Fenris Joins Guidewire PartnerConnect; New Marketplace App Helps Insurers Optimize Application Process

Rhea-AI Summary

Guidewire (NYSE: GWRE) has announced a partnership with Fenris Digital, enhancing its PartnerConnect ecosystem. Fenris' new Ready for Guidewire accelerator for PolicyCenter is now available, allowing insurers to leverage alternative data to improve underwriting efficiency. The accelerator can access data on 255 million people and provides insights into credit, customer retention, and risk assessments. This collaboration aims to boost the customer experience by streamlining application processes and increasing conversion rates.

Positive

• Partnership with Fenris Digital expected to enhance underwriting efficiency.
• Fenris accelerator provides data on over 255 million individuals for better risk assessments.
• Integration of alternative data aimed at improving customer experience and conversion rates.

Negative

• None.

SAN MATEO, Calif. & RICHMOND, Va.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) announced that Fenris Digital (Fenris) has joined Guidewire PartnerConnect as a Solution partner, and the new Fenris Ready for Guidewire validated accelerator for PolicyCenter is now available in the Guidewire Marketplace.

Data and analytics are helping to transform property and casualty (P&C) insurance underwriting, enhancing efficiency, and improving the customer experience, reported McKinsey & Company. When integrated with PolicyCenter, Fenris’ data sourcing app enables insurers to leverage third-party property, environment, vehicle, financial, legal, cyber, and social data sources.

An insurer can utilize Fenris’ API to combine or repurpose data to instantly score leads and triage submissions on contactability, lifetime value, propensity to buy, presence of fraud, personal financial responsibility, and upsell opportunities. Through the use of alternative data and machine learning (ML), the app delivers insights and enrichment to insurers seeking to understand which leads may become the best customers, and to streamline new business onboarding with pre-fill. The accelerator allows insurers to quickly apply quantified insights early in the process when reviewing applications to improve prioritization and processing.

Fenris’ accelerator leverages repositories of more than 255 million people, 130 million households, 30 million small businesses, and all properties in the U.S., and additionally provides hazard data related to environmental risks and replacement value. Underwriters reviewing small business, home, renters, auto, and other applications can more quickly make accurate risk assessments and bind new applications.

With Fenris’ accelerator, insurers can:

• Provide all necessary data elements to complete an application;
• Gain instant credit insights about applicants; and
• Identify customer life events to determine retention and upsell opportunities.

“With the Fenris accelerator insurers can leverage actionable data insights to expedite the policy review process and respond quickly to applicants within their PolicyCenter workflows,” said Jennifer Linton, founder and CEO of Fenris. “This enables them to increase conversion rates and more rapidly close new business while writing the best risks possible through more accurate risk assessments.”

“We welcome Fenris as our latest Guidewire PartnerConnect Solution partner and congratulate the company on the release of its insurance data sourcing accelerator,” said Becky Mattick, vice president, Global Solution Alliances. “Leveraging the power of data, analytics, and machine learning enhances the policy application process and customer experience.”

About Fenris Digital (Fenris)

Fenris Digital (Fenris) is an insurance data sourcing innovator delivering a suite of API-delivered, SOC 2-compliant products which leverage well-established, proprietary data repositories for Predictive Scoring, Data Enrichment and Pre-fill, and Life Event Monitoring & Alerts (LEMA), to enable modern customer acquisition workflows across auto, home, life, and small commercial lines. For more information, please visit www.fenrisd.com.

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/20220317005326/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.464.1177

mcobb@guidewire.com

Jennifer Overhulse

Fenris

+1 859-803-6597

jen@stnickmedia.com

Source: Guidewire Software

FAQ

What is the significance of the partnership between Guidewire and Fenris Digital?

The partnership enhances Guidewire's offerings by integrating Fenris' data sourcing capabilities, improving underwriting efficiency and customer experience.

What does the Fenris accelerator do for insurers using Guidewire?

The Fenris accelerator allows insurers to access extensive data for better risk assessment and faster application processing.

How does the Fenris accelerator improve the underwriting process?

By leveraging alternative data and machine learning, the accelerator provides insights that streamline policy applications and enhance decision-making.

What types of data does the Fenris accelerator utilize?

It utilizes third-party data across various domains including property, vehicle, financial, and social data for risk assessments.