Guidewire launches new claims operations software

Guidewire Software has launched a new claims performance monitoring tool as part of the enhancements to Guidewire ClaimCenter 6.0.

Claims performance monitoring provides a visual display of metrics to measure the performance of insurer’s claims operations by individual claim, in real time. It enables claims personnel at all levels to automatically track claims using a combination of insurer-specific claim health metrics, high risk indicators, and claims summary screens in a consistent and easy-to-use manner.

One aspect of the service will mean that insurers can benchmark the performance of individual claims against their own business measurement and assessment metrics. Claims managers and loss adjusters will be able to identify specific issues with any claim and make rapid diagnoses to determine if the claim is being processed efficiently or whether additional action is needed.

Claims performance monitoring also provides direct access to claim data from anywhere within the ClaimCenter system eliminating the need for the current multi-step reporting processes used by insurers to learn how their claims operations are performing.

Katie Doyle, Head of Product Marketing Europe, Guidewire Software, said: "Insurers are looking to differentiate their claims service and address operational issues such as optimising the function's operations and tackling leakage while boosting their bottom line. The role of meaningful data is crucial in achieving all of these objectives.

"However, the challenge for many companies is the availability of management information and relevant data while claims are being worked on. Without real time access to this information insurers cannot effectively measure and improve the performance of their claims process."