Guidewire Lists its 2016 Innovation Award Winners
Staff Writer | October 26, 2016
Guidewire Software congratulates the winners of its 2016 Innovation Awards: Atlas Financial Holdings, Economical Insurance with Deloitte, Nationwide, and QBE Insurance Australia with EY. In its tenth year, the Guidewire Innovation Awards honor customers that are adapting to market changes and evolving customer needs in innovative ways.
Winners were announced during Guidewire’s twelfth annual user conference: Connections 2016. The 2016 winners are:
Atlas Financial Holdings, Inc. – Atlas worked with Guidewire Predictive Analytics (EagleEye at the time the project was initiated) to develop a related series of predictive models in connection with the company’s claim process. The project’s key objectives were to best leverage the expertise of the Atlas claims staff by focusing the right resource on each claim to improve claim outcomes for the company and customers alike, and to reduce volatility in connection with the company’s case reserves.
Atlas deployed Guidewire Predictive Analytics for Claims in order to streamline claims routing, better predict ultimate severity and set case reserves using the model. Since deploying the model, Atlas has developed a claims integration tool that allows the company to automatically reset case reserves in real time upon receipt of the scored claims from the model. As a result, Atlas can now redirect the effort previously spent setting case reserves to influencing and driving more favorable dispositive claim outcomes. Atlas’s ability to re-run the models regularly using Guidewire Predictive Analytics’ machine learning tools will ensure that claim trends and loss cost inflation are identified earlier and reflected in expected outcomes.
Atlas has been leveraging Guidewire Predictive Analytics for Profitability since 2015 and Predictive Analytics for Claims since 2016.
Economical Insurance with Deloitte – Economical Insurance has taken the Guidewire Core product and layered it with advanced third party analytics and sophisticated IT infrastructure to create Sonnet, a digital insurance experience that puts the customer first.
Economical Insurance partnered with Deloitte to create Sonnet, and launched with personal home insurance in May 2016, followed by a personal auto insurance launch in August 2016.
The digital experience offers Canadians a customized, bindable quote seconds after answering a handful of simple questions. The company worked diligently to craft and deliver straightforward information so customers understand what they are purchasing.
Guidewire PolicyCenter and BillingCenter make up the foundation to support Economical’s consumer experience and advanced use of technology. Economical has been an in-production PolicyCenter and BillingCenter customer since 2016.
Nationwide – Nationwide delivered business value to its members faster, cheaper and with higher quality using Guidewire Claim Portal.
Nationwide was looking to enhance its member experience and self-service capabilities for claim inquiry, claim filing, and vendor services such as repair shop selection, appointment scheduling, glass repair, and rental.
The company developed a solution leveraging Guidewire Digital Portal APIs, which provide real-time access to claim information and also reuse existing core ClaimCenter capabilities, speeding time to market. The solution introduced a completely digital claims process enabling Nationwide members to report losses via their preferred channel and receive real-time progress on the claim directly. In addition, the solution allows the necessary claim documentation and images to be uploaded online, and all claims information is accessible to back office staff the moment it is submitted. It truly delivers an omnichannel experience.
In its first three months of availability for glass damage claims, the solution contributed to a 10x increase in portal usage, and Nationwide’s members have registered over 800 new online accounts. It has also significantly reduced call volume to the company’s contact center. Finally, the technology solution was delivered sooner than anticipated, creating IT cost savings.
Nationwide has been an in-production ClaimCenter customer since 2013, an in-production PolicyCenter customer since 2014, and an in-production Digital Portal Claim customer since 2016.
QBE Insurance Australia with EY – QBE sought to become a digital distribution enterprise focused on personalized engagement with seamless touch points, agile processes, and enhanced customer engagement. Guidewire and EY helped bring the insurer's vision to life by architecting and implementing Guidewire InsuranceSuite software for their Direct Insurance Business.
Working together, QBE and EY completed a direct insurance systems transformation in 20 months, delivering a platform that would form the foundational basis for future lines of business.
Through planning, understanding the QBE target model, and controlling scope the project delivered an insurance eco-system that:
- Within 30 days of going live enabled improvements in online new business;
- Six months after going live had shown an increase in the number of policies automatically underwritten, through improved straight through processing; and
- Experienced overall improvements in customer workflow management and a significant shift from telephone to online sales.
QBE Insurance Australia has been an in-production InsuranceSuite, DataHub, InfoCenter and Digital Portals customer since 2015.
“On behalf of the Guidewire team, I am pleased to extend our congratulations to the 2016 Guidewire Innovation Award winners,” says Mike Polelle, chief delivery officer, Guidewire Software. “We see our customers’ commitment to continually improving how they serve their policyholders’ and agents’ needs and are responding in kind by providing the technology platform they require to meet their current and future needs.”
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- RLI Selects DataCubes to Optimize Certain Underwriting Processes
- Reinsurance Software WebXL Version 4.3 Released by Prima Solutions-Effisoft Group
- Direct Online Could Grow to 12% of Small Commercial Insurance Market by 2023, Says Novarica
- David Fisher joins FRISS board as non-executive member
- Gulfstream Property and Casualty Insurance Company Selects Roost®Home Telematics Solutions
- Promutuel Insurance Extends Guidewire PolicyCenter to Support Personal Lines Including Data Management and Policyholder Digital Engagement
- Global Insurance Accelerator Announces Nicole Cook as Next Managing Director
- 60% of Carriers Planning to Increase Quality Assurance Activities in 2019, Says Novarica
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
This month, the ITA celebrates Insurance Careers Month and encourages carriers, brokers, agents and our industry associations to plan their own... READ MORE
Customization in the general sense has a very positive connotation. However, in the world of software systems, customization quite often falls short... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE