Guidewire and Its Uses | Insurance Technology | OpenTeQ

Guidewire and Its Uses | Insurance Technology | OpenTeQ

OpenTeQ Admin | Updated: Jun 11,2020
Guidewire and Its Uses | Insurance Technology | OpenTeQ

It is hard for any industry to determine a potential risk before they encounter with one. The rapid changing of lifestyle is also revolutionizing technology along with the need of time. Thus, the idea of potential risk is also changing its definition every day. The insurance sector has become one of the preys of this severe challenge. Guidewire has been known globally for providing core back end software for property and casualty insurers.

Guidewire Software Inc. or Guidewire Services is a software product provider company, based in California. The company is basically known for providing industry platform for the property and casualty insurers.

What is guidewire software?

The core guidewire system is basically built on a shared platform to provide reliability, flexibility, openness and unparallel performance. The entire platform is designed and built with modern architecture to meet the specific needs of the property and casualty insurers.

  • Guidewire applications are made in Java and fit into the Java EE standard, which is also the preferred technology by the P&C insurance industry
  • Web service APIs enable guidewire applications to incorporate flawlessly into a service-oriented architecture and can interact with any other technology in any application.
  • It ensures that there is no need to install any software on end-user desktops.
  • Guidewire software runs on the preferred application servers, databases and operating systems of the Property and Casualty insurance industry.
  • More than 120,000 tests through the development cycle of the guidewire solution give an unmatched commitment of quality to the software users and that also make the solution to be the most trustworthy in the industry.

What are the features and benefits of the guidewire products?

The guidewire solution provides some critical building blocks and services to all the guidewire applications with some core technology components. Guidewire technology has these following features

  • Business Process Management: It helps insurers the ability to define a long-running insurance process which involves multiple activities and actors.
  • Security: It helps the users to have control of the application, the functionality they use and the data they can edit, or view related to the accounts, claims and policies.
  • Configuration: It helps the insurers to extend the data model and the screens of the application using easy to understand and logical XML files.
  • Integration: Guidewire solutions provides a variety of integration mechanism which include event-based messages and web services API at any point in the application. It also enables the exchange of data in other formats like IAA and Accord XML.

    Guidewire products also help the insurers to reduce the cost of long-term ownership, consolidating on a single suite application with these benefits,

      • As the Guidewire platform is exceptionally configurable, with Guidewire solution, the insurers get the complete control over the core application which is also coupled with an insurance-specific rule engine.
      • The users get to access easy to use and responsive application. The larger companies can also get benefited by adding more servers to control larger populations.
      • The robust integration layer of the guidewire platforms enables the insurers to integrate their core application with other systems inside and outside the company.
      • The automated tests of the guidewire solution protect the application from relapsing and enable the addition of new functionality rapidly. As a result, it takes just a few months to deliver a new feature instead of a year or more.

Uses of Guidewire Software

The guidewire is one of the leading software companies in the insurance industry. Thus, the Property and Casualty insurance sector is the most popular industry for Guidewire implementation. The property and the Casualty (P&C) insurers basically focus upon the risks which result in the losses of features, such as:

  • Auto Insurance
  • Home Insurance
  • Professional Liability Insurance
  • Marine Insurance etc

The P&C insurance companies offer certain coverage amount to the customers for risk. The customers to avail that coverage must pay a certain amount as the premium of the insurance.

  • There are three main products of Guidewire Solution:

  • Policy Centre

  • Billing Center and
  • Claim Center

These are also some of the significant and most popular products for the Property and Casualty Insurance industry. Each of the products serves substantial components of the insurance sector covering the core transaction, digital engagement and analytics and data management. The first approach of the Guidewire Software solution is to keep all the systems and application connected to a one-to-one relationship. The Guidewire products provide end to end support to the insurance operation, and some of the other products like the Insurance Suite is also trending in the insurance sector right now.

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