Garmisch is the latest offering from Guidewire, a leading provider of software solutions to the insurance industry. This release represents a major milestone in the evolution of the insurance industry, as it delivers a range of new features that are designed to help insurers improve their products and services, streamline their operations, and enhance customer satisfaction. The insurance industry is known for its slow adoption of new technologies, but Guidewire is making waves with its latest release, Garmisch. This cutting-edge software reimagines insurance product design, speeds up integrations, and expands commercial line offerings, paving the way for faster, more efficient insurance processes.
Guidewire’s latest cloud release, Garmisch, is packed with features that boost innovation for P&C insurers. From expanding the power of Advanced Product Designer (APD) to faster integrations and Guidewire GO capabilities for more markets, Garmisch aims to streamline the developer experience, drive efficiency, and growth, and accelerate time to market. Here are the seven key highlights of Garmisch:
A. APD functionality for Claims (available as early access)
- Expands the power of APD to rapidly deliver new claims experiences.
- Fosters collaboration between underwriting, policy, and claims teams.
- Simplifies the IT process through seamless generation of the product model, user interface, and claim intake flows.
B. BillingCenter APIs
- Empowers policyholders and agents to view and pay invoices conveniently with new BillingCenter APIs
- The Pay Direct Bill API allows policyholders to pay their direct bill invoices.
- Policyholders can use the View Invoice API to view invoice details such as the breakdown of premiums vs. taxes vs. fees.
C. Commercial Lines
- Improves underwriting precision and flexibility for the London Market with no-code risk classification configuration, enhanced data quality, and improved message handling.
- Introduces a new solution for parametric insurance, providing significant value for insurers in the current economic environment.
D. Data Masking for NPEs
- Introduces a new self-service tool on the Guidewire Cloud Console that delivers sanitized copies of production data into an NPE.
- The service is secure, easy to configure, and features role-based access and column-level control over the data.
E. Expanded App Marketplace
- Guidewire’s ecosystem has expanded with 25 new and updated apps on the Guidewire Marketplace that help reduce costs and increase speed-to-market.
- All the new apps have been vetted to ensure they are compatible, secure, high quality, and provide business value for insurers.
F. Faster Integrations
- Integration Gateway features a new and improved user experience with Garmisch.
- Makes integrations faster and easier, helping insurers better manage the lifecycle of integration apps and accelerate implementations with templates.
- Enhancements also feature self-service to promote builds from NPE to pre-production and production environments.
G. Guidewire GO for More Markets
- Garmisch expands Guidewire GO capabilities for global markets.
- GO packages feature Australian Business Number (ABN) lookup, tax-inclusive/exclusive invoices with the Australian Goods and Services Tax (GST) package, and New Zealand localization for ANZ insurers.
- GO offers a loss estimate calculator, fault assessment calculator, police report requests, and anti-fraud checks for Personal Auto and Accident & Health lines for Japanese insurers.
- Garmisch also introduces InsuranceNow GO for Commercial Property, which includes product content, default integrations, and forms to assist insurers in launching a commercial property line of business twice as quickly as before.
Additionally, Garmisch introduces the XGBoost machine learning library in Predict, providing advanced capabilities for predictive modeling. Overall, Garmisch offers a comprehensive set of features that help P&C insurers to stay ahead in the competitive market by boosting innovation, efficiency, and growth.
In summary, Guidewire’s Garmisch release is a game-changer for the insurance industry. It delivers a range of new features and capabilities that can help insurers improve their products and services, streamline their operations, and enhance customer satisfaction. With Garmisch, insurers can stay ahead of the curve and remain competitive in an ever-evolving market.
FECUND provides software development and IT consulting services to companies operating in the P&C Insurance industry. FECUND is committed to delivering innovative solutions that impact your business. We also have GW ACE certified experts to help you transform your business to the latest cloud version of GW. Our experience in implementing Guidewire products will help you have the latest Cloud version and be market ready. Let’s work together for a better tomorrow.
Author Bio: Abhishek Peter is an Assistant Manager – Digital Marketing at FECUND Software Services. With a Master’s degree in Marketing and various certifications in the field, he is highly skilled and passionate about solving complex problems through innovative marketing solutions. Abhishek is an avid reader and loves to explore new technologies. He shares his expertise through his blog, which provides insights into the world of marketing, technology and more. LinkedIn Profile