Simplify Structured Claims Settlements with Chronovo’s New Guidewire Marketplace App

Rhea-AI Summary

Guidewire (NYSE: GWRE) has partnered with Chronovo, launching the StructureAssist add-on for ClaimCenter users. This app facilitates insurers in obtaining structured settlement quotes by streamlining the quote request process, saving time with pre-filled claims data. Insurers can track quote activity and get interactive, real-time pricing through Chronographs. The goal is to enhance the value of structured settlements for all stakeholders involved, thereby improving settlement negotiations.

Positive

• Launch of StructureAssist add-on enhances ClaimCenter functionality.
• Streamlined quote request process saves time for insurers.
• Interactive, real-time pricing improves settlement negotiations.

Negative

• None.

BURLINGTON, Mass. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) and Chronovo announced that Chronovo’s new Ready for Guidewire validated add-on is now available to ClaimCenter users in the Guidewire Marketplace. Chronovo is an Access-level Guidewire PartnerConnect Solution Alliance member.

Chronovo leverages innovative technology and skilled professionals to help insurers unlock the value of structured settlements and potentially quadruple cases closed with structures.¹ A structured settlement is a regular stream of tax-free payments granted to the plaintiff in a civil lawsuit. Structured settlements are meant to provide long-term financial security to the injured party.

With Chronovo’s StructureAssist add-on, insurers can:

• Easily send a quote request and supporting documents to Chronovo from ClaimCenter;
• Save time with pre-filled claims data;
• Review resulting quote and request modification if needed; and
• Track the activity and status of a structure quote.

It provides insurers with clear, graphically-driven quotes to highlight the value of structures for all parties. Quotes, called Chronographs, are interactive and based on real-time pricing, increasing accuracy and saving time. Each quote issued prompts outreach from a settlement specialist at Chronovo to customize the quote and settlement strategy for each claim.

“Our new app enables users to secure a structured settlement annuity quote and access broker consultation quickly from inside ClaimCenter,” said Kenneth Paradis, chief executive officer, Chronovo. “By removing time delays and friction, structures can be incorporated real-time into negotiations, allowing insurers to advocate for their value. We produce structures more efficiently to help insurers transform them into a catalyst for more savings on settlements with significant value for the claimant.”

“Congratulations to Chronovo on the release of its StructureAssist app,” said Becky Mattick, vice president, Global Solution Alliances, Guidewire. “This app links ClaimCenter to Chronovo’s team of structured settlement brokers to quote, advance, and finalize structured settlements for our shared customers. We are thrilled to offer them streamlined access to StructureAssist’s simplicity, savings, and innovation.”

About Chronovo

Chronovo has reinvented the structured settlement broker industry with a mix of new technology, new skill sets, and a new enterprise-wide business model designed to increase the use of structures to the benefit of all of the settlement stakeholders. It provides these comprehensive services through the nation’s largest property and casualty carriers, third-party administrators, and self-insured organizations. Chronovo’s corporate office is located in Burlington, Massachusetts. Find out more at chronovo.com.

About Guidewire PartnerConnect ecosystem and Ready for Guidewire

Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace.

For more information about Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.

About Guidewire Software

Guidewire is the platform P&C 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 450 insurers, 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:
@Guidewire_PandC.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

¹ https://www.esis.com/content/dam/chubb-sites/esis/esis-en/esis-updates/thought-leadership-articles-information/pdfs/chronovo-structured-settlement_july-2020.pdf

View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005518/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.357.5324

mcobb@guidewire.com

Kenneth Paradis

Chief Executive Officer

Chronovo

+1.781.336.4680 x101

kparadis@chronovo.com

Source: Guidewire Software

FAQ

What is the StructureAssist add-on for Guidewire?

StructureAssist is a new add-on for ClaimCenter users that streamlines the process of obtaining structured settlement quotes.

How does the StructureAssist add-on benefit insurers?

It saves time by pre-filling claims data and allows insurers to track quote activity and get interactive, real-time pricing.

What company is partnering with Guidewire for this new add-on?

Chronovo is the partner releasing the StructureAssist add-on for Guidewire.

What does the StructureAssist add-on aim to achieve?

It aims to enhance the value of structured settlements during negotiations and improve efficiency for insurers.

When was the StructureAssist add-on announced?

The StructureAssist add-on was announced in a press release dated January 18, 2022.