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Role of Technology in
Evolution of P&C Insurance
Marcus Ryu, CEO, Guidewire
MuleSoft CONNECT 2017
• 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
Guidewire: Founding Motivations
+
Build an enduring culture
based on shared values
Solve a difficult problem
with great engineering
• $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
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
Our Nemesis
• 25-40 years old
• Mainframe-based
• Transactional focus
• Hard-coded procedures
• Monolithic architecture
• Internal users only
Legacy systems lock in legacy strategy
“A Time of Rapid Change”
“ ”Software is eating the world.
Marc Andreessen
Transportation Media Retail
Video
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
New Platforms Self-service
Personalization New Data & AI
Digital Distribution
P&C
Designing for Personas
Page 15
P&C
New Platforms Self-service
Personalization New Data & AI
Digital Distribution
P&C
New Platforms Self-service
Personalization New Data & AI
Digital Distribution
238 Main Street, Naperville, IL 60540Address Get Quote
Embedded Analytics: Risk Scoring at Every Decision Point
Spotlight Risk
Evaluation
Embedded Analytics: Data Geovisualization
P&C
New Platforms Self-service
Personalization New Data & AI
Digital Distribution
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
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
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
New Platforms
Personalization
Digital Distribution
Self-service
New Data & AI
P&C
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
Our aspiration:
An industry-standard platform
Earn critical
mass use
Unify core,
data, and
digital
Build an open
marketplace
Leverage
the cloud
Drive down
TCO
Role of Technology in the Evolution of P&C Insurance (Marcus Ryu)
Role of Technology in the Evolution of P&C Insurance (Marcus Ryu)

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Role of Technology in the Evolution of P&C Insurance (Marcus Ryu)

Editor's Notes

  1.  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. <CLICK> With our SpotLight Cloud Service used to identify any location-based risks such as Earthquake, Flood, and other related risks. <CLICK> This helps improve the decision making for Underwriters by delivering the right contextual information at the right time. <CLICK>