At a time when underwriting organizations are attempting to find the right fit for analytic technology, P&C software provider Guidewire is making a move into the sector.
The company has launched Spotlight, an app available through its Guidewire Live platform for InsuranceSuite add-ons, in order to help underwriters identify location-based risks faster.
SpotLight uses internal and external data to identify potential perils without requiring underwriters to locate and scan those data sources manually, the company claims. Though underwriters have traditoinally resisted advanced analytics, there is at least one client ready for the launch.
“We are excited about how Guidewire Live Spotlight will support our underwriters in visualizing 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,” said Alastair Latimer, Insurance Systems Manager at Guild Insurance. “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.”
[For more on big data's impact on the underwriting function, see Underwriting: Where insurance data really pays off]
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