieve continual productivity and growth. “Guidewire serves the insurers with a technology platform that enables growth, efficiency, and improved policy holder engagement,” says Marcus Ryu, CEO, Guidewire Software.

The firm’s fully cloud based underwriting solution delivers knowledge management, exception-based underwriting, straight-through processing, as well as real-time collaboration in a single integrated platform. In addition, the Guidewire Underwriting Management solution completely eliminates the need of multiple devices and documents reference for underwriters.

The Guidewire solution provides a unified system that centralizes the information accessed across various devices, and leverage business rules and automation. It thus enables the underwriters to perform all underwriting related work in one integrated solution. In addition, the Underwriting Management system ensures that all participants in a submission have complete visibility into every relevant data about the risk, giving complete awareness regarding where a risk stands at all times. Furthermore, the solution also allows integrating third-party modeling tools into the underwriting process, allowing the utilization of underwriting scorecards, analytics, and external models. This ensures that all the right risks at the right price are underwritten, and automatically decline risks that don’t fit the client’s appetite.

We aspire to serve the insurance industry in this evolving arena, committing the full resources of Guidewire for the client success

The Guidewire Underwriting Management is a proven and trusted application that automates even the most complex underwriting practices, allowing the insurers to customize, control, and revolutionize their underwriting processes while achieving continual productivity and growth. “We provide a technology platform, with three elements, working together in concert, fore transactions and workflow, data management and analytics, digital engagement to connect you to the policy holders and agents,” adds Ryu. Moreover, the Guidewire Underwriting Management solution comes with a configurable, out-of-the-box integration capability for passing data to and from backend systems allowing insurers deploy products faster to keep up with the competitive demands.

Guidewire software serves a global community of over 200 primary insurers of all sizes and line of business in over 20 countries. Recently, the Insurance Corporation of British Columbia (ICBC), a provincial Crown corporation and the sole provider of universal compulsory auto insurance in British Columbia (BC), implemented Guidewire Policy Center as its new underwriting and policy management solution. ICBC selected Guidewire to replace its previous policy administration system as the company was in need of better agility and flexibility to handle its changing business requirements. The new implementation would help them decommission its major legacy applications, reducing a substantial amount of technology risk. ICBC deployed Guidewire’s Policy Center for its personal and non-fleet commercial auto line of business, and has thousands of internal and external users using the new system today. ICBC also had previously successfully implemented Guidewire ClaimCenter as its new claims handling system.

The firm’s innovative technology and the track record of highly successful delivery have shifted Guidewire as a forerunner in the industry. Guidewire software will continue to offer innovative solutions, serving the insurance industry with the best-in-class solutions and services. “We aspire to serve the insurance industry in this evolving arena, committing the full resources of Guidewire for the client success,” concludes Ryu.