Guidewire Partners With Swiss Re to Reduce Operational Friction Across Insurance Parties

Rhea-AI Summary

Guidewire (NYSE: GWRE) Partners with Swiss Re Reinsurance Solutions to Drive Insurance Industry Interconnectivity and Innovation. The partnership aims to reduce operational friction within the insurance industry through advanced analytics and data transfer mechanisms. This collaboration will provide Guidewire and Swiss Re customers with a suite of analytics products, integrations, and data transfer mechanisms, starting with the deployment of Swiss Re Reinsurance Solutions’ proprietary data models and risk insights into the Guidewire cloud platform. The partnership is driven by a shared commitment to insurance innovation and excellence, aiming to streamline risk transfer processes and reduce industry protection gaps.

Positive

• The partnership between Guidewire and Swiss Re Reinsurance Solutions reflects a commitment to driving innovation and efficiency within the insurance industry, which could lead to improved operational processes and increased agility for insurers.
• The collaboration will provide Guidewire and Swiss Re customers with a suite of analytics products, integrations, and data transfer mechanisms, starting with the deployment of Swiss Re Reinsurance Solutions’ proprietary data models and risk insights into the Guidewire cloud platform, potentially enhancing the efficiency of risk transfer processes.

Negative

• None.

NASHVILLE, Tenn.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) announced its partnership with Swiss Re Reinsurance Solutions to help build a more interconnected insurance industry through the use of technology. Based on a shared commitment to insurance innovation and excellence, the collaboration will help grow the insurance industry by reducing points of operational friction between risks, insureds, insurers, reinsurers, and intermediaries.

The partnership will provide Guidewire and Swiss Re customers with a suite of analytics products, integrations, and data transfer mechanisms, starting with the deployment of Swiss Re Reinsurance Solutions’ proprietary data models and risk insights into the Guidewire cloud platform. Guidewire's Analytics Manager will facilitate the integrations to embed relevant insights into core insurance operations.

As insurers strive to price and select risks in an increasingly complex world, they are deploying advanced analytics into claims and underwriting workflow at a rapidly increasing pace. The industry’s adoption of generative AI will further accelerate this trend. Seamless interoperability of systems between primary carriers and reinsurers is necessary for sharing data, propagating insight, and facilitating risk transfer. The Guidewire and Swiss Re collaboration will reduce the friction that insurance counterparties face by streamlining data access and predictive model deployment.

“We are excited to partner with Guidewire and respect their global expertise in building the technology and analytics that underpin today's P&C insurance business. By combining our data, models, and tools with the Guidewire platform, together we will help strengthen the insurance industry’s ability to efficiently transfer risks and better service its clients,” said Russell Higginbotham, Chief Executive Officer of Swiss Re Reinsurance Solutions.

“Data and analytics play a critical role in driving efficiency and increasing agility for insurers,” said Mike Rosenbaum, Chief Executive Officer of Guidewire. “In service of this, we look forward to collaborating with Swiss Re, a leading reinsurer and respected expert in risk transfer. Linking our platforms and their expertise will help insurers build systems of insight that streamline risk transfer processes and reduce industry protection gaps.”

About Guidewire Software

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 more than 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.

About Swiss Re

The Swiss Re Group is one of the world's leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

www.swissre.com/reinsurance/reinsurance-solutions

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/20231113441682/en/

Elliot Gooch

Allison + Partners

+44(0)203 971 4308

guidewire@allisonpr.com

Louise Bradley

PR & Communications – EMEA, Guidewire

+44(0)7474 837 860

lbradley@guidewire.com

Source: Guidewire Software

FAQ

What is the partnership between Guidewire and Swiss Re Reinsurance Solutions aiming to achieve?

The partnership aims to reduce operational friction within the insurance industry through advanced analytics and data transfer mechanisms, providing a suite of analytics products, integrations, and data transfer mechanisms to streamline risk transfer processes.

What products and mechanisms will be provided to Guidewire and Swiss Re customers through the partnership?

The collaboration will provide a suite of analytics products, integrations, and data transfer mechanisms, starting with the deployment of Swiss Re Reinsurance Solutions’ proprietary data models and risk insights into the Guidewire cloud platform.

How will the partnership impact insurers and reinsurers?

The partnership will facilitate the integrations to embed relevant insights into core insurance operations, aiming to help insurers build systems of insight that streamline risk transfer processes and reduce industry protection gaps.