’Guidewire’s AI powered applications will help insurers improve risk selection and pricing,’ says chief executive
Guidewire is updating its platform to help insurance firms further streamline claims management and underwriting.
The update, called Las Leñas, will bring a range of new features, including a risk scoring tool for underwriters and actuaries, as well as application performance monitoring, which provides customers with visibility into application performance.
The release will be available to the industry on 6 December 2024.
Michael Howe, chief product officer at Guidewire, said Las Leñas “represents a significant leap forward for the insurance industry”.
He added: “We’re not only optimising claims management, but also equipping underwriters, actuaries and product managers with the tools they need to make more informed decisions, faster.”
Keynote
The product was revealed during the 2024 Guidewire Connections Conference in Nashville.
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Speaking during his keynote speech yesterday (18 November 2024), Michael Rosenbaum, chief executive at Guidewire, said the insurance software provider and insurtech will be continuing with its intentions to modernise the insurance sectors.
He said: “Guidewire’s AI powered applications will help insurers improve risk selection and pricing, optimise indemnity management and enhance claims efficiency by automating tasks.
“[This will provide] deeper data insights and streamline workflows across the insurance life cycle.”
Rosenbaum joined the insurtech in August 2019 as chief executive. He joined from Salesforce, where he held a range of senior positions such executive vice president.
He has overseen Guidewire’s growth since joining, with the firm reporting a revenue of $980.5m (£775.1m) for fiscal year 2024, an increase of 8% from 2023.
”I was lucky enough to join this company five years ago,” Rosenbaum said.
“The secret [to growth] is this unflinching commitment to your [customers’] success. We will not allow a single programme to fail. There is a commitment to success that exists in this community that we cannot lose.”
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