Embedded Cover: Guidewire Launch Integration Gateway

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Embedded insurance cover is becoming a thing now, so it’s no surprise that tech specialist Guidewire is aiming to join the dots on that behind-the-scenes magic that makes it all happen. Here’s the word;

Guidewire (NYSE: GWRE) has announced Elysian, the latest in a series of market-defining cloud releases. Elysian innovations equip insurers to quickly connect third-party apps, including insurtech solutions, with Integration Gateway, launch lines of business fast with Guidewire GO and Advanced Product Designer (APD), and expand distribution with a new Embedded Insurance Solution for travel. Enter: Elysian,>the Guidewire Elysian Release Launch event, will stream live at 8:00 am PT on May 19.

It will also be available on-demand. For details about what’s new in Elysian, visit guidewire.com/Elysian.

Connect Apps Easily with Integration Gateway

Elysian reduces integration complexity and increases developer efficiency with Integration Gateway, a cloud micro-service that externalizes integration logic and orchestrates calls to and from InsuranceSuite and third-party applications, making it easier to integrate with 170+ partner apps on the Guidewire Marketplace.

The cost and time required to integrate core systems with third-party apps significantly impacts speed to market. Integration Gateway sets a new bar for openness and reinvents how easy it is for developers to integrate to Guidewire,” said Diego Devalle, chief product development officer at Guidewire.

Launch Products Fast with Guidewire GO and APD

Elysian accelerates speed to market with expanded country-specific content across lines of business now available in Guidewire GO, a library of pre-packaged product definitions to jump-start the product design process. Guidewire GO content is available for download from the Guidewire Marketplace.

  • Underwrite risk flexibly with new commercial lines content and messaging integration for the London Market.

  • Process claims efficiently in the French motor market with full IRSA, IRCA, and bodily injury support, including allocation of claims, real-time asynchronous messaging, and payment processing.

  • Excel in the Australian personal motor market with full support of regional addresses, currency, product structures, data models and rules, and regulatory data and tax collection.

  • Launch products quickly with 1,000+ ISO SBT updates. Reduce product configuration and maintenance effort with new AAIS Commercial Inland Marine products for insurers in North America.

  • Implement farm insurance in the U.S. market up to twice as fast with a new GO Product for InsuranceNow.

Elysian features enhancements to APD, a visual configuration cloud service for product model definition that supports the entire insurance lifecycle, simplifying configuration and accelerating product launches. Elysian adds new functionality that enables insurers with existing PolicyCenter LOBs to auto generate the creation of cloud-ready APIs and integration views that streamline the transition to Guidewire Cloud.

Elysian demonstrates our continued investment in high-value industry content, expanding our insurance product library with new Guidewire GO out-of-the-box product lines and commercial, personal, and country-specific content to help insurers get to market faster,” said Eugene Lee, senior vice president and general manager at Guidewire.

Expand Distribution with Embedded Travel Insurance

According to a report from InsTech London, the embedded insurance market is expected to grow to $722 billion in gross written premium (GWP) within eight years – six times its size today. And Lightyear Capital has reported that the U.S. market value of embedded insurance is expected to increase from $5 billion in 2020 to $70.7 billion in 2025.

Elysian introduces market-specific solutions that are pre-configured to address key line of business requirements so insurers can launch embedded insurance for travel in 12 weeks and deliver an end-to-end solution from quote to claim. The Guidewire Embedded Insurance Solution for travel combines the data and functionality of Guidewire Cloud Platform (GWCP) with integrated capabilities from its partner ecosystem to provide support across the entire travel insurance lifecycle.

Guidewire customers trust us to respond quickly to evolving market demands,” said Devalle. “With the introduction of our first Embedded Insurance Solution, insurers can quickly activate another distribution channel on GWCP.”

For more information about Guidewire, Guidewire Cloud Platform, or the Elysian release, visit guidewire.com. And, read more about Guidewire’s Embedded Insurance Solution for travel here.

About alastair walker 8997 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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