Guidewire unveils AI advancements with Las Leñas release

Guidewire has announced new advancements in its underwriting and claims application capabilities enhanced by artificial intelligence, including a product called Claims Intel and its latest release named Las Leñas.

The company aims to usher in a new era of productivity in insurance through AI-driven applications, which create actionable insights from unstructured data, according to a statement. These applications are designed to support underwriters and claims adjusters by automating routine tasks, thus allowing them to focus on more critical work.

Las Leñas aims to optimise claims management while providing underwriters, actuaries, and product managers with enhanced decision-making tools. The new release also introduces improvements in risk scoring, application performance monitoring, and workflow services.

"Guidewire's AI-powered applications will help insurers improve risk selection and pricing, optimise indemnity management, and enhance claims efficiency by automating tasks, providing deeper data insights, and streamlining workflows across the insurance lifecycle," said Mike Rosenbaum, Chief Executive Officer, Guidewire.

The introduction of Guidewire Claims Intel marks the first of a series of Industry Intel products designed to streamline core operations. With five new predictive intelligence scores, these products offer insights into various aspects of the claims lifecycle, including injury loss, payment likelihood, and litigation susceptibility.

According to Leo Tenenblat, Senior Vice President and General Manager, Guidewire, "Guidewire Industry Intel transforms the way insurers predict and respond to complex challenges in property and casualty insurance. By harnessing claims and exposure data comprising more than $200 billion in global premium, we empower insurers to make faster, more accurate predictions, enhancing their ability to navigate risks and seize opportunities in an increasingly unpredictable landscape."

Among its new features, Las Leñas includes tools such as new risk scoring for underwriters and actuaries, providing Flood Risk Scores and Wildfire and Fire Suppression Scores. Additionally, an Application Performance Monitoring solution offers visibility into system changes and performance.

Michael Howe, Chief Product Officer, Guidewire, framed the significance of the Las Leñas release: "Our Las Leñas release represents a significant leap forward for the insurance industry. We're not only optimizing claims management but also equipping underwriters, actuaries, and product managers with the tools they need to make more informed decisions, faster."

Guidewire's recent developments reflect its continued commitment to providing its clients with effective technology solutions to meet the evolving demands of the market. The Las Leñas release is expected to be generally available in December, with Claims Intel available within the same release cycle.