Guidewire: AI is Also Arriving in the Insurance Industry and Offers Enormous Potential
With InsuranceSuite, Guidewire has the leading cloud platform for insurers. Due to the high data load, there is a lot of optimization potential in the insurance industry through AI. The use of machine learning will make risk assessment more efficient. Guidewire (NYSE: GWRE) offers a leading platform for property and casualty insurers. It combines analytics, machine learning and AI applications delivered as a cloud service or self-managed software. The main operational services and products are InsuranceSuite Cloud, InsuranceNow and...
Read this article now with a free account.
Your benefits:
- Every month, you can read 5 articles from the premium section for free.
- Monthly 2 trial issues of the Trader newspaper for free.
- Create a personal watchlist with an overview of news about your stock.
Already registered? Log In
At an event, Tesla CEO Elon Musk explained his thoughts on the future of the electric car manufacturer and the influence of AI. Investors and Teslafans...
At Adobe MAX, the world's largest creative trade show, held from October 10 to October 12, the leading image-editing software provider unveiled new models...
array (
'ID' => '4340',
'post_author' =>
array (
'ID' => '2',
'user_url' => '',
'display_name' => 'Tabea Kletterer',
'user_registered' => '2023-09-12 13:11:15',
'nickname' => 'TabeaKletterer',
'first_name' => 'Tabea',
'last_name' => 'Kletterer',
'description' => '',
'description_en' => '',
'description_es' => '',
'description_fr' => '',
'description_it' => '',
'name' => 'Tabea Kletterer',
'name_short' => 'T. Kletterer',
'slug' => 'tabea-kletterer',
),
'post_date' => '2024-07-01 11:21:07',
'post_date_gmt' => '2024-07-01 09:21:07',
'post_content' => '
- With InsuranceSuite, Guidewire has the leading cloud platform for insurers.
- Due to the high data load, there is a lot of optimization potential in the insurance industry through AI.
- The use of machine learning will make risk assessment more efficient.
Guidewire (NYSE: GWRE) offers a leading platform for property and casualty insurers. It combines analytics, machine learning and AI applications delivered as a cloud service or self-managed software. The main operational services and products are InsuranceSuite Cloud, InsuranceNow and InsuranceSuite. These services support the entire insurance lifecycle, including the distribution, underwriting and claims management of insurance products. The analytics offerings enable insurers to manage data more effectively, gain insights into their business, increase operational efficiency and underwrite new and evolving risks. To support property and casualty insurers worldwide, the platform has been adapted for use in a variety of international regulatory, language and currency environments. Customers include some of the largest global insurance companies as well as predominantly national or local insurers serving specific states and/or regions.
The trend towards cloud migration in the insurance industry is huge
As the insurance industry requires a lot of data, the potential uses of AI are diverse. Insurance companies can save money by using AI to reduce processing costs and improve claims ratios. Eliminating resource-intensive manual analysis processes will lead to huge efficiency gains. To achieve these benefits, insurers must first change the way they handle data. Today, data is often collected across business units and stored in an unstructured form. This makes the use of AI and machine learning much more difficult. To get the data organization you need, cloud integration is essential. In addition to its structural capabilities, the cloud can also fulfill the necessary computing power requirements. The insurance industry\'s transition to the cloud has been underway for many years. AI is now creating further momentum to accelerate this trend.
AI can be used to analyze past claims data
With InsuranceSuite Cloud, Guidewire offers the leading cloud platform in the insurance industry. The platform covers the entire insurance life cycle. The focus is on underwriting (application review, risk assessment, contract signing) as well as claims processing and intelligent invoicing. Advanced functions for data enrichment and predictive modeling are also available. For example, AI can be used to analyze past claims data to predict future claims patterns. This provides an accuracy advantage that can have a significant impact on the long-term profitability of an insurance company. Pricing can also be made more informed and efficient with the help of AI.
The insurance software market is expected to grow by almost 10% annually
Guidewire\'s main revenue sources are subscriptions and support, licenses and professional services, with subscription and support revenue being the main revenue driver. The global insurance operations software market is expected to be worth around $32 billion by 2032, according to a market research report by Business Research Insights. This would correspond to a compound annual growth rate of 9.73% from 2022 to 2032. The main reasons for this projected growth are the demand from property and casualty insurance companies to increase the efficiency of their underwriting, risk assessment and claims handling processes through digital tools. In Q3, Guidewire exceeded expectations for ARR, revenue, and operating income, driven by eight cloud deals that contributed to a 33% year-to-date increase in InsuranceSuite cloud deals.
Conclusion: AI-powered capabilities will also provide growth opportunities in the insurance industry by improving data collection and analysis faster and in near real-time. In addition, there are the usual demand drivers such as the growing world population, new innovations and the emergence of new risks. Guidewire is well positioned with its solutions, but is highly valued with a P/E ratio of 11.6.
',
'post_title' => 'Guidewire: AI is Also Arriving in the Insurance Industry and Offers Enormous Potential',
'post_excerpt' => '',
'post_status' => 'publish',
'comment_status' => 'open',
'ping_status' => 'open',
'post_password' => '',
'post_name' => 'guidewire-ai-is-also-arriving-in-the-insurance-industry-and-offers-enormous-potential',
'to_ping' => '',
'pinged' => '',
'post_modified' => '2024-07-01 11:21:07',
'post_modified_gmt' => '2024-07-01 09:21:07',
'post_content_filtered' => '',
'post_parent' => '0',
'guid' => 'https://tradertimes.com/wordpress/?p=4340',
'menu_order' => '0',
'post_type' => 'post',
'post_mime_type' => '',
'comment_count' => '0',
'_encloseme' => '1',
'_pingme' => '1',
'magazine' =>
array (
'ID' => '4335',
'post_title' => 'The Trader Times #121 dated July 01, 2024',
'post_content' => '',
'post_date' => '2024-07-01 11:16:35',
'post_type' => 'tradertimes',
'post_mime_type' => '',
'post_parent' => '0',
),
'seo_description' => '',
'seo_image' => '',
'seo_title' => '',
'teaser' => '',
'category' =>
array (
9 =>
array (
'term_id' => '9',
'term_taxonomy_id' => '9',
'name' => 'Top Stories',
'slug' => 'top-stories',
'description' => '',
'parent' => '0',
'lang_term_taxonomy_id' => '8',
'lang_term_id' => '8',
'lang_name' => 'English',
'lang_slug' => 'en',
'translations' =>
array (
'de' => 1,
'en' => 9,
'es' => 13,
'fr' => 17,
'it' => 21,
),
'seo_title' => '',
'seo_description' => '',
'seo_image' => '',
'sub_ids' =>
array (
0 => 9,
),
'link' => '/top-stories/',
),
),
'link' => '/top-stories/guidewire-ai-is-also-arriving-in-the-insurance-industry-and-offers-enormous-potential-4340.html',
'image' =>
array (
'ID' => '4339',
'post_title' => 'top story',
'post_content' => '',
'post_date' => '2024-07-01 11:17:29',
'post_type' => 'attachment',
'post_mime_type' => 'image/jpeg',
'post_parent' => '4338',
'src' => 'https://tradertimes.com/files/2024/07/top-story.jpg',
'width' => 1400,
'height' => 933,
'sizes' =>
array (
'thumbnail' =>
array (
'file' => 'https://tradertimes.com/files/2024/07/top-story-150x150.jpg',
'width' => 150,
'height' => 150,
'mime-type' => 'image/jpeg',
'filesize' => 5259,
),
'teaser' =>
array (
'file' => 'https://tradertimes.com/files/2024/07/top-story-632x280.jpg',
'width' => 632,
'height' => 280,
'mime-type' => 'image/jpeg',
'filesize' => 18333,
),
'content' =>
array (
'file' => 'https://tradertimes.com/files/2024/07/top-story-1296x933.jpg',
'width' => 1296,
'height' => 933,
'mime-type' => 'image/jpeg',
'filesize' => 82506,
),
'fb' =>
array (
'file' => 'https://tradertimes.com/files/2024/07/top-story-1200x628.jpg',
'width' => 1200,
'height' => 628,
'mime-type' => 'image/jpeg',
'filesize' => 53258,
'cpt_last_cropping_data' =>
array (
'x' => 0,
'y' => 42,
'x2' => 1400,
'y2' => 774,
'original_width' => 1400,
'original_height' => 933,
),
),
),
),
'translations' =>
array (
'de' =>
array (
'post_title' => 'Guidewire: KI kommt auch in der Versicherungsbranche an und bringt enorme Potenziale mit sich',
'post_name' => '',
'ID' => '4338',
'post_type' => 'post',
'link' => '/de/top-storys/-4338.html',
),
'en' =>
array (
'post_title' => 'Guidewire: AI is Also Arriving in the Insurance Industry and Offers Enormous Potential',
'post_name' => 'guidewire-ai-is-also-arriving-in-the-insurance-industry-and-offers-enormous-potential',
'ID' => '4340',
'post_type' => 'post',
'link' => '/top-stories/guidewire-ai-is-also-arriving-in-the-insurance-industry-and-offers-enormous-potential-4340.html',
),
'es' =>
array (
'post_title' => 'Guidewire: la IA también llega al sector de los seguros y ofrece un enorme potencial',
'post_name' => 'guidewire-la-ia-tambin-llega-al-sector-de-los-seguros-y-ofrece-un-enorme-potencial',
'ID' => '4341',
'post_type' => 'post',
'link' => '/es/noticias-principales/guidewire-la-ia-tambin-llega-al-sector-de-los-seguros-y-ofrece-un-enorme-potencial-4341.html',
),
),
)
