Falcon Insurance Group Leverages Guidewire Live Predict to Enhance Pricing Capabilities for Business Profitability and Growth

Rhea-AI Summary

Guidewire (NYSE: GWRE) partnered with Falcon Insurance Group to utilize Guidewire Live Predict for enhanced pricing strategies in the auto insurance market. Falcon's COO, Roger Beck, highlighted that Predict will boost competitiveness and profitability by providing better pricing guidance to agents. The implementation aims to reduce loss ratios and enable Falcon to tap into previously inaccessible market segments. Guidewire's Chief Delivery Officer commended Falcon's progress in offering affordable car insurance regardless of driving history.

Positive

• Falcon Insurance enhances pricing capabilities through Guidewire Live Predict.
• Predictive insights are expected to improve Falcon's competitiveness in the auto insurance market.
• The implementation aims to reduce loss ratios and open new market segments.

Negative

• None.

OAK BROOK, Ill. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Falcon Insurance Group and Guidewire (NYSE: GWRE) today announced that Falcon Insurance is leveraging Guidewire Live Predict to embed predictive insights for pricing guidance and better compete in the auto insurance market in the states where it operates.

“We selected Predict to improve our pricing capabilities and grow our business,” said Roger Beck, Chief Operating Officer, Falcon Insurance Group. “Predict is helping us compete in market segments where we had previously not been as competitive. Our agents will be able to grow their business with us as we offer a more competitive price to many customers, while simultaneously increasing overall profitability.”

Robert Dawson, Director of Product, Falcon Insurance Group, added, “The Guidewire team clearly understood our business and the challenges of the personal auto insurance market, and were able to create custom models based solely on our data. With Predict, we will be able to improve the loss ratio of our business and achieve additional growth in the segments we weren’t writing in before.”

“We congratulate Falcon Insurance on its successful Predict implementation,” said Mike Polelle, Chief Delivery Officer, Guidewire Software. “We are pleased to participate in Falcon Insurance Group’s commitment to provide its policyholders with simple, affordable car insurance regardless of their driving history.”

About Falcon Insurance Group

Falcon is a different kind of car insurance company – one that values simplicity and integrity in everything we do. We make it easy for you to get the protection you need no matter what your driving record—including drivers without prior coverage and those that require an SR22 financial responsibility filing.

With a growing network of more than 2,600 partner agents in Illinois, Oklahoma, Texas, Indiana, Arizona, and Utah, we have the technology, the expertise and the commitment to do right by our customers. That means giving you the respect you deserve, the discounts you're entitled to and a fast and fair claims experience when you need us most.

For more information, visit www.falconinsgroup.com.

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/20211109005155/en/

Diana Stott

Director, Communications

Guidewire Software, Inc.

+1.650.356.4941

dstott@guidewire.com

Source: Guidewire Software