Guidewire is a software company that provides a platform for property and casualty (P&C) insurers to modernize their operations and engage customers digitally. The document discusses:
1) The P&C insurance industry faces challenges in keeping up with rapid changes and customers' rising expectations of digital experiences.
2) Guidewire aims to help P&C insurers adapt by offering a platform supporting core operations, data analytics, and digital customer engagement capabilities.
3) Guidewire has over 300 insurer customers who manage $400 billion in premiums on its platform, showing its success in enabling insurers' digital transformations.
Web Form Automation for Bonterra Impact Management (fka Social Solutions Apri...
Role of Technology in the Evolution of P&C Insurance (Marcus Ryu)
1. Role of Technology in
Evolution of P&C Insurance
Marcus Ryu, CEO, Guidewire
MuleSoft CONNECT 2017
2. • Enabled shift from point-to-point
environment to application network
• Integrates 16+ SaaS applications
• Accelerates dev and testing — e.g.
implemented SaaS procurement
system in 9 weeks vs. 4 months
MuleSoft at Guidewire
4. • $2 trillion in annual premiums
• 1.6M professionals employed
• > 1B vehicles, 20M businesses
Sources: SwissRe, World insurance study, Sigma, 2015; SwissRe, US Dept of Labor, Guidewire; World Bank, World Development Indicators and EconStats; WardsAuto, 2011
P&C
insurance
5. Mission To deliver the software P/C insurers need to
adapt and succeed in a time of rapid change
Offering Platform supporting core operations, data
and analytics, and digital engagement
Customers 300+ insurers in 30 countries licensed to run
~$400 billion in premiums on Guidewire
6. Our Nemesis
• 25-40 years old
• Mainframe-based
• Transactional focus
• Hard-coded procedures
• Monolithic architecture
• Internal users only
Legacy systems lock in legacy strategy
12. Insurer Aspirations
Omnichannel engagement
Personalize products
and protection services
Intermediate new risks
Digitize and gamify distribution
Underwrite on new criteria
Personalize risk pricing
Tailor and personalize
customer experience
Accelerate settlement
Unify the claims supply
chain through full recovery
Data driven decision making
23. Age: 43
Gender: Female
Marital Status: Married
Occupation: Banker
Work commute: 40 miles
Total miles driven per year: 15,000 miles
Accidents: None
Segment: Busy Professional – Self-server
24. Age: 43
Gender: Female
Marital Status: Married
Occupation: Banker
Work commute: 40 miles
Total miles driven per year: 15,000 miles
Accidents: None
Segment: Busy Professional – Self-server
- Husband just started his own business
- Son turns 16 and may need to be added
- Recently promoted
- New office - 10 miles away
- Risk Score: 850
- Negligible neighborhood crime
- Prior Claims: 1
25. Preferences and Predictions:
Preferred channel:
Self-service; Smartphone app and website
Retention risk:
Moderate; 30% chance of changing insurer
within next year
Future needs:
Likely to appreciate safe driving app for son;
Son may need renter’s insurance in 2018
30. If you tried to create a
system to bring out the
worst in humans, it would
look a lot like the
insurance of today.
Insurance is crying out for
a makeover...
“
”Dan Ariely, Chief Behavioral Officer
32. Earn critical
mass use
Unify core,
data, and
digital
Build an open
marketplace
Leverage
the cloud
Drive down
TCO
Editor's Notes
One of our key product goals is to Enable data-driven insurance, powered by insights gained from the data we aggregate and visualize.
We are doing this by introducing a series of Cloud-Based Analytics services such as…
Location-Based Risk Assessment, Performance Management, and Retention Analysis, …
that can either be delivered in separate apps or as embedded services inside ClaimCenter and PolicyCenter workflows.
Here is an example, where an Underwriter is performing a risk-assessment of a large commercial building in PolicyCenter.
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With our SpotLight Cloud Service used to identify any location-based risks such as Earthquake, Flood, and other related risks.
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This helps improve the decision making for Underwriters by delivering the right contextual information at the right time.
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