Swiss Re has partnered with Guidewire, a software company that offers an industry platform for property & casualty (P&C) insurers, to help reduce operational friction between risks, insureds, insurers, reinsurers, and intermediaries.
The partnership will provide Guidewire and Swiss Re customers with a suite of analytics products, integrations, and data transfer mechanisms.
To achieve this Swiss Re’s proprietary data models and risk insights will be deployed into the Guidewire cloud platform, and Guidewire’s Analytics Manager will facilitate the integrations to embed relevant insights into core insurance operations.
Russell Higginbotham, Chief Executive Officer of Swiss Re Reinsurance Solutions, said: “We are excited to partner with Guidewire and respect their global expertise in building the technology and analytics that underpin today’s P&C insurance business.
“By combining our data, models, and tools with the Guidewire platform, together we will help strengthen the insurance industry’s ability to efficiently transfer risks and better service its clients.”
Insurers are deploying advanced analytics into claims and underwriting workflow at a rapidly increasing pace as they strive to price and select risks.The industry’s adoption of generative AI will further accelerate this trend.
Seamless interoperability of systems between primary carriers and reinsurers is necessary for sharing data, propagating insight, and facilitating risk transfer.
In an increasingly complex world, the Guidewire and Swiss Re collaboration will aim to reduce the friction that insurance counterparties face by streamlining data access and predictive model deployment.
“Data and analytics play a critical role in driving efficiency and increasing agility for insurers,” said Mike Rosenbaum, Chief Executive Officer of Guidewire. “In service of this, we look forward to collaborating with Swiss Re, a leading reinsurer and respected expert in risk transfer.
“Linking our platforms and their expertise will help insurers build systems of insight that streamline risk transfer processes and reduce industry protection gaps.”
