Guidewire Congratulates 2024 Innovation Award Winners – Alberta Motor Association, Ascot Group, and Mountain West Farm Bureau
Guidewire announced its 2024 Innovation Award winners at the Connections conference, recognizing three companies for their innovative insurance solutions. Alberta Motor Association launched Alberta's first pay-as-you-go product, helping customers save up to 55% on auto premiums. Ascot Group developed an AI-assisted underwriting system for cyber insurance, reducing data gathering time by 85.7%. Mountain West Farm Bureau implemented Guidewire Data Platform, improving straight-through processing from 50% to 86% and achieving customer retention rates above 90%.
These implementations showcase successful digital transformation initiatives in the insurance industry, focusing on customer experience enhancement and operational efficiency improvements through cloud technology and AI integration.
Guidewire ha annunciato i vincitori del 2024 Innovation Award durante la conferenza Connections, riconoscendo tre aziende per le loro soluzioni assicurative innovative. Alberta Motor Association ha lanciato il primo prodotto pay-as-you-go dell'Alberta, aiutando i clienti a risparmiare fino al 55% sui premi assicurativi auto. Ascot Group ha sviluppato un sistema di sottoscrizione assistito da intelligenza artificiale per l'assicurazione informatica, riducendo il tempo di raccolta dei dati dell'85,7%. Mountain West Farm Bureau ha implementato la Guidewire Data Platform, migliorando il processo di elaborazione automatizzata dal 50% all'86% e raggiungendo tassi di fidelizzazione dei clienti superiori al 90%.
Queste implementazioni mostrano iniziative di trasformazione digitale di successo nel settore assicurativo, con un focus sul miglioramento dell'esperienza del cliente e sull'efficienza operativa attraverso la tecnologia cloud e l'integrazione dell'intelligenza artificiale.
Guidewire anunció a los ganadores del Premio a la Innovación 2024 en la conferencia Connections, reconociendo a tres empresas por sus soluciones de seguros innovadoras. Alberta Motor Association lanzó el primer producto de pago por uso de Alberta, ayudando a los clientes a ahorrar hasta un 55% en las primas de auto. Ascot Group desarrolló un sistema de suscripción asistido por IA para el seguro cibernético, reduciendo el tiempo de recopilación de datos en un 85.7%. Mountain West Farm Bureau implementó la Guidewire Data Platform, mejorando el procesamiento directo del 50% al 86% y alcanzando tasas de retención de clientes superiores al 90%.
Estas implementaciones muestran iniciativas exitosas de transformación digital en la industria de seguros, enfocándose en mejorar la experiencia del cliente y la eficiencia operativa a través de la tecnología en la nube y la integración de IA.
Guidewire는 Connections 회의에서 2024 혁신상 수상자를 발표하며, 세 개의 회사가 혁신적인 보험 솔루션으로 인정받았습니다. Alberta Motor Association는 앨버타 최초의 지불 후 사용(pay-as-you-go) 상품을 출시하여 고객이 자동차 보험료를 최대 55%까지 절약할 수 있도록 도왔습니다. Ascot Group는 사이버 보험을 위한 AI 지원 인수 시스템을 개발하여 데이터 수집 시간을 85.7% 단축했습니다. Mountain West Farm Bureau는 Guidewire Data Platform을 구현하여 자동 처리 비율을 50%에서 86%로 개선하고 고객 유지율을 90% 이상 달성했습니다.
이러한 구현은 클라우드 기술과 AI 통합을 통해 고객 경험 개선 및 운영 효율성 개선에 중점을 둔 보험 산업의 성공적인 디지털 혁신 이니셔티브를 보여줍니다.
Guidewire a annoncé les lauréats du Prix de l'Innovation 2024 lors de la conférence Connections, reconnaissant trois entreprises pour leurs solutions d'assurance innovantes. Alberta Motor Association a lancé le premier produit de paiement à l'utilisation de l'Alberta, aidant les clients à économiser jusqu'à 55 % sur les primes automobiles. Ascot Group a développé un système de souscription assisté par IA pour l'assurance cybernétique, réduisant le temps de collecte de données de 85,7 %. Mountain West Farm Bureau a mis en œuvre la Guidewire Data Platform, améliorant le traitement automatisé de 50 % à 86 % et atteignant des taux de fidélisation des clients supérieurs à 90 %.
Ces mises en œuvre illustrent des initiatives réussies de transformation numérique dans le secteur de l'assurance, axées sur l'amélioration de l'expérience client et l'efficacité opérationnelle grâce à la technologie cloud et à l'intégration de l'IA.
Guidewire hat die Gewinner des 2024 Innovation Award auf der Connections-Konferenz bekannt gegeben und drei Unternehmen für ihre innovativen Versicherungslösungen ausgezeichnet. Alberta Motor Association hat das erste Pay-as-you-go-Produkt von Alberta eingeführt, das es den Kunden ermöglicht, bis zu 55 % bei Autoprämien zu sparen. Ascot Group hat ein KI-unterstütztes Underwriting-System für Cyberversicherungen entwickelt, das die Datensammlungszeit um 85,7 % reduziert hat. Mountain West Farm Bureau hat die Guidewire Data Platform implementiert, wodurch die automatisierte Bearbeitungsrate von 50 % auf 86 % verbessert und Kundenbindungsraten von über 90 % erreicht wurden.
Diese Implementierungen zeigen erfolgreiche digitale Transformationsinitiativen in der Versicherungsbranche, die sich auf die Verbesserung der Kundenerfahrung und die Effizienzsteigerung durch Cloud-Technologie und KI-Integration konzentrieren.
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Award winners recognized for meeting evolving market needs, improving customer experience, and enhancing operational efficiency via AI
The 2024 winners are:
Alberta Motor Association for accelerating the delivery of Alberta’s first pay-as-you-go product and helping its customers to save up to
Alberta Motor Association (AMA) transitioned to Guidewire Cloud in 2022 to free resources from maintaining an on-premises system, allowing the company to focus on innovation rather than operational overhead. This shift set the stage for AMA to leverage the Guidewire Usage-Based Insurance (UBI) Solution, which was critical to the development of its pay-as-you-go insurance product, AMA MyPace.
AMA utilized the out-of-the-box capabilities of Guidewire's UBI Solution to quickly operationalize
The launch of AMA MyPace has allowed AMA to fulfill its strategic objective of expanding its portfolio in a competitive market with limited product differentiation. AMA has successfully positioned itself as a compelling choice in the market by offering an innovative insurance solution tailored to the evolving needs of motorists. Early results from the AMA MyPace program have been promising, with 800 policies issued within the first month and customers enjoying premium savings of up to
For additional information about AMA, visit www.ama.ab.ca.
Ascot Group for developing an AI-assisted underwriting system for cyber insurance in collaboration with Guidewire, resulting in an
Faced with the challenge of evaluating a high volume of complex submissions daily, Ascot Group partnered with Guidewire to pilot an AI-assisted underwriting system to enhance efficiency and accuracy in its cyber underwriting processes.
The collaboration with Guidewire resulted in the development of an underwriting tool powered by AI, which automates data collection and analysis, thereby minimizing the time underwriters spend on each submission. The tool reduces the workload associated with rekeying information across multiple systems, creating a single source for submission evaluation.
The AI innovation has significantly improved Ascot's operational efficiency, allowing underwriters to complete assessments in just 5 to 10 minutes instead of the previous 45 to 60 minutes, representing an
Ascot is a leading global insurance, reinsurance, and underwriting services group with over 20 years of consistency and stability, and a diverse insurance product portfolio. US insurance company affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company.
For additional information about Ascot Group, visit www.ascotgroup.com.
Mountain West Farm Bureau utilized Guidewire Data Platform to provide actionable insights, enhancing overall decision-making and operational efficiency
Mountain West Farm Bureau implemented Guidewire Data Platform to serve as a dynamic source of actionable insights. Recognizing the need for effective operational reporting, while migrating from five legacy policy systems, Mountain West aimed to leverage data to enhance its agility and decision-making processes.
To achieve this transformation, Mountain West pivoted its strategy to use Guidewire Data Studio and Guidewire Explore as its primary tools for data visualization. This involved close collaboration with Guidewire, and the company entered Guidewire's Early Access Program to develop custom datasets. It became the first Guidewire customer to integrate BillingCenter data for critical financial insights.
The adoption of the Guidewire Data Platform has allowed Mountain West to achieve real-time data and reporting operations, enabling the company to track KPIs and respond promptly to emerging issues, rather than relying on retrospective reports. Mountain West has dramatically increased its straight-through processing from
For additional information about Mountain West Farm Bureau, visit www.mwfbi.com.
“Congratulations to this year’s Innovation Award winners. We extend our gratitude to all the insurers who submitted their entries; the quality was truly remarkable,” said Brian Desmond, CMO, Guidewire. “The accomplishments of these award recipients demonstrate how Guidewire customers are consistently raising the bar for innovation in our industry.”
About Guidewire
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. More than 570 insurers in 42 countries, from new ventures to the largest and most complex in the world, rely on Guidewire products. With core systems leveraging data and analytics, digital, and artificial intelligence, Guidewire defines cloud platform excellence for P&C insurers.
We are proud of our unparalleled implementation record, with 1,700+ successful projects supported by the industry’s largest R&D team and SI partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on X (formerly known as Twitter) and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241119224811/en/
Melissa Cobb, Director, Public Relations
Guidewire Software
+1 650-464-1177
mcobb@guidewire.com
Source: Guidewire
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