Guidewire Announces PolicyCenter Upgrades, New ClaimCenter Client

The upgrades to the vendor's core systems platform include ISO standards and improved rating capabilities.

San Mateo-based Guidewire has announced additions to its PolicyCenter product.

A new module, Guidewire Rating Management "empower[s] our customers by providing the option to employ a leading, seamlessly integrated rating solution from Guidewire or leverage an existing investment in a third-party rating engine," according to VP of strategy Neil Betteridge. It includes three components:

A rating algorithm workbench enables users to create, review and modify the formulas and calculation steps used to determine premiums, enabling faster speed to market.
Rating impact testing allows new rating models to be tested against a book of business to determine the influence they will have in certain scenarios
Rating worksheets are designed to provide more insight into the results of the rating process, giving authorized users a detailed view of premium calculations.

The company has also introduced ISO standards-based templates for PolicyCenter. These facilitate the initial implementation of ISO-based insurance products and simplify the ongoing maintenance of those products, so insurers can manage it themselves or outsource it to Guidewire.

[Read Auto-Owners CIO Bob Buchanan's story of selecting and beginning implementation of Guidewire ClaimCenter.]

“We believe that one of the most valuable ways to lower costs, reduce risk, and help insurers get to market faster is by providing more complete implementations of standard U.S. lines of business as a starting point for insurer projects,” Guidewire CEO Marcus Ryu explains in a statement. “We are committed to providing templates for these lines, including content based on ISO, NCCI, and other workers’ compensation state bureaus, starting with the most common commercial lines.”

Finally, Guidewire also announced that Tokyo-based Mitsui Direct General Insurance Company has selected ClaimCenter for claims management. In addition to a dedicated Guidewire team, the implementation project will also receive development support from Nomura Research Institute and NEC Corporation. Another Japanese insurer, SBI, selected ClaimCenter earlier this month.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio