Guidewire’s Insurtech Vanguards Program Reaches Growth Milestone, Connecting 25 New P&C Industry Insurtechs with Insurers
May 23 2022 - 7:55AM
Business Wire
Industry’s hottest insurtechs are innovating
alongside insurers, making digital transformation easier and more
accessible than ever
Guidewire (NYSE: GWRE) today announced that its Insurtech
Vanguards program, an initiative providing a channel for connecting
P&C insurers with technology innovators, has reached a
significant milestone in its growth and primary objective to scout
and incubate the next generation of insurance technology
providers.
Since the program’s launch roughly six months ago, 25 startups
are now members offering digital solutions to insurers, ranging
from claim inspection imaging and reporting to artificial
intelligence (AI) and data analysis for fraud detection, and rapid
compliance testing.
“We are thrilled to champion the trailblazers in Guidewire’s
Insurtech Vanguard program, which closely monitors the P&C
industry and the needs of today’s insurers worldwide to work faster
and more effectively,” said Laura Drabik, chief evangelist,
Guidewire. “Through purpose-built technology solutions, these
insurtechs are making their customers’ jobs easier and businesses
more efficient.”
Launched in October 2021, Guidewire’s Insurtech Vanguards is a
community of select startups and technology providers bringing
transformative solutions to the P&C industry and making
innovation more accessible. As part of the program, Guidewire
provides strategic guidance to and advocates for the participating
insurtechs while connecting them with Guidewire’s P&C
customers.
According to CB Insights, worldwide investment in insurtechs
grew from $7.6 billion in 2019 to $15.4 billion in 2021. As an
investor in the insurtech market space and through its
PartnerConnect Solution program, Guidewire has long supported
disruptive new technologies by offering curated access to a host of
insurtechs and more established third-party partner solutions with
its Guidewire Marketplace.
Guidewire celebrates the following Insurtech Vanguard members
and their innovative solutions in the following key P&C
industry areas:
Broker Services
- Acclaim IQ is focused on insurance agent licensing compliance
management which provides for the digital transformation of the
agent appointment and licensing process for insurance carriers and
MGUs (Managing General Underwriters).
- AgentSync powers rapid growth for insurance carriers, agencies,
and MGAs by offering modern tools for producer management.
- Annex Risk builds APIs enabling the seamless cross-sell of
flood and earthquake insurance.
- Bindable enables carriers to grow through alternative
distribution, product diversification, and market expansion.
- Broker Lift provides a turnkey eCommerce platform for insurance
brokers to instantly enable online sales and service to
customers.
- EqualTo is a next-generation platform for managing broker and
agent commissions. Insurers use EqualTo to automate the commission
process and motivate reps and partners with powerful, real-time
data.
Data Analytics
- Albany Group focuses on regulatory technologies to bring
complete control, insight and simplicity to insurance supply
chains.
- AnalyticsIQ blends cognitive psychology with data science to
help B2C and B2B organizations understand how and why individuals
make decisions at home and at work with comprehensive, accurate,
and reliable data.
- Gradient AI leverages a vast dataset of millions of policies
and claims applying machine learning to assess risk more
accurately, reduce loss ratios, and lower claims costs, enabling
insurers to grow more profitably.
- Indico Data is the unstructured data company. With the
AI-driven, Indico Unstructured Data Platform™, enterprises can
automate, analyze, and apply unstructured data – documents, emails,
images, and more – to a wide range of enterprise workflows.
- IntegerHealth combines advanced analytics with medical
expertise to quantify healthcare outcomes for insurers and
employers in the health plan and workers’ compensation space,
driving down costs while improving the quality of care.
- Instabase enables organizations to automate most critical
business processes underpinned by unstructured data. The Instabase
Automation Platform transforms unstructured data trapped in
documents into structured data to drive end-to-end process
automation.
- MākuSafe offers an award-winning safety, data and analytics
solution using wearables aimed at improving worker health, safety,
and productivity while reducing incidents and mitigating workplace
hazards and risk exposures.
- Maptycs provides a geospatial assessment tool that integrates
client data with external location-based and climate change data,
to assist businesses with accurately defining their property risk
exposure.
- Quantexa is a decision intelligence platform that creates
holistic and connected views of customers and third parties across
portfolios, connecting billions of disparate data records to inform
customer intelligence, underwriting risk, and anti-fraud
decisions.
- ReFocus delivers AI-powered retention, identifying customers
most likely to leave and those where there are additional
value-added services to provide, leading to higher customer
retention and, critically, better customer experiences.
- Roost is a technology company focused on disrupting the
traditional property insurance model through its property
telematics suite of solutions providing peace of mind to property
owners and rich data to insurers.
- Zensurance is a Canadian-based insurtech startup changing how
small businesses, startups, and entrepreneurs across a broad range
of industries in nine provinces purchase insurance.
- Zesty.ai offers insurers and real estate companies access to
precise intelligence about every property in North America. The
company uses AI to provide unique property insights and account for
details impacting a property’s risk, including natural disasters
like wildfire.
Fraud Detection
- Attestiv assures the authenticity of digital media (photos,
videos, documents) for insurance claims and underwriting. Using AI
and blockchain technology, Attestiv reduces fraud while providing a
foundation for touchless automation.
- Clearspeed voice analytics assesses the risk of insurance
claims fraud quickly and accurately (>97%) reducing process
costs and providing decision confidence for straight-through
processing or fraud.
Virtual Inspections
- Click-Ins digitizes and automates vehicle inspections without
the need for special equipment or skilled personnel, enabling
companies to assess the true condition of a car anytime,
anywhere.
- Hosta AI leverages AI to accelerate remote property assessment
accurately. With 4-8 pictures per room (no App/all phones), Hosta
provides 1, 2, and 3-dimensional measurements, itemized material,
floor plans, and customized reports.
- ICEYE owns the world’s largest synthetic aperture radar (SAR)
satellite constellation and provides clients globally with
accurate, actual flood extent and depth information at the property
level within 24 hours of a flood’s peak.
- MotionsCloud automates inspection processes by providing an AI
damage assessment engine for property and vehicle insurance
carriers, servicing clients in Austria, Germany, Italy, Romania,
Southeast Asia, Switzerland, and the US.
To learn more about Insurtech Vanguards, visit the Guidewire
website. Guidewire invites P&C insurtechs to apply for
membership in the Insurtech Vanguards program. Members are invited
to participate in the upcoming Insurtech Vanguards Pitch Day ‘22.
For Information about Guidewire’s evangelist thought leadership
program, visit https://evangelist.guidewire.com/.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and AI to deliver our platform as a cloud service. More
than 450 insurers, from new ventures to the largest and most
complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with 1,000+ successful projects, supported by the
largest R&D team and partner ecosystem in the industry. Our
marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow
us on Twitter: @Guidewire_PandC.
NOTE: For information about Guidewire’s
trademarks, visit https://www.guidewire.com/legal-notices.
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version on businesswire.com: https://www.businesswire.com/news/home/20220523005177/en/
Melissa Cobb Senior Public Relations Manager Guidewire Software,
Inc. +1.650.357.5324 mcobb@guidewire.com
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