Guidewire Rating Management™ enables PolicyCenter customers to bring products to market faster - with less risk
Guidewire Software, Inc. (NYSE: GWRE), a leading provider of flexible core systems to Property/Casualty (P/C) insurers, today 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®. Today’s 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.
“The release of Guidewire Rating Management is an important enhancement to PolicyCenter. It reflects Guidewire’s continuing development of functions and features across its product suite,” said Donald Light, Senior Analyst in Celent’s insurance group.
“Insurers need the ability to seize opportunities in their markets – while reducing their risk. We see rating flexibility as a key enabler for our customers to achieve business agility and to differentiate themselves in delivering insurance their way,” said Neil Betteridge, vice president, Strategy, Guidewire. “We continue to empower our customers by providing the option to employ a leading, seamlessly integrated rating solution from Guidewire or leverage an existing investment in a third-party rating engine.”
Consistent with Guidewire’s commitment to ongoing R&D investment, the company is delivering significant enhancements to rating management capabilities to support the key business objectives of insurers: business agility to capitalize on opportunities faster and launch innovative products; operational efficiency to drive down costs without compromising quality; and underwriting excellence to improve profitability. Insurers have embraced this direction - over the last nine months, seven carriers have selected Rating Management.
Guidewire PolicyCenter® is a flexible underwriting and policy administration system that enables property/casualty insurers to grow business profitably by improving efficiency, while responding with agility to market opportunities and enhancing relationships with agents and customers. Designed to support both commercial and personal lines, PolicyCenter helps insurers streamline front and back office processes, from new business submission and quoting through policy renewals. PolicyCenter is available as a standalone system or as part of Guidewire InsuranceSuite™, and can be integrated to an insurer’s existing systems and third party applications.