Guidewire: The Innovation Platform for the London Market

Rhea-AI Summary

Guidewire has introduced a new solution tailored for the London Market at a recent event at Lloyd’s. This solution, built on the Guidewire Cloud platform, addresses the specific needs of London Market insurers by offering comprehensive capabilities from placement to settlement. Key features include efficient premium handling, full policy life-cycle support, and effective claims agreement and settlement. The launch aims to enhance digital transformation and streamline operations for insurers, consolidating processes into a single integrated platform.

Positive

• Launch of a new solution for London Market insurers enhancing digital transformation.
• Comprehensive capabilities from placement to settlement with core-embedded analytics.
• Key features include streamlined premium handling and full policy life-cycle support.

Negative

• None.

Guidewire launches new digital and data-driven solution, dedicated to specific needs of London Market

LONDON & DUBLIN--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) announced the launch of its new solution for the London Market at a breakfast briefing and panel discussion held today at Lloyd’s. The panel included speakers from Generali (Yanna Winter, CIO for GC&C and Generali UK), Liberty Specialty Markets (Mandy Macqueen, Chief Digital Transformation Officer), and QBE (Matthew Gouldstone, Group CTO), with a focus on London Market innovation and modernisation, along with their related challenges.

Guidewire’s solution, built on the Guidewire Cloud platform, is focused on the success of London Market insurers by offering end-to-end capabilities from placement to settlement, through core-embedded analytics and data, easy connections with third party systems, and automation of manual processes.

The solution’s key features mean that London Market insurers can:

• Leverage efficient premium handling and pre-bind support – meaning simplified risk capture, accelerated pricing procedure, and streamlined premium coding;
• Access full policy life-cycle support – comprising extension of policy and underwriting capabilities, beyond new business, to accommodate cancellation, mid-term endorsement, reinstatement, and full-term rewrites; and
• Agree and settle claims effectively – through a single system, pulling documents from a central repository (IMR) with viewing controls, including the ability to choose or retain existing gateway providers.

As the largest global commercial and specialty risk market, the London Market is long known for its expertise and excellence in underwriting virtually any type of risk, but its digital transformation is made difficult because of diverse back-office systems.

“The Guidewire platform solves key challenges for complex commercial lines insurers and enables the consolidation of products, accounts, policies, and claims into one open platform; supported by integrated data and analytics for better decision-making and transparency,” said Will McAllister, Managing Director – EMEA, Guidewire. “We’re focused on the success of our customers in this market on their technology transformation journeys and look forward to supporting them as they deliver cutting-edge services and products to their own customers.”

About Guidewire

Guidewire is the platform general 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 500 insurers in 38 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 1,000+ 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 and LinkedIn.

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/20221018005076/en/

Daniel Couzens

Allison + Partners

+44(0)203 971 4308

guidewire@allisonpr.com

Louise Bradley

Senior Manager, Media & Analyst Relations – EMEA

Guidewire Software

+44 (0)7474 837 860

lbradley@guidewire.com

Source: Guidewire

FAQ

What is Guidewire's new solution for the London Market?

Guidewire's new solution provides end-to-end capabilities for London Market insurers, focusing on streamlining processes from placement to settlement.

When was Guidewire's new solution launched?

The new solution was launched at a breakfast briefing and panel discussion held at Lloyd’s.

What benefits does Guidewire's new solution offer to insurers?

The solution offers efficient premium handling, full policy life-cycle support, and effective claims agreement management.

How does the Guidewire platform support London Market insurers?

The platform consolidates products, accounts, policies, and claims into one open system with integrated data and analytics.

What challenges does the London Market face in digital transformation?

The London Market faces challenges due to diverse back-office systems that complicate its digital transformation.