Business Wire

Guidewire Reimagines Insurance Core Platforms with Aspen Release

Share

Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced the launch of Aspen 2020.1H, featuring the first cloud-optimized release of Guidewire InsuranceSuite, and additional enhancements to Guidewire Analytics and Guidewire for Salesforce. Aspen1 extends support for insurers’ imperatives to unlock business and IT agility for accelerated product launches, personalized digital experiences, and embedded analytics throughout the insurance lifecycle.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200616005534/en/

Insurers around the world are focused on digitally engaging with customers and agents and making insurance more convenient. They need to innovate and launch new insurance products quickly and iterate them in market. Insurers must also grow their business efficiently by continuously measuring performance and testing process improvements. These goals typically require complex IT projects with insurers facing execution challenges due to a lack of IT agility. With Aspen, Guidewire delivers a cloud-optimized platform that delivers the agility insurers need to meet their business imperatives.

“The P&C insurance industry continues to evolve rapidly, and insurers, now more than ever, need the ability to quickly react and respond to market changes and needs,” said Karlyn Carnahan, head of Celent’s Property and Casualty practice for the Americas. “Cloud-optimized, digital-first platforms are the way of the future and will empower insurers to be competitive, reduce costs, and provide high levels of customer service, while increasing flexibility and agility.”

“For more than 18 years we have been dedicated to addressing the core system requirements of the P&C industry and today we are excited to announce a new approach,” said Mike Rosenbaum, chief executive officer, Guidewire. “Aspen is a significant milestone in our cloud journey and is arguably the most pivotal release in Guidewire’s history. It marks a redefinition in what we mean when we say core platform. Insurers expect that a core platform should do more than just run their core business processes. It also needs to be inherently connected to digital interfaces, take advantage of analytics capabilities, and be able to integrate data from any source. This is why we are unifying digital, analytics, and the core into one platform delivered in Guidewire Cloud.”

“Aspen is our first bi-annual cloud-optimized release that will bring customers even more IT agility, allowing them to get more value from their investment by laying the foundation for continuous improvement and future innovations,” said Diego Devalle, global head, Product and Engineering, Guidewire. “Beginning with the rating, rules, and data cloud-native services found in Aspen and continuing with subsequent releases, we will deliver a new generation of products that leverages cloud services architecture, and will continue building an open platform leveraging APIs.”

Aspen has been designed to bring agility to P&C insurers like never before to support their key imperatives:

Innovate

Aspen helps insurers create new products in days not months, analyze performance, and iterate at the speed of the market with reduced reliance on IT. Insurers can:

  • Accelerate product launches with Advanced Product Designer, a business-user friendly tool with visual, low-code configuration, while streamlining collaboration and design efforts.
  • With Guidewire Cloud, IT can stay current forever, rather than having to implement costly infrastructure upgrades. With fast cadence upgrades, IT will have access to two updates a year, allowing insurers to frequently consume new innovation and product capabilities.
  • Embrace and conquer new and evolving risks through Cyence risk insights that leverage petabytes of data on behavioral, social, and environmental signals so insurers can differentiate risk, automate underwriting, and make smarter pricing and risk selection decisions.

Engage

The release enables insurers to automatically create digital experiences that can easily be customized to serve all their customer segments. It allows them to:

  • Personalize digital experiences with the auto-generation of digital screens directly in PolicyCenter leveraging Advanced Product Designer for visual product definitions to help insurers best serve all of their customer segments.
  • Enable a unified and holistic customer view with Guidewire for Salesforce due to its ability to power insight-driven interactions with claims and policy service data, auto-generate quote and buy experiences, and allow sales and service teams to sell and service policies.
  • Deploy Cyence for Personal Cyber for on-demand, personalized cybersecurity assessments that include custom remediation recommendations to help users reduce their cyber risk.

Grow Efficiently

Aspen empowers insurers to leverage Guidewire Analytics powered by Guidewire Data Platform and Cyence to uncover hidden opportunities and write profitable business with a seamless path from data to value. The release enables insurers to:

  • Obtain data (including all intra-daily changes) from core systems in real-time via Cloud Data Access, a service of Guidewire Data Platform, and gain a competitive edge through Cyence data listening, to support their enterprise-wide data and analytics strategy.
  • Leverage embedded predictive analytics in core workflows to optimize operations and improve underwriting profitability.

About Guidewire

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. ​We combine digital, core, analytics, and AI to deliver our platform as a cloud service. As of the end of our fiscal year 2019, more than 380 insurers, 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: @Guidewire_PandC.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

All products mentioned in this announcement are Guidewire products.

1Not all products are available in every geography or to self-managed customers. Guidewire customers can get more information from their Account Executive.

Forward-Looking Statements

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 future release schedule for Guidewire InsuranceSuite, Guidewire’s commitment to cloud services architecture for future products development, and general availability of products mentioned in this release. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of the COVID-19 pandemic on our employees and our business and the businesses of our customers, system integrator partners, and vendors; 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; intense competition in our market; weakened global economic conditions may adversely affect the P&C insurance industry including the rate of information technology spending; and other factors detailed in Guidewire’s most recent Form 10-Q filed with the Securities and Exchange Commission. 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.

Contact information

Diana Stott, Director, Communications
Guidewire Software
+1 650-356-4941 dstott@guidewire.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Aptorum Group Launches Infectious Disease Liquid Biopsy Subsidiary Start-up and Exclusively In-licensed from Singapore based Accelerate Technologies To Co-Develop Molecular Based Rapid Pathogen Diagnostics Technology To Track Pathogenic Genome29.9.2020 12:00:00 CESTPress release

Regulatory News: Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) ) (“Aptorum Group” or “Aptorum”), a biopharmaceutical company focused on novel technologies including the targeting of infectious diseases, announced its launch of Aptorum Innovations - an infectious disease liquid biopsy diagnostics subsidiary and its newly established exclusive in-licensing arrangements with Accelerate Technologies Pte Ltd (“Accelerate Technologies”), commercialization arm of the Singapore’s Agency for Science, Technology and Research (“A*STAR”), to co-develop novel molecular-based rapid pathogen identification and detection diagnostics (“RPIDD”) technology. Aptorum Innovations, intends to target the global molecular diagnostics market estimated to reach USD$13.8billion in market size by 2025, of which 60% is estimated to be attributable to the infectious disease segment1, with its next-generation RPIDD technology. The RPIDD technology was initiated and currently under development at A*STAR. Th

Jellagen ® Ltd Announces Collaboration With Mayo Clinic29.9.2020 11:35:00 CESTPress release

Jellagen® Limited, a marine biotechnology business manufacturing high value collagen derived from jellyfish, has entered into a license agreement for an exclusive grant to patent rights with Mayo Clinic for the development in treatment of vocal cord paralysis. Vocal cord paralysis [VCP] is an injury to one or both recurrent laryngeal nerves (RLNs), which control most of the muscles of the larynx. This results in paralysis of the vocal cord muscles which can lead to airways obstruction, dyspnea, altered voice etc. VCP is caused by surgery side effects, trauma, tumors, etc. It is also frequent in the vocal cords of “heavy users” population such as singers, actors, politicians and teachers. The worldwide VCP market is estimated at $2.6B in 2020 with the bulk injection market segment accounting for 15% with 4% CAGR over the next five years, i.e $380M in 2020. Thomas-Paul Descamps, Chief Executive Officer, commented, “We are very proud to have signed this agreement with Mayo Clinic and is t

Open Banking: Partnership between Ebury and Nexi29.9.2020 11:30:00 CESTPress release

Nexi, the leading Italian PayTech in digital payments, signs a partnership with Ebury, one of the world's leading Fintech companies providing global transaction banking services to businesses. According to the agreement, Ebury, founded in 2009 and with offices in 20 countries including Italy, joins Nexi Open. Nexi's partner banks will be able to offer their clients the full suite of Ebury services, including international cash management, FX risk management and import/export lending. Credit institutions will be able to expand their global transaction services with innovative solutions to overcome some of the traditional complexities of cross-border transactions. For example, Ebury International Cash Management services allow customers to open multi-currency accounts in a few hours; FX Risk Management services help businesses to reduce the risks associated with international trade; the single platform for cross-border payments gives customers a simple and transparent way to pay supplier

Boehringer Ingelheim invests to further develop the pet care market in China29.9.2020 10:00:00 CESTPress release

Boehringer Ingelheim has acquired an equity stake in China-based New Ruipeng Group (NRP Group). NRP Group is a fast-growing business that offers veterinary care, e-commerce and many other services to pet owners and the broader animal health market across China. “Improving the health of animals and humans is what drives us in Boehringer Ingelheim. Strong collaborations and partnerships have always been key to achieving this goal,” commented Jean Scheftsik de Szolnok, Member of the Board of Managing Directors with responsibility for Animal Health. “Together with NRP Group and other partners we are looking forward to serving pet owners in China and contributing with our knowledge in areas such as disease understanding or training and education.” China’s pet market is one of the fastest growing markets in the world. The number of pets is continuously rising as they play an increasingly significant role in people’s lives, and pet owners are looking for integrated online and offline products

GLEIF Defines new Validation Agent Role for Banks & Financial Institutions to Simplify and Accelerate Client Lifecycle Management29.9.2020 09:55:00 CESTPress release

The Global Legal Entity Identifier Foundation (GLEIF) has today announced that financial institutions (FIs) worldwide can realize a variety of cost, efficiency and customer experience benefits by assuming a new ‘Validation Agent’ role within the Global LEI System. FIs acting as Validation Agents simplify LEI issuance for their clients, reduce time-to-revenue, and future proof their institutions for digital innovation. The Validation Agent Framework is a new operational model in the Global LEI System. By leveraging their know-your-customer (KYC), anti-money laundering (AML) and other regulated ‘business-as-usual’ onboarding processes, Validation Agents can now obtain an LEI for their customers when verifying a client’s identity during initial onboarding or during a standard client refresh update. Until now, labor intensive and time consuming legal document and data collection procedures, which are conducted as standard to verify the identity of a client entity within a bank’s onboarding

ADVA delivers unprecedented precision in timing networks with TrueTime™29.9.2020 09:00:00 CESTPress release

ADVA (FSE: ADV) today announced a new and robust way to deliver unprecedented levels of precision in timing networks. Built on ADVA’s TrueTime™ technology, this new end-to-end solution will prove key for 5G, smart grid and other time-sensitive applications. Unlike other delivery mechanisms, TrueTime™ uses PTP-optimized optical transport to provide accurate synchronization from the core of the network all the way to the edge. It does this by combining ePRTC core clocks and ultra-precise boundary clocks to ensure nanosecond timing. Not only does this method provide PRTC levels of accuracy, but it’s also more robust than any competing solution and this is key in the battle to mitigate the risk of GNSS vulnerabilities. What’s more, in greenfield deployments, TrueTime™ enables service providers to reduce the number of PRTC core clocks and GNSS equipment, simplifying network management and reducing costs. This press release features multimedia. View the full release here: https://www.busines

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom