Guidewire Jasper Release Boosts Commercial Lines Agility for P&C Insurers and Strengthens Functionality Across Entire Product Portfolio

Rhea-AI Summary

Guidewire (GWRE) introduces Jasper, enhancing commercial lines agility for P&C insurers with layered coinsurance and schedule import. The release also includes expanded HazardHub data for Canada, offering deeper property risk insights. Jasper aims to improve policy issuance efficiency and regulatory compliance, available on April 5, 2024.

Insights

Insurance Technology Specialist

The introduction of Guidewire's Jasper release represents a strategic move in the P&C insurance technology landscape. By integrating features such as layered coinsurance, schedule import and the U.S. Bureau Content Solution, Guidewire is addressing critical needs for efficiency and regulatory compliance within the industry.

Layered coinsurance is a significant enhancement, allowing insurers to diversify risk more effectively. This feature aligns with the industry's push towards more sophisticated risk management strategies. The ability to automate splits and charges can save insurers time and reduce errors, potentially leading to cost savings and improved customer satisfaction.

The schedule import functionality simplifies the data entry process for underwriters and agents, which could lead to increased business capture and throughput. The ease of uploading and importing data is a competitive advantage in an industry where speed and accuracy are paramount.

Finally, the U.S. Bureau Content Solution is a proactive approach to regulatory adherence. With ever-changing rates, rules and forms, having a system that updates continuously could be a game-changer for insurers, especially in reducing the administrative burden and ensuring faster time-to-market for compliant products.

Risk Management Analyst

The expanded HazardHub data for Canada included in the Jasper release is a noteworthy development for underwriters and actuaries. The addition of 11 new risk factors and 100 new data elements offers a more granular view of property risks, particularly in areas prone to wildfires. This level of detail is essential for accurate risk assessment and pricing.

Enhanced risk insights can lead to more tailored insurance products and potentially lower claims costs through better risk selection and pricing. However, it also raises questions about data privacy and the use of personal data in underwriting decisions. Insurers must balance the benefits of detailed risk assessment with the ethical considerations and regulatory requirements related to data use.

From a market perspective, insurers armed with these insights might gain a competitive edge by offering more accurate and potentially lower-priced premiums. This could shift the market dynamics, prompting other insurers to seek similar data enhancements to remain competitive.

Regulatory Compliance Expert

The Jasper release's emphasis on regulatory compliance is particularly relevant given the current environment of stringent insurance regulations. The inclusion of the U.S. Bureau Content Solution demonstrates Guidewire's commitment to helping insurers navigate the complex landscape of insurance regulation.

Staying current with ISO, NCCI and state workers' compensation bureaus is a substantial operational challenge for insurers. The automated updates provided by the new solution could reduce the risk of non-compliance and associated penalties. It could also free up resources typically dedicated to manual updates, allowing insurers to reallocate them to other strategic initiatives.

However, insurers must ensure that their reliance on such automated systems does not lead to complacency. Regular audits and checks are still necessary to guarantee that the system functions as intended and that all regulatory updates are captured accurately.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) announces Jasper, its latest release, which boosts commercial lines agility for P&C insurers with support for layered coinsurance, schedule import, and a new U.S. Bureau Content Solution.* Additionally, expanded HazardHub data for Canada gives insurers deeper property risk insights for underwriting precision. Jasper release will be generally available on April 5, 2024.

“Commercial lines insurers face both risk and opportunity. On the one hand, there are economic fluctuations, including inflation, geopolitical complexities, capital limitations, and environmental challenges. On the other hand, the protection gap creates growth opportunities for insurers that innovate to stay ahead of the evolving risk landscape,” said Eugene Lee, senior vice president and general manager, InsuranceSuite, Guidewire.

For P&C insurers seeking to improve commercial lines efficiency, Jasper enables faster policy issuance and processing through its flexible, cloud-based platform designed specifically for commercial lines. Enhancements in Jasper include:

• Layered coinsurance reduces risk exposure by structuring risk sharing for non-layered and layered coinsurance arrangements in PolicyCenter and automatically generates all necessary splits and charges in BillingCenter.
• Schedule import, a new flexible import wizard in PolicyCenter, empowers underwriters and agents to capture more commercial lines business by allowing them to upload and automatically import spreadsheets containing fleet vehicle/driver details and building information.
• A new U.S. Bureau Content Solution* enables insurers to maintain regulatory compliance and stay current with the latest rates, rules, and forms by providing continuously updated commercial lines content from ISO (Insurance Services Office, Inc.), NCCI (National Council on Compensation Insurance), and state workers’ compensation bureaus. The solution accelerates the launch of bureau-compliant commercial lines while eliminating the challenges of managing the circular update process.

Jasper continues Guidewire’s investment in making enhancements across its platform. Expanded HazardHub Canada data now gives underwriters and actuaries even deeper insight into property risks with 11 new risk factors, including wildfire scores, and 100 new data elements.

For more details about these and all the other new capabilities Jasper delivers, visit www.guidewire.com/Jasper.

*Indicates product feature is available for Early Access customers only.

About Guidewire

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 540 insurers in 40 countries, 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 1,600+ 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 X (formerly known as Twitter) and LinkedIn.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices/. All products mentioned in this announcement are Guidewire products. Not all products are available in every geography or to self-managed customers. Any unreleased services or features referenced in this, or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Guidewire applications should make their purchase decisions based upon features that are currently available.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the general availability of features, programs, services, and tools related to Jasper mentioned in this press release (including, without limitation layered coinsurance, schedule import, U.S. Bureau Content Solution, and HazardHub). These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Guidewire’s control. Guidewire’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Guidewire’s most recent Forms 10-K and 10-Q filed with the Securities and Exchange Commission as well as other documents that may be filed by Guidewire from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: quarterly and annual operating results may fluctuate more than expected; seasonal and other variations related to our customer agreements and related revenue recognition may cause significant fluctuations in our results of operations, ARR, and cash flows; our reliance on sales to and renewals from a relatively small number of large customers for a substantial portion of our revenue and ARR; our ability to successfully manage any changes to our business model, including the transition of our products to cloud offerings and the costs related to cloud operations and security; the timing, success, and number of professional services engagements and the billing rates and utilization of our professional services employees and contractors; recent global events (including, without limitation, the ongoing wars between Israel and Hamas and between Russia and Ukraine, escalating tensions in the South China Sea, high inflation, global pandemics, bank failures and associated financial instability and crises, and supply chain issues) and their impact on our employees and our business and the businesses of our customers, system integrator (“SI”) partners, and vendors; data security breaches of our cloud-based services or products or unauthorized access to our or our customers’ data; our competitive environment and changes thereto; issues in the development and use of artificial intelligence and machine learning combined with an uncertain regulatory environment; our services revenue produces lower gross margins than our license, subscription and support revenue; our product development and sales cycles are lengthy and may be affected by factors outside of our control; the impact of new regulations and laws (including, without limitation, security, privacy, artificial intelligence and machine learning, tax regulations and laws, and accounting standards); assertions by third parties that we violate their intellectual property rights; weakened global economic conditions may adversely affect the P&C insurance industry, including the rate of information technology spending; general political or destabilizing events, including war, conflict or acts of terrorism; our ability to sell our products is highly dependent on the quality of our professional services and SI partners; the risk of losing key employees; the challenges of international operations, including changes in foreign exchange rates in countries such as Argentina; and other risks and uncertainties. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Guidewire’s views as of the date of this press release. Guidewire anticipates that subsequent events and developments will cause its views to change. Guidewire undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Guidewire’s views as of any date subsequent to the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240328607054/en/

Melissa Cobb, Senior Public Relations Manager

Guidewire Software

+1 650-464-1177

mcobb@guidewire.com

Source: Guidewire Software

FAQ

What is the latest release announced by Guidewire?

Guidewire has announced Jasper as its latest release, focusing on enhancing commercial lines agility for P&C insurers.

When will Jasper be generally available?

Jasper will be generally available on April 5, 2024.

What enhancements does Jasper include?

Jasper includes features like layered coinsurance, schedule import, and expanded HazardHub data for Canada to provide deeper property risk insights.

What is the purpose of the new U.S. Bureau Content Solution* in Jasper?

The new U.S. Bureau Content Solution* in Jasper aims to help insurers maintain regulatory compliance and stay current with the latest rates, rules, and forms.

How does Jasper benefit P&C insurers?

Jasper enables faster policy issuance and processing, improves efficiency, and helps insurers innovate to stay ahead of the evolving risk landscape.