Aussie insurers to benefit from new underwriting technology

Aussie insurers to benefit from new underwriting technology | Insurance Business

Aussie insurers to benefit from new underwriting technology
Guidewire Software has announced the availability of its new Guidewire LiveSM app for insurance underwriters and Australian insurers are already involved.

Guidewire Live Spotlight is an instant-on hosted application aimed at empowering underwriters to make better decisions by automating the assessment of location-based risk.

The app works by bringing together relevant data from internal and external sources, applying company specified algorithms to generate peril-based alerts, and presents the evaluation results to the underwriter visually for detailed interaction.

That way, underwriters can see at a glance which policies are in a high risk area such as a flood or crime zone, enabling them to more accurately underwrite the risk.

Alastair Latimer, insurance systems manager at Melbourne-based Guild Insurance, spoke of the company’s excitement at using the new software for their business.

“We are excited about how Guidewire Live Spotlight will support our underwriters in visualising the geospatial and natural peril exposures associated with a property/location being underwritten and to see the other risks that we underwrite in the vicinity,” Latimer said.

“We view this as a useful extension of our Guidewire investment and expect it to deliver more consistent and better informed desk-based underwriting decisions.”

Guidewire Software vice president, data and analytics, Eugene Lee, said he was excited to be extending our analytics capabilities to improve the quality of underwriting decisions.

“Spotlight has been designed and expressly built to aid the task of Property/Casualty insurance underwriting.

“It works in concert with Guidewire PolicyCenter and lets insurers define their own risk data sources and assessment criteria.”

Guidewire Live Spotlight is currently available to insurers in Australia, Canada, UK, New Zealand and the United States.