Guidewire Unveils End-to-End Usage-Based Insurance Solution
Guidewire Software, Inc. (NYSE: GWRE) has launched its Usage-Based Insurance (UBI) Solution, enabling rapid deployment within 12 weeks. This solution supports the entire insurance lifecycle, including quoting and claims processes. According to Forrester Research, UBI policies are projected to grow by 50% in 2021, driven by consumer demand for price transparency. The UBI Solution is available exclusively on Guidewire Cloud and has been successfully implemented by CAA Insurance Company, resulting in a 300% year-over-year increase in new auto policy sales.
- Guidewire's UBI Solution can be deployed in 12 weeks, enhancing market responsiveness.
- Successful implementation of the UBI Solution at CAA Insurance Company resulted in a 300% increase in new auto policy sales.
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Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced the availability of Guidewire’s Usage-Based Insurance Solution. Designed with speed in mind, the UBI Solution can be deployed within 12 weeks and supports the end-to-end insurance lifecycle including quote, billing, and automated claims intake.
Forrester Research projects usage-based insurance policies to grow 50 percent in 2021.1 “Increasing appetite for usage-based insurance (UBI) in personal auto will drive insurers to rethink how they help customers discover and use auto insurance,” wrote Jeffery Williams, senior analyst, Forrester Research in a recent blog post. “COVID-19 has ushered in a new paradigm where consumers are more conscious about price transparency. That will result in strong new business growth across the sector.”2
Available exclusively on Guidewire Cloud, Guidewire’s UBI solution accelerates deployment with a prebuilt package of capabilities, services, and integrations with Guidewire PartnerConnect Solution partners, Cambridge Mobile Telematics and TrueMotion for telematics.
"Personal lines insurers want to offer UBI as fast as possible to their customers, and with Guidewire they can in just a few months,” said Eugene Lee, senior vice president and general manager, Guidewire. “Guidewire’s UBI Solution was informed by our experience with multiple UBI-specific deployments, and unlike other offerings that focus only on product definition, the solution is designed to support the entire quote-to-claim lifecycle.”
One of those UBI deployments was at CAA Insurance Company, Canada’s largest not-for-profit automobile association. “As the pandemic continues, so do the financial hardships faced by many households," said Matthew Turack, president of CAA Insurance Company. “In response, we quickly launched a new MyPace product using Guidewire to help our customers who were working from home save on auto insurance costs. Our customers appreciated our responsiveness and sales have exceeded our expectations with a 300 percent year-over-year increase in new auto policy sales and 72 percent increase in new customers.” CAA has been an in-production InsuranceSuite customer since 2012.
Learn more about Guidewire UBI
To learn more about Guidewire’s UBI solution, read a recent blog post here, and please visit: http://www.guidewire.com/solutions/usage-based-insurance.
Read about CAA’s UBI offering in a Celent case study, “Building a First-to-Market Pay as you Drive Offering” and hear more about the initiative in an InsurTalk podcast interview with Laura Drabik, chief Evangelist, Guidewire, and Matthew Turack, president, CAA Insurance Company.
1 Forrester Research, Inc., Predictions 2021: Insurers Find Opportunity Amid Chaos, Jeffery Williams, October 30, 2020
2 Forrester blogs, Predictions 2021: Insurers Find Opportunity Amid Chaos, Jeffery Williams, October 30, 2020
About Guidewire
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