San Mateo, CA (Aug. 8, 2023) – Guidewire is pleased to announce Hakuba, its latest cloud release, which drives profitability for P&C insurers. New capabilities include the Autopilot Workflow Service† to orchestrate process automation across the P&C insurance lifecycle and the Integration Data Manager, a convenient way to store and govern third-party data for use with InsuranceSuite. Commercial lines offerings are expanded with a new Rating App† for agile rate development, London Market underwriting improvements with detailed financials, and Cyence Model 6 to keep up with the constantly evolving cyber threat landscape.
For more details about these and all the other new capabilities Hakuba delivers, read the Hakuba overview blog post below:
Hakuba: Guidewire’s Newest Release Drives Profitability with Autopilot Workflow Service and More
Guidewire’s eighth release takes us to the far east, Hakuba, a village in the Japanese Alps, just outside the city of Nagano, the host of the 1998 Winter Olympics. The Hakuba valley is a part of the spectacular Japanese Alps and has a skiable area of 200 hectares (494.2 acres) with 13 ski runs. The base elevation is 760 meters (2,493 feet) and rises up to 1,831 meters (6,007 feet).
Similarly, the Hakuba, our eighth release of Guidewire Cloud, the second one since we moved to a three-cloud-releases-per-year cadence, scales new heights by enabling insurers to innovate continuously. Hakuba drives profitability for P&C insurers with the new Autopilot Workflow Service, expanded commercial lines offerings, and enhancements across the Guidewire platform, applications, and content. Here are some of the top innovations:
- Autopilot Workflow Service†: Improve process agility by orchestrating automation across the P&C insurance lifecycle. A powerful new cloud service empowers technical and non-technical users to accelerate automation with low-code tooling and out-of-the-box integrations to InsuranceSuite APIs and third-party services. Business process logic is externalized from InsuranceSuite, allowing insurers to reduce downtime. The Autopilot Workflow Service is available as early access for claims automation.
- Integration Data Manager: Simplify data management and improve governance with a new way to store and use third-party data such as fraud assessments, credit reports, property flood reports, and motor vehicle reports with InsuranceSuite. Third-party data is stored externally and displayed in InsuranceSuite for use with business rules without having to extend the InsuranceSuite data model. Integration Data Manager ensures integrity as third-party and InsuranceSuite data are kept separate and streamlines the developer experience by retrieving third-party data using the Integration Gateway and creating pools of data for specific purposes.
- Rating App†: Accelerate speed to market with a new externalized cloud microservice for deploying rates and integration with PolicyCenter and BillingCenter. The Rating App reimagines the rating process with agility, speed, and a new user experience. Rate developers and actuaries can create and change rates quickly and easily with the ability to re-use and share individually versioned rating artifacts.
- London Market Journal Financials: Empower underwriters with a complete picture of the financials for their London Market policies within PolicyCenter. A new view called Journal Financials provides both summary and granular, transaction-level views of bound policies. The view includes information such as agreed and settled premium, deferred acquisition costs, and earnings.
- Cyence Model 6: Empower underwriters to make confident decisions with the most current view of cyber risk from Cyence Model 6. The cyber risk landscape is constantly changing with new threats such as multi-prong ransomware attacks and data breaches. To keep up with the latest cyber risk trends and threats, Model 6 adds new and updated cyber risk data from more than 900 sources including the latest cyber incidents and claims. The event models are retooled to generate more accurate insights. Model 6 is more advanced in predicting ransomware attacks, data breaches, business interruptions, and modeled losses than Model 5.
To learn more about the release, watch the Hakuba Release Highlights video.
The Hakuba web page also has the full details of the release, such as additional new features, videos, media announcements, and a form where you can sign up to be kept informed for the next release.
Notes
† Indicates product feature is available for Early Access customers only.
About Guidewire Software
Guidewire (NYSE: GWRE) 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 500 insurers in 38 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 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.
For information about Guidewire’s trademarks, visit www.guidewire.com/legal-notices/. All products mentioned in this announcement are Guidewire products. Not all products are available in every geography or to self-managed customers. Any unreleased services or features referenced in this, or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Guidewire applications should make their purchase decisions based upon features that are currently available.
Source: Guidewire Software
Tags: Cloud, Guidewire, Property/Casualty (P&C) insurance
