Guidewire (NYSE: GWRE) announces Hakuba, its latest cloud release, which aims to drive profitability for P&C insurers.
New capabilities include the Autopilot Workflow Service to orchestrate process automation across the P&C insurance lifecycle and the Integration Data Manager, a convenient way to store and govern third-party data for use with InsuranceSuite. Commercial lines offerings are expanded with a new Rating App for agile rate development, London Market underwriting improvements with detailed financials, and Cyence Model 6 to keep up with the constantly evolving cyber threat landscape.
Here are some of the key innovations:
Autopilot Workflow Service (Early Access): Improve process agility by orchestrating automation across the P&C insurance lifecycle. A powerful new cloud service empowers technical and non-technical users to accelerate automation with low-code tooling and out-of-the-box integrations to InsuranceSuite APIs and third-party services. Business process logic is externalized from InsuranceSuite, allowing insurers to reduce downtime. The Autopilot Workflow Service is available as early access for claims automation.
Integration Data Manager: Simplify data management and improve governance with a new way to store and use third-party data such as fraud assessments, credit reports, property flood reports, and motor vehicle reports with InsuranceSuite. Third-party data is stored externally and displayed in InsuranceSuite for use with business rules without having to extend the InsuranceSuite data model. Integration Data Manager ensures integrity as third-party and InsuranceSuite data are kept separate and streamlines the developer experience by retrieving third-party data using the Integration Gateway and creating pools of data for specific purposes.
Rating App (Early Access): Accelerate speed to market with a new externalized cloud microservice for deploying rates and integration with PolicyCenter and BillingCenter. The Rating App reimagines the rating process with agility, speed, and a new user experience. Rate developers and actuaries can create and change rates quickly and easily with the ability to re-use and share individually versioned rating artifacts.
London Market Journal Financials: Empower underwriters with a complete picture of the financials for their London Market policies within PolicyCenter. A new view called Journal Financials provides both summary and granular, transaction-level views of bound policies. The view includes information such as agreed and settled premium, deferred acquisition costs, and earnings.
Cyence Model 6: Empower underwriters to make confident decisions with the most current view of cyber risk from Cyence Model 6. The cyber risk landscape is constantly changing with new threats such as multi-prong ransomware attacks and data breaches. To keep up with the latest cyber risk trends and threats, Model 6 adds new and updated cyber risk data from more than 900 sources including the latest cyber incidents and claims. The event models are retooled to generate more accurate insights. Model 6 is more advanced in predicting ransomware attacks, data breaches, business interruptions, and modelled losses than Model 5.