Torch.AI Joins Guidewire's Insurtech Vanguards Program, Brings Data Infrastructure AI to Guidewire's Insurance Network of Nearly 50 Partners

Rhea-AI Summary

Torch.AI has joined the Insurtech Vanguards program led by Guidewire (NYSE: GWRE), enhancing its data and AI capabilities for insurance organizations. This partnership aims to optimize data usage in the insurance industry, which reportedly still relies on manual processes. Torch.AI's technology has demonstrated nearly 85% time savings for existing customers and addresses enterprise-level data challenges. The Insurtech Vanguards program offers strategic guidance and connects Torch.AI with Guidewire's network of insurance clients, potentially expanding its market reach.

Positive

• Partnership with Guidewire could enhance Torch.AI's visibility in the insurance sector.
• Torch.AI's solutions reportedly generate nearly 85% time savings for current clients.
• Participation in a program that connects Torch.AI to a large network of insurance partners.

Negative

• None.

LEAWOOD, Kan., Oct. 13, 2022 /PRNewswire/ -- Torch.AI, Pioneers of Data Infrastructure AI™, announced today the company has joined Insurtech Vanguards, an initiative led by Guidewire (NYSE: GWRE), a leading Property & Casualty (P&C) cloud platform provider. With this, Torch.AI will bring data and artificial intelligence (AI) capabilities to insurance organizations across the insurance value chain.

Guidewire's Insurtech Vanguards program is an initiative to help insurers learn about solutions from leading insurtechs and how to best work with them. As part of the program, Torch.AI joins one of the most reputable software providers in the insurance industry today to bring unique enterprise-level data infrastructure technology to a large and growing network of Guidewire customers and partners.

"The large majority of insurance organizations today have not been able to optimize data usage across the business, still relying on error-prone, manual processes and complex point solutions," says Jason Eidam, Torch.AI's VP of Commercial Markets. "We're excited to join Guidewire's Insurtech Vanguards Program and do our part in advancing an industry ready to make the jump towards new, game-changing solutions."

Torch.AI's insurance solutions are already proven in helping generate time savings of nearly 85% for their existing customers while also reducing risk and informing improved analytical capabilities currently hampered by mundane, manual-heavy workloads. Their Data Infrastructure AI issues a connective data layer that has been optimized to address enterprise-level data challenges across brokers and MGAs, carriers, and insurance operations, risk, and innovation teams.

"Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry," said Laura Drabik, Chief Evangelist, Guidewire. "We are excited to welcome Torch.AI to this group of trendsetting insurtechs."

As part of the program, Guidewire provides strategic guidance to and advocates for the participating insurtechs, while connecting them with Guidewire's P&C customers.

About Torch.AI

Torch.AI, the Data Infrastructure AI Pioneers™, are headquartered in Kansas City with offices in Washington, DC. The company developed the use of AI to process data in-flight, radically evolving analytic and operational capabilities in any IT environment. Torch.AI's products and people are currently actively supporting operations in industries including financial services & insurance, construction and engineering, healthcare, and the US Department of Defense, US Department of Homeland Security, and other agencies.

Media Contact: hello@torch.ai

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SOURCE Torch.AI

FAQ

What is the significance of Torch.AI joining the Insurtech Vanguards program?

Torch.AI's participation in the Insurtech Vanguards program enhances its ability to provide data and AI solutions to the insurance industry, potentially increasing its market presence.

How does Torch.AI's technology benefit insurance organizations?

Torch.AI's technology can optimize data usage, reducing reliance on manual processes and providing significant time savings, reportedly up to 85% for current customers.

What is Guidewire's role in the Insurtech Vanguards program?

Guidewire provides strategic guidance and advocates for participating insurtechs, connecting them with its property and casualty insurance customers.

Which companies are involved in the Insurtech Vanguards program?

Torch.AI joins a reputable group of insurtech startups and technology providers within the Insurtech Vanguards program, which aims to bring innovative solutions to the P&C industry.

What potential impact does the partnership with Guidewire have on Torch.AI's operations?

The partnership may open new avenues for Torch.AI's data infrastructure solutions, linking them directly with Guidewire's extensive customer network in the insurance sector.