Guidewire Software, Inc. has recently announced the availability of Guidewire’s Usage-Based Insurance Solution. Designed with speed in mind, the UBI Solution can be deployed within 12 weeks and it supports the end-to-end insurance lifecycle including quote, billing, and automated claims intake.
Forrester Research projects usage-based insurance policies to grow 50% in 2021. Jeffery Williams, Senior Analyst, Forrester Research, in a recent blog post wrote, “Increasing appetite for usage-based insurance (UBI) in personal auto will drive insurers to rethink how they help customers discover and use auto insurance.”
“COVID-19 has ushered in a new paradigm where consumers are more conscious about price transparency. That will result in strong new business growth across the sector,” he added.
Available exclusively on Guidewire Cloud, Guidewire’s UBI solution accelerates deployment with a prebuilt package of capabilities, services, and integrations with Guidewire PartnerConnect Solution partners, Cambridge Mobile Telematics and TrueMotion for telematics.
Eugene Lee, Senior Vice President and General Manager, Guidewire, stated, “Personal lines insurers want to offer UBI as fast as possible to their customers, and with Guidewire they can in just a few months. Guidewire’s UBI Solution was informed by our experience with multiple UBI-specific deployments, and unlike other offerings that focus only on product definition, the solution is designed to support the entire quote-to-claim lifecycle.”