The Next Wave of Insurance Transformation: 2023 and Beyond

Welcome to the Guidewire Solutions newsletter, where we keep you updated on the latest trends, news, data, and insights on how Guidewire is helping property and casualty insurers transform their business operations.

In this edition, we will cover:

• How Guidewire is enabling insurers to transform by empowering them to migrate to the cloud, innovate faster, leverage data and analytics, and benefit from the ecosystem.
• How Guidewire Predict earned the "Predictive Analytics Solution of the Year" award in 2023 Data Breakthrough Awards for its ability to provide insurers with actionable insights and recommendations.
• How Guidewire Garmisch release introduces new features and capabilities to help insurers reimagine their insurance product design, accelerate their integrations, and broaden their commercial line offerings.

?How is Guidewire enabling insurers to transform? ?

The insurance industry is undergoing rapid changes and opportunities in the wake of the pandemic, climate change, customer expectations, and digital disruption. To thrive in this dynamic environment, insurers need to embrace cloud transformation, speed up product innovation, leverage data and analytics, and harness the power of the ecosystem.

Guidewire is at the forefront of enabling insurers to achieve these goals with its market-leading cloud platform and solutions. “Guidewire has made significant progress in developing their SaaS offering in the last two years, as Accenture reports. Many of their clients have already embarked on the journey. Others have stated that their choice to move is not a matter of IF but WHEN.”

Guidewire Cloud Platform empowers insurers to:

• Cut costs and complexity by relying on Guidewire's expertise and infrastructure to manage their core systems.
• Drive digital innovation by accessing new capabilities and enhancements faster and easier through continuous delivery.
• Gain data-driven insights by tapping into Guidewire's rich data sources and advanced analytics tools.
• Achieve agility and scalability by adapting to changing market conditions and customer needs with flexible configuration and customization options.

Guidewire also helps insurers speed up their product development and launch with its Advanced Product Designer feature. This feature allows insurers to create and modify products using a low-code/no-code interface, without requiring IT involvement. This can help carriers become digital attackers in new strategic growth areas and get niche products out to market faster.

How Guidewire Predict won "Predictive Analytics Solution of the Year"

Guidewire Predict is a cloud-native solution that leverages artificial intelligence (AI) and machine learning (ML) to provide insurers with actionable insights and recommendations across the insurance lifecycle. It helps insurers improve underwriting, pricing, claims, fraud detection, customer retention, and more.

Guidewire Predict was recognized as the "Predictive Analytics Solution of the Year" in the 2023 Data Breakthrough Awards for its innovation, performance, functionality, impact, and value. The Data Breakthrough Awards is an independent program that honors excellence and creativity in data technology solutions.

According to James Johnson, managing director at Data Breakthrough Awards, "Guidewire Predict is a standout predictive analytics solution that delivers significant value to property and casualty insurers. We are thrilled to recognize Guidewire as a 2023 Data Breakthrough Award winner for their impressive solution."

Some of the benefits of Guidewire Predict include:

• Enhancing decision-making by providing data-driven insights and recommendations at the point of need.
• Increasing efficiency by automating manual tasks and streamlining workflows.
• Reducing risk by identifying potential issues and opportunities early and proactively.
• Improving outcomes by optimizing performance and profitability across the insurance value chain.

How Guidewire Garmisch release introduces new features and capabilities

Guidewire Garmisch is the latest market-defining cloud release from Guidewire that introduces new features and capabilities to help insurers reimagine their insurance product design, speed up their integrations, and broaden their commercial line offerings.

Some of the highlights of Guidewire Garmisch include:

• Product Modeler: A new cloud-native application that enables insurers to design products using a graphical interface, without writing code. Product Modeler simplifies product configuration and maintenance, reduces errors and inconsistencies, and supports faster product launches.
• Integration Studio: A new cloud-native application that enables insurers to build integrations using a drag-and-drop interface, without writing code. Integration Studio accelerates integration development and testing, reduces integration complexity and cost, and supports faster integration updates.
• Commercial Lines: New enhancements to support commercial lines products such as workers’ compensation, general liability, commercial auto, commercial property, inland marine, umbrella liability, and more. These enhancements include new rating algorithms, forms, rules, validations, and workflows.

That’s all for this edition of the Guidewire Solutions newsletter. We hope you enjoyed our informative and valuable newsletter. Should you have any questions or feedback, please feel free to reach out to us. Your interest in Guidewire Solutions is greatly appreciated, and we eagerly anticipate sharing more updates with you in the near future!