Guidewire Enhances Rating Function of Policy System

Guidewire Software, a provider of flexible core systems to property & casualty insurers, announces the availability of enhancements for Guidewire Rating Management, an add-on module to the Guidewire underwriting and policy management solution, Guidewire PolicyCenter.

The 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 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.
• 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,” says 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,” says 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.

The 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 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.
• 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,” says 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,” says 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.