The awards, announced during Guidewire’s annual customer conference, Connections, celebrate customers leveraging technology to address the insurance industry’s evolving demands. The honorees were recognized for their innovative use of Guidewire solutions to meet market needs, enhance customer experiences, and improve operational efficiency through AI-driven advancements.

These organisations have demonstrated a commitment to innovation in adapting to rapid industry changes, positioning themselves as leaders in transforming insurance processes and customer engagement.

“Congratulations to this year’s Innovation Award winners. We extend our gratitude to all the insurers who submitted their entries; the quality was truly remarkable,” said Brian Desmond, CMO, Guidewire. “The accomplishments of these award recipients demonstrate how Guidewire customers are consistently raising the bar for innovation in our industry.”

The 2024 winners are:

Ascot Group Slashed Cyber Underwriting Time by 85% with AI-Driven Tool via Guidewire

Faced with the challenge of evaluating a high volume of complex submissions daily, Ascot Group partnered with Guidewire to pilot an AI-assisted underwriting system to enhance efficiency and accuracy in its cyber underwriting processes.

The collaboration with Guidewire resulted in the development of an underwriting tool powered by AI, which automates data collection and analysis, thereby minimizing the time underwriters spend on each submission. The tool reduces the workload associated with rekeying information across multiple systems, creating a single source for submission evaluation.

The AI innovation has significantly improved Ascot’s operational efficiency, allowing underwriters to complete assessments in just 5 to 10 minutes instead of the previous 45 to 60 minutes, representing an 85.7% reduction in data-gathering time. This efficiency gain enables underwriters to focus more on complex decision-making and enhances overall risk assessment through comprehensive AI-driven analysis. Additionally, the tool ensures consistency and compliance, providing a competitive edge in the cyber insurance market. Early indicators of success include increased submission-to-quote ratios and high user satisfaction among underwriters.

Ascot is a leading global insurance, reinsurance, and underwriting services group with over 20 years of consistency and stability, and a diverse insurance product portfolio. US insurance company affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company.

Alberta Motor Association Launched Pay-As-You-Go Auto Insurance, Saving Customers Up to 55%

Alberta Motor Association (AMA) transitioned to Guidewire Cloud in 2022 to free resources from maintaining an on-premises system, allowing the company to focus on innovation rather than operational overhead. This shift set the stage for AMA to leverage the Guidewire Usage-Based Insurance (UBI) Solution, which was critical to the development of its pay-as-you-go insurance product, AMA MyPace.

AMA used the out-of-the-box capabilities of Guidewire’s UBI Solution to quickly operationalize Alberta’s first pay-as-you-go insurance product. The UBI solution provided technical advantages and also informed the company’s product development strategy, allowing AMA to launch AMA MyPace effectively and efficiently.

The launch of AMA MyPace has allowed AMA to fulfill its strategic objective of expanding its portfolio in a competitive market with limited product differentiation. AMA has successfully positioned itself as a compelling choice in the market by offering an innovative insurance solution tailored to the evolving needs of motorists. Early results from the AMA MyPace program have been promising, with 800 policies issued within the first month and customers enjoying premium savings of up to 55%.

Mountain West Farm Bureau Boosted Decision-Making with Guidewire Data Platform

Mountain West Farm Bureau implemented Guidewire Data Platform to serve as a dynamic source of actionable insights. Recognizing the need for effective operational reporting, while migrating from five legacy policy systems, Mountain West aimed to leverage data to enhance its agility and decision-making processes.

To achieve this transformation, Mountain West pivoted its strategy to use Guidewire Data Studio and Guidewire Explore as its primary tools for data visualization. This involved close collaboration with Guidewire, and the company entered Guidewire’s Early Access Program to develop custom datasets. It became the first Guidewire customer to integrate BillingCenter data for critical financial insights.

The adoption of the Guidewire Data Platform has allowed Mountain West to achieve real-time data and reporting operations, enabling the company to track KPIs and respond promptly to emerging issues, rather than relying on retrospective reports. Mountain West has dramatically increased its straight-through processing from 50% to 86% for high-volume personal lines, significantly enhancing efficiency. Sales and marketing teams now leverage real-time pipeline data to react quickly to market conditions, contributing to a remarkable customer retention rate exceeding 90%. Claims management has also benefited, with insights leading to quicker settlements (a 4-day reduction) and improved claimant satisfaction, ultimately reducing claims handling costs.