Guidewire Partners With Swiss Re To Reduce Operational Friction Across Insurance Parties
By Business Wire
NASHVILLE, Tenn.--(BUSINESS WIRE)--Guidewire (NYSE: GWRE) announced its partnership with Swiss Re Reinsurance Solutions to help build a more interconnected insurance industry through the use of technology. Based on a shared commitment to insurance innovation and excellence, the collaboration will help grow the insurance industry by reducing points of operational friction between risks, insureds, insurers, reinsurers, and intermediaries.
The partnership will provide Guidewire and Swiss Re customers with a suite of analytics products, integrations, and data transfer mechanisms, starting with the deployment of Swiss Re Reinsurance Solutions’ proprietary data models and risk insights into the Guidewire cloud platform. Guidewire's Analytics Manager will facilitate the integrations to embed relevant insights into core insurance operations.
As insurers strive to price and select risks in an increasingly complex world, they are deploying advanced analytics into claims and underwriting workflow at a rapidly increasing pace. The industry’s adoption of generative AI will further accelerate this trend. Seamless interoperability of systems between primary carriers and reinsurers is necessary for sharing data, propagating insight, and facilitating risk transfer. The Guidewire and Swiss Re collaboration will reduce the friction that insurance counterparties face by streamlining data access and predictive model deployment.
“We are excited to partner with Guidewire and respect their global expertise in building the technology and analytics that underpin today's P&C insurance business. By combining our data, models, and tools with the Guidewire platform, together we will help strengthen the insurance industry’s ability to efficiently transfer risks and better service its clients,” said Russell Higginbotham, Chief Executive Officer of Swiss Re Reinsurance Solutions.
“Data and analytics play a critical role in driving efficiency and increasing agility for insurers,” said Mike Rosenbaum, Chief Executive Officer of Guidewire. “In service of this, we look forward to collaborating with Swiss Re, a leading reinsurer and respected expert in risk transfer. Linking our platforms and their expertise will help insurers build systems of insight that streamline risk transfer processes and reduce industry protection gaps.”
About Guidewire Software
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 540 insurers in 40 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 more than 1,600 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.
About Swiss Re
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.
Allison + Partners
+44(0)203 971 4308
PR & Communications – EMEA, Guidewire
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First published on Tue, Nov 14, 2023
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