New Guidewire App Assists Underwriters
Staff Writer | May 18, 2015
Guidewire Software announces the availability of a new Guidewire Live app for insurance underwriters. Guidewire Live Spotlight is an instant-on hosted application that empowers underwriters to make better decisions by automating the assessment of location-based risk.
Accurate risk selection is key to building a profitable business. Too often, however, underwriters are forced to scavenge for relevant external data sources in order to get the information they need to review a risk. Underwriting challenges addressed by Spotlight include: location inaccuracies, inconsistencies in the underwriting process within the organization, and the need to make more transparent decisions.
Guidewire Live Spotlight brings together relevant data from internal and external sources, applies company specified algorithms to generate peril-based alerts, and presents the evaluation results to the underwriter visually for detailed interaction. With Spotlight, underwriters can see at-a-glance which policies are in a high risk area such as a flood or crime zone, enabling them to more accurately underwrite the risk.
“We are excited about how Guidewire Live Spotlight will support our underwriters in visualizing the geospatial and natural peril exposures associated with a property/location being underwritten and to see the other risks that we underwrite in the vicinity,” says Alastair Latimer, insurance systems manager at Guild Insurance. “We view this as a useful extension of our Guidewire investment and expect it to deliver more consistent and better informed desk-based underwriting decisions.”
“Spotlight has been designed and expressly built to aid the task of property & casualty insurance underwriting,” says Eugene Lee, vice president, data and analytics, Guidewire Software. “It works in concert with Guidewire PolicyCenter and lets insurers define their own risk data sources and assessment criteria. We are excited to be extending our analytics capabilities to improve the quality of underwriting decisions.”
Guidewire Live Spotlight is currently available to insurers in the U.S., Canada, U.K., Australia, and New Zealand.
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