Upptec’s Claim Contents Valuation App Now Available in Guidewire Marketplace

Rhea-AI Summary

Upptec, a provider of automated claim solutions, has launched a new add-on for Guidewire's ClaimCenter. This add-on automates the valuation of damaged goods, enabling insurers to deliver quicker, unbiased, and transparent settlements. By accessing Upptec’s product database, adjusters can determine item values based on local retailer prices, streamlining the compensation process. This integration aims to reduce claim handling time and costs while improving the overall experience for claimants.

Positive

• Launch of Upptec's ClaimCenter add-on enhances claims servicing efficiency.
• Automated valuation reduces claim costs and speeds up settlements.
• Integration allows adjusters to quickly access local market prices for damaged items.

Negative

• None.

Upptec’s add-on for ClaimCenter to streamline the claim contents valuation process improving the overall claims servicing experience for insurers and claimants alike

MALMÖ, Sweden & SAN MATEO, Calif.--(BUSINESS WIRE)-- Upptec, a provider of automated claim solutions for all content within home as well as travel insurance, and Guidewire PartnerConnect Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced that Upptec’s new Ready for Guidewire validated add-on is now available to ClaimCenter users in the Guidewire Marketplace.

Upptec Valuation for adjusters enables automated valuation for damaged goods in a claim. ClaimCenter users can now provide unbiased, quick, and transparent settlements to claimants, improving claimant experience and reducing claim costs. With this technology, adjusters can search Upptec’s product database to find and instantly assess the value of a claimant’s damaged item, determined using prices from local retailers. Using the insurer’s policies and depreciation rules, it automatically calculates the overall compensation for the claimant, reducing compensation variation. Upptec’s integration allows users to seamlessly access this technology through ClaimCenter, reducing cycle time and adjuster manual labor.

With Upptec’s ClaimCenter add-on, insurers can:

• Seamlessly utilize Upptec’s valuation technology directly within ClaimCenter;
• Instantly access automatic valuation for damaged items based on the specific local market;
• Quickly create a summary of the claim, including the resulting compensation using policies specific to the insurer with fraud prevention possibilities;
• Easily redo valuation using pricing from a different store if necessary.

“Guidewire Marketplace is a great opportunity to fast-track industry transformation through innovative partnership with peer industry leaders,” said Magnus Franck, chief executive officer, Upptec. “We are proud to be a Guidewire European partner and see great benefit in contributing to the ecosystem and enhancing innovation within Guidewire's solutions. We believe this will be a win-win not only for our collaboration with Guidewire, but insurers and the insurance industry as a whole.”

“We congratulate Upptec on the release of its add-on, now available in Guidewire’s Marketplace,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Obtaining valuations for a claimant’s damaged belongings was formerly a time-consuming process for insurers. Using Upptec’s straight-through processing in ClaimCenter, adjusters can automatically access valuations, reducing the time and money spent on a claim.”

About Upptec

Simplifying Claims Automation – Upptec wants to transform the world’s insurance industry through pioneering tech-innovations by making it simple, fast and effortless doing a digital claim. From the first notice of loss to settlement, we automate. Since the start we have reduced costs, increased efficiencies and driven circularity in our sustainable way-of-thinking for our partners.

For more information, visit upptec.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 400 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005078/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.357.5324

mcobb@guidewire.com

Tomas Olsson

Chief Commercial Officer

Upptec

+46 (0)76 722 21 44

tomas.olsson@upptec.com

Source: Guidewire Software, Inc.

FAQ

What is Upptec's new add-on for Guidewire's ClaimCenter?

Upptec's new add-on automates the valuation process for damaged goods, improving claim settlements for insurers.

How does Upptec's add-on benefit insurers using ClaimCenter?

It enables quick, transparent settlements and reduces costs by automating item valuation based on local market prices.

When was Upptec's add-on for ClaimCenter announced?

The add-on was announced on September 23, 2021.

What company does the ticker symbol GWRE represent?

GWRE represents Guidewire Software, Inc.