Award winners recognized for meeting evolving
market needs, improving customer experience, and enhancing
operational efficiency via AI
CONNECTIONS CONFERENCE – Guidewire (NYSE: GWRE)
congratulates the winners of its 2024 Innovation Awards: Alberta
Motor Association, Ascot Group, and Mountain West Farm Bureau and
its subsidiary 360 Insurance Company. This year’s awards honor
Guidewire customers that are adapting to an accelerating pace of
industry change and evolving customer needs in innovative ways.
Winners were announced during Connections, Guidewire’s annual
customer conference.
The 2024 winners are:
Alberta Motor Association for accelerating the delivery of
Alberta’s first pay-as-you-go product and helping its customers to
save up to 55% on their auto policy premiums.
Alberta Motor Association (AMA) transitioned to Guidewire Cloud
in 2022 to free resources from maintaining an on-premises system,
allowing the company to focus on innovation rather than operational
overhead. This shift set the stage for AMA to leverage the
Guidewire Usage-Based Insurance (UBI) Solution, which was critical
to the development of its pay-as-you-go insurance product, AMA
MyPace.
AMA utilized the out-of-the-box capabilities of Guidewire's UBI
Solution to quickly operationalize Alberta's first pay-as-you-go
insurance product. The UBI solution provided technical advantages
and also informed the company’s product development strategy,
allowing AMA to launch AMA MyPace effectively and efficiently.
The launch of AMA MyPace has allowed AMA to fulfill its
strategic objective of expanding its portfolio in a competitive
market with limited product differentiation. AMA has successfully
positioned itself as a compelling choice in the market by offering
an innovative insurance solution tailored to the evolving needs of
motorists. Early results from the AMA MyPace program have been
promising, with 800 policies issued within the first month and
customers enjoying premium savings of up to 55%.
For additional information about AMA, visit www.ama.ab.ca.
Ascot Group for developing an AI-assisted underwriting system
for cyber insurance in collaboration with Guidewire, resulting in
an 85.7% reduction in time spent gathering and pulling data per
submission.
Faced with the challenge of evaluating a high volume of complex
submissions daily, Ascot Group partnered with Guidewire to pilot an
AI-assisted underwriting system to enhance efficiency and accuracy
in its cyber underwriting processes.
The collaboration with Guidewire resulted in the development of
an underwriting tool powered by AI, which automates data collection
and analysis, thereby minimizing the time underwriters spend on
each submission. The tool reduces the workload associated with
rekeying information across multiple systems, creating a single
source for submission evaluation.
The AI innovation has significantly improved Ascot's operational
efficiency, allowing underwriters to complete assessments in just 5
to 10 minutes instead of the previous 45 to 60 minutes,
representing an 85.7% reduction in data-gathering time. This
efficiency gain enables underwriters to focus more on complex
decision-making and enhances overall risk assessment through
comprehensive AI-driven analysis. Additionally, the tool ensures
consistency and compliance, providing a competitive edge in the
cyber insurance market. Early indicators of success include
increased submission-to-quote ratios and high user satisfaction
among underwriters.
Ascot is a leading global insurance, reinsurance, and
underwriting services group with over 20 years of consistency and
stability, and a diverse insurance product portfolio. US insurance
company affiliates within the Ascot Group are rated A (Excellent)
by A.M. Best Company.
For additional information about Ascot Group, visit
www.ascotgroup.com.
Mountain West Farm Bureau utilized Guidewire Data Platform to
provide actionable insights, enhancing overall decision-making and
operational efficiency
Mountain West Farm Bureau implemented Guidewire Data Platform to
serve as a dynamic source of actionable insights. Recognizing the
need for effective operational reporting, while migrating from five
legacy policy systems, Mountain West aimed to leverage data to
enhance its agility and decision-making processes.
To achieve this transformation, Mountain West pivoted its
strategy to use Guidewire Data Studio and Guidewire Explore as its
primary tools for data visualization. This involved close
collaboration with Guidewire, and the company entered Guidewire's
Early Access Program to develop custom datasets. It became the
first Guidewire customer to integrate BillingCenter data for
critical financial insights.
The adoption of the Guidewire Data Platform has allowed Mountain
West to achieve real-time data and reporting operations, enabling
the company to track KPIs and respond promptly to emerging issues,
rather than relying on retrospective reports. Mountain West has
dramatically increased its straight-through processing from 50% to
86% for high-volume personal lines, significantly enhancing
efficiency. Sales and marketing teams now leverage real-time
pipeline data to react quickly to market conditions, contributing
to a remarkable customer retention rate exceeding 90%. Claims
management has also benefited, with insights leading to quicker
settlements (a 4-day reduction) and improved claimant satisfaction,
ultimately reducing claims handling costs.
For additional information about Mountain West Farm Bureau,
visit www.mwfbi.com.
“Congratulations to this year’s Innovation Award winners. We
extend our gratitude to all the insurers who submitted their
entries; the quality was truly remarkable,” said Brian Desmond,
CMO, Guidewire. “The accomplishments of these award recipients
demonstrate how Guidewire customers are consistently raising the
bar for innovation in our industry.”
About Guidewire
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. More than 570 insurers in 42
countries, from new ventures to the largest and most complex in the
world, rely on Guidewire products. With core systems leveraging
data and analytics, digital, and artificial intelligence, Guidewire
defines cloud platform excellence for P&C insurers.
We are proud of our unparalleled implementation record, with
1,700+ successful projects supported by the industry’s largest
R&D team and SI partner ecosystem. Our marketplace represents
the largest solution partner community in P&C, where customers
can access hundreds of applications to accelerate integration,
localization, and innovation.
For more information, please visit www.guidewire.com and follow
us on X (formerly known as Twitter) and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20241119224811/en/
Melissa Cobb, Director, Public Relations Guidewire Software +1
650-464-1177 mcobb@guidewire.com
GuideWire Software (NYSE:GWRE)
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GuideWire Software (NYSE:GWRE)
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