Commercial lines insurers are facing both risks and opportunities in today’s market, according to Eugene Lee, senior vice president and general manager of InsuranceSuite at Guidewire. He highlighted factors such as economic fluctuations, geopolitical complexities, capital limitations, and environmental challenges as potential risks for insurers. However, Lee also mentioned that the protection gap in the market creates growth opportunities for insurers that innovate and stay ahead of the evolving risk landscape.
To help P&C insurers improve efficiency in their commercial lines operations, Guidewire has made enhancements to its Jasper platform. Jasper is a flexible, cloud-based platform specifically designed for commercial lines. The new features include layered coinsurance, which reduces risk exposure by structuring risk sharing for non-layered and layered coinsurance arrangements. It also introduces a new schedule import feature that allows underwriters and agents to capture more commercial lines business by uploading and automatically importing spreadsheets.
In addition, Guidewire has introduced a new U.S. Bureau Content Solution in Jasper. This feature enables insurers to maintain regulatory compliance by providing continuously updated commercial lines content from ISO, NCCI, and state workers’ compensation bureaus. The solution accelerates the launch of bureau-compliant commercial lines while streamlining the update process.
Guidewire continues to invest in enhancing its platform, including expanding HazardHub Canada data. This expansion provides underwriters and actuaries with deeper insights into property risks.
For more information about these enhancements and all the other capabilities of Jasper, interested parties can visit www.guidewire.com/Jasper.
Note: Some of the features mentioned are available for Early Access customers only.
The commercial lines insurance industry is navigating a complex and dynamic market. Factors such as economic fluctuations, geopolitical complexities, capital limitations, and environmental challenges present risks for insurers. However, there are also growth opportunities for insurers who can innovate and adapt to the evolving risk landscape.
To address the needs of property and casualty (P&C) insurers in the commercial lines sector, Guidewire has made significant enhancements to its Jasper platform. Jasper is a cloud-based platform that offers flexibility and tailored solutions for the commercial lines market.
One of the new features of Jasper is layered coinsurance, which helps to reduce risk exposure by structuring risk sharing for non-layered and layered coinsurance arrangements. This feature provides insurers with greater control over their risk portfolios and enables more efficient risk management.
Another valuable addition to the platform is the schedule import feature. This feature allows underwriters and agents to capture more commercial lines business by uploading and automatically importing spreadsheets. It streamlines the process of gathering and analyzing data, saving time and improving overall operational efficiency.
Guidewire also addresses the regulatory compliance needs of insurers with its U.S. Bureau Content Solution in Jasper. This feature provides insurers with continuously updated commercial lines content from reputable sources such as ISO, NCCI, and state workers’ compensation bureaus. With this solution, insurers can ensure regulatory compliance while also expediting the launch of bureau-compliant commercial lines.
Furthermore, Guidewire has expanded its HazardHub Canada data to provide underwriters and actuaries with deeper insights into property risks. This data expansion allows for more accurate risk assessment and pricing, resulting in improved underwriting decisions and profitability.
Guidewire remains committed to continuously improving its platform and meeting the ever-changing needs of the commercial lines insurance industry. To learn more about these enhancements and the capabilities of Jasper, interested parties can visit www.guidewire.com/Jasper.
Note: Some of the features mentioned may be available for Early Access customers only.