LAS VEGAS -- (Business Wire)
CONNECTIONS CONFERENCE - Guidewire (NYSE: GWRE) announces Flaine, its latest market-defining cloud release. New platform, application, and content updates in Flaine increase speed and improve agility for P&C insurers across the complete insurance lifecycle, including:
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Automated Release Updates make lengthy upgrades a thing of the past.
Jutro Digital Platform (Jutro), available on an early-access basis, enables customers to quickly design digital experiences that fully integrate with Guidewire InsuranceSuite.
Community-powered machine learning across the insurance lifecycle drives smarter decision-making.
Flaine will be unveiled today at Connections, Guidewire's customer conference*. Keynote sessions will be livestreamed and available on-demand. To view the livestream, visit Guidewire.com.
Platform: Streamline development and operations with Automated Release Updates, Jutro Digital Platform, APD App, and App Events
Flaine makes it easier than ever for insurers to keep their core technology current. Automated Release Updates turn previously lengthy upgrades into fast updates by automating the software update process, enabling accelerated time to value.
Jutro, available on an early-access basis, enables insurers to quickly design and deploy digital experiences that fully integrate with InsuranceSuite. Guidewire customers will use Jutro to auto-generate digital experiences using a range of deployment options and templates.
Flaine accelerates insurance product definition and updates with the general availability of the Advanced Product Designer (APD) App, a new cloud-native application for building and managing insurance products. The APD App supports innovation across the complete insurance lifecycle, enabling insurers to respond quickly to market demands
With Flaine, insurers can more easily integrate to third-party systems using App Events, a key component of the Guidewire cloud integration framework that enables event-driven outbound integrations. This allows insurers to publish core business events to accelerate integration with downstream systems without writing code.
"Speed to market is critical to our customers' businesses. With APD and App Events, insurers can launch and update products quickly, and integrate core systems with third-party apps in less time at a lower cost," said Diego Devalle, chief product development officer, Guidewire. "The speed and agility that Flaine delivers is a massive differentiator for Guidewire customers from an operational and a customer service perspective."
Applications: Drive efficiency and growth with community-powered machine learning, Submission Intake, and embedded analytics
Flaine introduces community-powered machine learning directly within the insurance lifecycle. Anonymized data contributed on an opt-in basis by Guidewire Cloud customers is coupled with external data, and Guidewire Predict machine learning models are applied to generate predictive scores. These scores are embedded directly into underwriting and claims workflows in InsuranceSuite, enabling smarter decision-making and automation. Transaction data from InsuranceSuite feeds back into Guidewire's data cooperative, resulting in a continuous cycle of improvement.
A new Submission Intake module in PolicyCenter automates the intake of standard U.S. commercial lines ACORD submissions, increasing underwriting efficiency by reducing costly and error-prone manual data entry processes.
Data-driven decision-making improves business efficiency. With new analytics offerings embedded directly within InsuranceNow and InsuranceSuite workflows in Flaine, insurers can:
Expand the ability to manage global catastrophe claims with historical weather data such as hail, wind, lightning, tornados, wildfires, and floods, surfaced directly in ClaimCenter via Canvas.
Price risk accurately and retain profitable policyholders to improve loss ratios with the Guidewire Predict out-of-the-box dashboard, now embedded in InsuranceNow.
Write more profitable business with a new out-of-the-box integration to HazardHub for InsuranceNow that enables more accurate risk assessment.
Further improve risk assessment with the new HazardHub Enhanced Wildfire Model that provides more accurate wildfire scores to pinpoint localized risk.
"The enhancements we've made to applications in Flaine help insurers adapt to rapidly changing risks and customer behaviors across the insurance lifecycle," said Amy Mollin, vice president, Product Management, Guidewire. "Insurers can now shift from running their system of record to harnessing a system of insight by leveraging analytics within Guidewire applications to make smarter decisions on risk selection, pricing, and claims triage and settlement, while also leveraging the power of the Guidewire ecosystem."
Content: Accelerate time to market with expanded Guidewire GO packaged content
Flaine helps insurers get to market fast with a new GO Product for InsuranceNow and expanded InsuranceSuite market-specific content for Japan, Australia, and the London Market.
Launch Commercial Auto line of business in the U.S. market 50 percent faster with a new out-of-the-box GO Product for InsuranceNow.
Increase efficiency of claims processing and decrease implementation costs for Personal Auto, Accident Health, and Pet lines of business in the Japanese market.
Reduce costs by leveraging the Australian Business Register (ABN) integration, automating claim limits for Australian Personal Motor, and address integration for ContactManager.
Improve efficiency across the policy lifecycle in the London Market with enhanced visibility and flexibility for underwriting and claims processes.
Guidewire GO content is available for download from the Guidewire Marketplace.
"Speed to market continues to be a primary concern for insurers, and they're looking for ways to stay ahead of the competition and provide superior services to their distribution channel partners and policyholders in this uncertain economy," said Karen Furtado, partner, Strategy Meets Action. "I'm encouraged by Guidewire's continued commitment to helping insurers create, launch, and manage new products, and by the wave of momentum that innovation is making in the industry as insurers increasingly adopt technology as a strategic enabler."
For more information about Guidewire, Guidewire Cloud Platform, or the Flaine release, visit guidewire.com and read the Flaine overview blog.
*Flaine release is generally available on October 24, 2022.
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on Twitter and LinkedIn.
NOTE: For information about Guidewire's trademarks, visit https://www.guidewire.com/legal-notices. All products mentioned in this announcement are Guidewire products.Not all products are available in every geography or to self-managed customers. Any unreleased services or features referenced in this, or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Guidewire applications should make their purchase decisions based upon features that are currently available.
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the general availability of features, programs, services, and tools related to Flaine mentioned in this release such as, Advanced Product Designer App, App Events, Submission Intake for Commercial Lines, and Guidewire GO and early access features, programs, services and tools related to Flaine such as Jutro. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Guidewire's control. Guidewire's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Guidewire's most recent Form 10-K filed with the Securities and Exchange Commission as well as other periodic reports and filings that may be filed by Guidewire from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: quarterly and annual operating results may fluctuate more than expected; seasonal and other variations related to our customer agreements and related revenue recognition may cause significant fluctuations in our results of operations and cash flows; our reliance on sales to and renewals from a relatively small number of large customers for a substantial portion of our revenue; our ability to successfully manage any changes to our business model, including the transition of our products to cloud offerings and the costs related to cloud operations; recent global events (including, without limitation, the continuing COVID-19 pandemic, the ongoing conflict between Russia and Ukraine, inflation higher than we have seen in decades, and supply chain issues) and their impact on our employees and our business and the businesses of our customers, system integrator ("SI") partners, and vendors; data security breaches of our cloud-based services or products or unauthorized access to our customers' data, particularly in connection with our transition a hybrid in-person and remote workforce; our competitive environment and changes thereto; our services revenue produces lower gross margins than our license, subscription and support revenue; our product development and sales cycles are lengthy and may be affected by factors outside of our control; the impact of new regulations and laws, including tax laws and accounting standards; assertions by third parties that we violate their intellectual property rights could substantially harm our business; weakened global economic conditions may adversely affect the P&C insurance industry, including the rate of information technology spending, general political or destabilizing events, including war, conflict or acts of terrorism; our ability to sell our products is highly dependent on the quality of our professional services and SI partners; the risk of losing key employees; the challenges of international operations, including changes in foreign exchange rates; and other risks and uncertainties. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Guidewire's views as of the date of this press release. Guidewire anticipates that subsequent events and developments will cause its views to change. Guidewire undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Guidewire's views as of any date subsequent to the date of this press release.
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Melissa Cobb, Senior Public Relations Manager
Source: Guidewire Software
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