Drive First Notice of Loss Efficiency with New Guidewire Marketplace Integration from RiskStream Collaborative

Rhea-AI Summary

Guidewire (NYSE: GWRE) and The Institutes RiskStream Collaborative have launched the new Ready for Guidewire validated accelerator for ClaimCenter. It enables insurers to share First Notice of Loss (FNOL) data securely and efficiently using RiskStream’s RAPID X blockchain application. This integration aims to enhance customer satisfaction by streamlining claims processes and reducing costs associated with data exchange. Insurers will now benefit from improved accuracy and speed in handling claims.

Positive

• The integration enhances the FNOL process, improving claims cycle time.
• Insurers can exchange FNOL data securely and quickly, improving operational efficiency.
• The technology reduces vendor-related expenses and resource demands.

Negative

• None.

MALVERN, Pa. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) and The Institutes RiskStream Collaborative™, a large blockchain consortium of insurers, announced that RiskStream’s new Ready for Guidewire validated accelerator for ClaimCenter is now available in the Guidewire Marketplace. With this new integration, Guidewire users can use RiskStream’s RAPID X blockchain application to exchange loss information with other insurers more quickly and accurately.

“A policyholder’s claims experience can highly influence their satisfaction with their insurer. We’ve heard from the market that rapid claims handling, supported by technology, is vital for customer retention and operational excellence,” said Bill Keogh, RiskStream’s Non-Executive Chair. “RiskStream’s RAPID X application, built on the Canopy blockchain platform and now integrated with Guidewire ClaimCenter, streamlines the First Notice of Loss (FNOL) process for insurers to help shorten claims cycle time and enhance the customer experience.”

With RiskStream’s app, insurers can:

• Quickly, accurately, and securely exchange FNOL data with other consortium members via Canopy, without leaving ClaimCenter;
• Easily add and update third-party loss data;
• Access liability determination information; and
• View a history of records sent to and received from Canopy.

With RiskStream’s technology, FNOL data is shared quickly and directly with peers instead of with data warehouses, reducing vendor related expenses and resource demands. The solution allows insurers to agree on liability early in the FNOL process, saving valuable time and expediting claim resolution leading to increased customer satisfaction.

“We congratulate RiskStream on the publication of its FNOL data sharing app for ClaimCenter,” said Becky Mattick, vice president, Global Solution Alliances, Guidewire. “With RiskStream’s technology, insurers’ customer service representatives no longer need to email or call the other involved insurer to collect loss information. Now, FNOL data is shared accurately, securely, and quickly via Canopy and Guidewire, reducing intake time and lowering the associated costs.”

About The Institutes RiskStream Collaborative

The Institutes RiskStream Collaborative™ is the first enterprise-level blockchain consortium that brings together experts and developers to advance risk management and insurance-specific use cases via Canopy, a custom blockchain architecture. The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers, and is affiliated with The Institutes Risk and Insurance Knowledge Group.

About Guidewire PartnerConnect ecosystem and Ready for Guidewire

Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace.

For more information about Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.

About Guidewire Software

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215005539/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.357.5324

mcobb@guidewire.com

Pat Schmid

Vice President

The Institutes RiskStream Collaborative

+1.610.644.2100 x7658

schmid@theinstitutes.org

Source: Guidewire Software, Inc.

FAQ

What is the new product launched by Guidewire and RiskStream?

Guidewire and RiskStream launched the Ready for Guidewire validated accelerator for ClaimCenter, enabling efficient FNOL data sharing.

How does the accelerator for ClaimCenter improve claims processing?

The accelerator streamlines the FNOL process, allowing insurers to exchange data quickly and accurately using RiskStream's RAPID X blockchain application.

What impact does the new integration have on customer satisfaction?

The integration aims to improve customer satisfaction by shortening claims cycle times and enhancing the overall claims experience.

What are the core features of the new FNOL data sharing app?

Insurers can securely exchange FNOL data, access liability determination information, and view records in real-time without leaving ClaimCenter.