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1、Powering Sustainability in the P&C Insurance IndustryA Threat and an Opportunity for P&C InsuranceEBOOKAs the climate crisis unfolds,the accelerating frequency of adverse weather events is a growing threat to the global population.According to Capgemini,economic loss driven by climate change has inc

2、reased by 250%over the past three decades.And the World Economic Forums 2023 Global Risks Report estimates that seven of the most severe risks humanity will face in the next decade are climate-related,from extreme weather events to involuntary mass migration.Due to its very nature,the P&C insurance

3、industry is especially vulnerable to increasingly severe and frequent weather events.A report by AXA released in late 2022 found that climate change is the insurance industrys most pressing concern for the second year in a row.Examples of the risk to the sector stemming from weather catastrophes abo

4、und in number,geographic regions,and the extent of the losses.Climate Change is Real,And Its Here Now Europe United States Australia WorldwideTotal insured losses worldwide from weather-related natural catastrophes in 2022 Swiss RE$122 BillionRise in economic losses over the past three decades due t

5、o climate change Capgemini250%The number of the top 10 most severe risks to humanity over the next decade that stem from extreme weather events World Economic Forum7SUSTAINABILITY EBOOK|INTRODUCTIONClick to expand:Introduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|Conclusi

6、on1 Stricter Environmental,Social,and Governance(ESG)Requirements Europes Sustainable Finance Disclosure Regulation(SFDR)Proposed Climate Disclosure Requirements in the USClick to expand:Insurability Concerns GrowBeyond direct losses,experts are also concerned about decreasing insurability.Following

7、 the destruction left by Hurricane Ian,many in the industry have raised doubts about continuing to underwrite risks in Florida,for example.And in 2023,State Farm announced it would no longer accept new homeowner insurance applications in California,citing growing wildfire risk fueled in part by clim

8、ate change.76%The percentage of glogal exposures lacking coverage against natural catastrophesThe total in additional premiums required to close the protection gap against natural catastrophes$368 Billion Swiss RE Swiss REIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|

9、ConclusionSUSTAINABILITY EBOOK|INTRODUCTION2Insurers discontinuing some lines of business or pulling out of particular markets altogether results in an underinsured society and a diminished insurance market.This is a detriment for both the public and the industry and contributes to a global insuranc

10、e protection gap that has grown 20%in just the past five years,according to Swiss RE.Insurers also face the ongoing challenge of adjusting to relentless changes in the regulatory environment,including the following:These are just a few examples of how insurers must be prepared for frequent regulator

11、y changes,given the ongoing nature of the climate crisis.For all these challenges,the industry is also uniquely positioned to play a critical role in protecting society from climate changes worst effects.This includes helping people and businesses get back on their feet when disasters strike,encoura

12、ging sustainable habits in their policyholders choices,or proactively helping them prevent damages.Insurance companies also operate as significant investing agents and can help drive sustainability through their investment decisions.Policyholders want insurers to increase climate action.According to

13、 Guidewires annual EMEA Insurance Consumer Survey,sizable percentages of customers in France,Germany,Spain,and the UK say theyre willing to pay extra for eco-friendly insurance policies.Many insurers are also seeking to become risk preventers that proactively advise their policyholders on measures t

14、o better protect themselves and their property.There is a great potential in helping policyholders feel supported year-round,rather than only when losses occur.Plus,there is the added benefit of reducing the frequency and severity of damages that do arise.How the Industry Can Spur Growth While Mitig

15、ating the Risk to Us AllSUSTAINABILITY EBOOK|OPPORTUNITY5 Key Mitigation Measures:Promote and reward policyholders who make more sustainable choices Release coverages for companies working on the transition to a low-carbon economy Launch digital experiences that reduce travel emissions and utilize p

16、aperless documents Incentivize repairing damaged goods and prioritize energy-efficient replacements when needed Make greener investment decisions and divesting from environmentally damaging companiesIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|Conclusion79%and82%The

17、percentage of insurance customers in Germany and Spain,respectively,interested in preventive insurance services.Guidewire 2023 EMEA Insurance Consumer SurveyThe number of insurance customers in the UK who want access to services that warn them of potential damage before it happens.3SUSTAINABILITY EB

18、OOK|AGILITY4Introduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionStaying Resilient Against Increased RiskTo carry out these initiatives and protect their operations from mounting challenges,having the most robust and agile technology is critical for insurers.Guidew

19、ires laser focus on P&C insurance innovation enables us to be the industrys best partner as we confront the climate crisis amidst all the changes that come with the transition to a carbon-free economy.How Guidewire Products Enable Insurers to Become More Climate ResilientFor insurers striving to ach

20、ieve resiliency against the threats of climate change and help their customers to prevent and mitigate the worst outcomes,one thing is certain:Its essential to have the most flexible,secure,and regularly-updated technology.Unwieldy legacy systems will simply be unable to adapt quickly enough to the

21、unpredictable nature of climate change.To respond effectively to adverse events,P&C insurers must fortify their systems and adopt advanced cloud-based technology that provides access to innovative and growing technologies such as IoT,artificial intelligence,or machine learning.These have many applic

22、ations in the transition to a more sustainable planet,such as water leakage sensors in the case of IoT.Additionally,a deeper and more actionable understanding of data and analytics will be crucial for insurers seeking to optimize their operations as developments unfold in order to:Effectively respon

23、d to catastrophes and optimize claims outcomes Understand and price risk quickly and accurately Easily launch new insurance products that incorporate sustainabilityOn the following pages,well look at how Guidewires product offerings,including InsuranceSuite core systems,embedded analytics,and end-to

24、-end solutionstogether with the largest ecosystem of Insurtechs in the P&C industryprovide the innovation,flexibility,and data insights required to meet the challenge.Additional advantages to the flexibility and agility afforded by Guidewires cloud-based core systems include the following.Updates an

25、d innovations are readily available and painless,allowing insurers to stay on top of evolving risks or new climate-related regulatory requirements come into force The scalability of the cloud enables insurers to access more infrastructure based on their evolving needsinstead of having to invest in e

26、ntire new data centers in a self-managed approachAchieve Resilience and Energy Savings by Moving to Guidewire CloudGuidewire InsuranceSuite is deployed on the cloud and hosted on Amazon Web Services(AWS).This represents an inherently greener option compared to the energy-intensive self-managed data

27、centers many P&C insurers used to rely upon,propelled by:An 80%Reduction in Energy and Carbon Emissions AWSs Commitment to 100%Renewable Energy by 2025The reduction in energy consumption and associated carbon emissions from running business applications in the cloud-451 Research80%The percentage of

28、operations AWS has pledged to be powered by renewable energy by 2025 -Amazon Web Services100%Another key aspect will be resilience and business continuity as increasingly severe events put companies to the test.Thats why Guidewire is singularly focused on providing the industrys most resilient and r

29、obust P&C core systems.In the event of a disaster threatening Guidewires availability within a given geographic region,for example,our systems would continue to operate.Our regional operating model means we can offer a suitable approach to disaster recovery,having multiple centers of deployment for

30、Guidewire cloud globally so a backup data center can take over should an issue arise with any individual data center.SUSTAINABILITY EBOOK|CLOUDIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionClick to expand:5Launch Sustainable Policies Faster With Guidewire Po

31、licyCenter and Advanced Product DesignerSUSTAINABILITY EBOOK|DESIGNQuickly releasing new,sustainable insurance products and being able to edit them rapidly will be crucial for insurers who want to adapt to the ongoing effects of climate change.The insurance industry is incorporating many elements in

32、to personal and commercial policies that encourage sustainable choices and protect people and businesses in the transition to a low-carbon economy,including:Premium discounts offered to customers who choose greener habits(such as driving EVs)A push to prioritize repairs as opposed to replacements A

33、move to more energy-efficient appliances when replacements are needed New forms of green building insurance to protect large-scale renewable energy products and infrastructureIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionGuidewire PolicyCenter empowers busin

34、ess users to rapidly design and release new insurance products,with hundreds of P&C insurers leveraging it to launch new products in weeks rather than months.Creating insurance products is intuitive with Advanced Product Designer,Guidewires tool that makes designing products and gathering business r

35、equirements user-friendly,highly visual,and collaborative.Once the product is designed,the mind map is uploaded to PolicyCenter,where it can be visualized before deployment.When deployed,managing and adjusting the product offering by segment or geographical jurisdiction enables insurers to adapt to

36、more localized risks and regulations.AssignReserveCloseEvaluateClaimIntakeNegotiate&PayAdjusterProactivePrevention andNotificationClaimsIntakeDesignerClaims IntakeDesignerClaimsAutomationServiceClaims AutomationServiceClaimsAnalyticsClaimsAnalyticsClaimsIntegrationsClaimsIntegrationsClaimsVisibility

37、ClaimsVisibilityAutomatedFNOLIntelligentClaimsManagementConnectedAssessmentand RepaitAutomatedClaimsSettlementVisualizeConceptualizeDeployAdaptSubmissionProcessingRenewalQuote,Bind,and IssueProductDesignRiskAnalysisUnderwritingand RatingConceptualizeVisualizeDeployAdaptClaimsIntakeDesignerClaimsAuto

38、mationServiceClaimsAnalyticsClaimsIntegrationsClaimsVisibility6Automate and Digitize Your Claims Processes With Guidewire ClaimCenterSUSTAINABILITY EBOOK|AUTOMATIONWith adverse events growing in frequency and severity,a proactive,rapid,and fully-digital claims process will be front and center in the

39、 insurance industrys climate change response.In case of a catastrophe,claimants might be unable to file a claim for a long time but need a rapid response or support from the insurer.This is where ClaimCenter can help,through automated detection of impacted areas,policies,and lossesas well as automat

40、ed flows and immediate response capabilities like wiring money to policyholders.Omnichannel Experiences Are EssentialProviding well-designed,omnichannel digital experiences for policyholders to submit claims is essential.Mobile-friendly claims intake should be a priority-people may lose access to th

41、eir computer during an adverse weather event.Guidewire ClaimCenter has extensive digital capabilities that enable insurers to generate compelling,accessible digital interfaces.With ClaimCenter:Claim intake is easy to build with business-user configuration,intuitive visual tools,and dynamic FNOL and

42、follow-up flows driven by insured-entered data and third-party integrations Flows are also easy to update,enabling quick reactions to changes in market expectations and environmental challenges Policyholders gain access to digital self-service channels to intuitively file and track claims,upload pho

43、tos and documents,select preferred repair vendors,and communicate with adjustersIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|Conclusion5 Essentials for a Modern,Frictionless Claims ExperienceAssignReserveCloseEvaluateClaimIntakeNegotiate&PayAdjusterProactivePreventio

44、n andNotificationClaimsIntakeDesignerClaims IntakeDesignerClaimsAutomationServiceClaims AutomationServiceClaimsAnalyticsClaimsAnalyticsClaimsIntegrationsClaimsIntegrationsClaimsVisibilityClaimsVisibilityAutomatedFNOLIntelligentClaimsManagementConnectedAssessmentand RepaitAutomatedClaimsSettlementVis

45、ualizeConceptualizeDeployAdaptSubmissionProcessingRenewalQuote,Bind,and IssueProductDesignRiskAnalysisUnderwritingand RatingConceptualizeVisualizeDeployAdaptClaimsIntakeDesignerClaimsAutomationServiceClaimsAnalyticsClaimsIntegrationsClaimsVisibility7Automating Large-Scale CAT ResponseAutomation will

46、 be a priority for insurers looking to deal with large volumes of claims associated with catastrophic events that might otherwise overwhelm claims operations.Hurricane Ian in Florida,for instance,resulted in 640,000 related insurance claims.Guidewire aims to invert the paradigm by making automated c

47、laims the norm rather than the exception.Claims Autopilot,an innovative framework within ClaimCenter,takes an automation-first approach to claims handling.Leveraging analytics and AI,claims are piloted through complex business processes quickly.Insurers can easily manage and configure automation by

48、defining workflows and processes to automate the entire claim or parts of a claim.This can be accelerated with pre-built automation templates developed by Guidewire and P&C partners.Automation workflows are also enhanced by analytics,AI,and integrations with third-party services such as fraud detect

49、ion.The climate crisis will also undoubtedly bring more complex claims.With the right technology,solving these will be easierClaimCenter enables seamless real-time collaboration,alerts,and quick access to critical information,arming claims adjusters with helpful tools to solve increasingly complex c

50、laims.SUSTAINABILITY EBOOK|AUTOMATIONIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionAssignReserveCloseEvaluateClaimIntakeNegotiate&PayAdjusterProactivePrevention andNotificationClaimsIntakeDesignerClaims IntakeDesignerClaimsAutomationServiceClaims AutomationS

51、erviceClaimsAnalyticsClaimsAnalyticsClaimsIntegrationsClaimsIntegrationsClaimsVisibilityClaimsVisibilityAutomatedFNOLIntelligentClaimsManagementConnectedAssessmentand RepaitAutomatedClaimsSettlementVisualizeConceptualizeDeployAdaptSubmissionProcessingRenewalQuote,Bind,and IssueProductDesignRiskAnaly

52、sisUnderwritingand RatingConceptualizeVisualizeDeployAdaptClaimsIntakeDesignerClaimsAutomationServiceClaimsAnalyticsClaimsIntegrationsClaimsVisibility8Considering a myriad of data points available and applying them across the insurance lifecycle in a virtuous feedback loop enables insurers to be muc

53、h more impactful.Insurers could even package the data and share it with local authorities,government agencies,charities,etc.,to advocate for changes and improve resiliency,such as carbon-absorbing concrete bricks for new levies or sea walls.And when disasters do strike,Guidewire Analytics also provi

54、des tools that allow insurers to respond faster,prioritize resources,and reach out more proactively to policyholders.Insurers Should Partner with Clients to Mitigate RiskClick to expand:Leverage Guidewire Analytics to Underwrite and Respond FasterSUSTAINABILITY EBOOK|ANALYTICSThe insurance company o

55、f the 21st century needs access to high-quality,up-to-date data and artificial intelligence that powers sophisticated underwriting decisions and helps price risks in accordance with evolving threats.Guidewire InsuranceSuite is enriched with powerful P&C-focused analytics applications that provide va

56、luable insights at the point of decision-making throughout the entire insurance lifecycle.With our suite of analytics offerings,Guidewire aims to make the world more insurable by turning insurance systems of record into systems of insight.By operationalizing predictive models in the core system,we p

57、rovide actionable insights for real-time,data-driven decision-making.Guidewire Analytics helps narrow the protection gap and bring coverage to underserved communities by enabling insurers to confidently underwrite more risks and price them accurately.Access to comprehensive,granular data and analyti

58、cs also gives our clients the tools to become preventative agents and provide risk mitigation advice to policyholders.Introduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionThe increase in retention rates in profitable segments made possible through modern data analy

59、tics capabilities McKinsey5%-10%The percentage of P&C insurers reporting increased sales and profitability through analytics technologies Willis Tower Watson60%9Make Faster,Smarter Decisions With Guidewire Predict SUSTAINABILITY EBOOK|ANALYTICSUnderwriters,actuaries,claims adjusters,and customer ser

60、vice representatives make complex decisions daily,and their jobs will only grow more challenging and consequential amidst heightened volatility caused by the climate crisis.Guidewire InsuranceSuite provides predictive analytics capabilities powered by Predict,the only machine learning platform speci

61、fic to P&C insurance.Predict enables insurers to build,deploy,and monitor models at scale.The resulting models provide users with predictive insights that help optimize their daily processes.Predict provides guidance on:Expected Loss and Profitability:Obtained by analyzing multiple sets of data,and

62、contributes to more sophisticated,data-driven decisions Claims Classification:Enables faster claims processing even amid growing claims volume,severity,and complexity by providing intelligent classification,routing,and assignment of claims immediately after FNOL or injury report Claims Escalation:An

63、 early warning system alerts adjusters of claims likely to result in adverse development,helping allocate more resources and experienced adjusters to the largest and most complex claims.Subrogation Detection:Helps spot claims that may be subject to third-party cost recovery and those more likely to

64、involve litigation or end in total loss.In the face of mounting volatility,data-driven insurers must rely on models that continue to learn and refine their quality over time.Predict models are maintained by continuous model health checks that can easily detect model drift and real-time audits that k

65、eep performance optimal.Introduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|Conclusion10When disaster strikes,P&C insurers play a crucial role in helping residents,businesses,and communities get back on their feet and rebuild in the aftermath.While a significant contributio

66、n,this response is also largely reactive,typically kicking into action only after losses have occurred and policyholders have submitted claims.Insurers are increasingly seeking ways to help prevent and limit damages before they occur and become more proactive in the immediate aftermath of a catastro

67、phe.This includes engaging with policyholders in the predicted path of a storm,providing advice on protective measures,and checking in with them after a catastrophe has hit the region.Canvas,part of Guidewire Analytics,enables insurers to:Geo-visualize CAT response operations(including claims,policy

68、 data,and peril severity)Provide tools that enable CAT teamsclaims management,investigations,and reinsurance to execute a proactive,timely response to emergenciesCanvas is designed with business users in mind and works seamlessly with ClaimCenter to enable catastrophe managers to:Prioritize Claims B

69、ased on Peril,Geography,and Intensity Reduce FraudMoreover,our customers also use Canvas to proactively check on potentially impacted policyholders located within the affected area in the aftermath of a disaster.Click to expand:11Respond Proactively to Catastrophes With CanvasSUSTAINABILITY EBOOK|AN

70、ALYTICSIntroduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionUnderstand and Price Risk Accurately With HazardHubSUSTAINABILITY EBOOK|ANALYTICSWith evolving climate risks affecting different areas at different rates,P&C insurers are understandably hesitant about cont

71、inuing to serve some markets and lines of businessand puzzled about how to price them.Should they continue to underwrite properties in vulnerable areas?How much should they charge to accurately reflect dynamic risks and protect their combined ratios?HazardHub Property,part of Guidewire Analytics,hel

72、ps make sense of it all by providing a complete view of personal and commercial property intelligence spanning more than 1,400 geospatial risk factors,including perils from nature and property characteristics,arming insurers with the insight needed to make educated underwriting and pricing decisions

73、.Insurers can quickly look up a specific property or an entire portfolio,and HazardHub returns a myriad of risk factors plus valuable risk scores in seconds.Many of these risk factors are related to the perils worrying insurers and policyholders the mostincluding:Wind Drought Fire Flood Hail Man-Mad

74、eOther property characteristics include roof type and year of construction.This wealth of information helps insurers assess and price risks appropriately.As insurers increase their focus on proactive mitigation,the geospatial data provided by HazardHub also enables insurers to guide policyholders ab

75、out ways to reduce risks and limit potential damages before they occur.Introduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|Conclusion1213Launch Innovative Products Faster With Guidewire SolutionsQuickly Launch New Products That Support Sustainability in as Little as 12 Week

76、s Our Usage-Based Insurance Solution,for example,allows insurers to quickly release mileage-based coverage that encourages more sustainable behaviorssuch as rewarding policyholders who drive less.SUSTAINABILITY EBOOK|INNOVATIONGuidewire customers also have access to a suite of end-to-end solutions t

77、hat allow insurers to quickly release new products that solve specific insurance use cases,such as usage-based or new forms of parametric insurance,in as little as 12 weeks.Guidewire solutions provide all the elements necessary to release new lines of business,such as prebuilt UI components,speciali

78、zed coverages,limits,and deductions.They are rapidly deployable,with a guided implementation approach that includes a fully functional solution,industry best practices,a cloud-ready deployable codebase,and a comprehensive set of tools.The list of solutions is ever-expanding,and sustainability is a s

79、ignificant driver of our roadmap for future solutions.Leverage a Steady Stream of Innovation From the Largest Marketplace in the IndustryGuidewire customers have access to the largest marketplace in the P&C technology landscape,filled with more than 140 innovative applications from the worlds most i

80、nnovative insurtech companies.Many of these apps help insurers deal with the climate challenge.Among the examples are apps that focus on virtual inspections help minimize travel,promoting sustainability,or AI-driven rating engines that help price risks accurately and process claims faster.Introducti

81、on|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionMaking the World More InsurableIn conclusion,Guidewire InsuranceSuitedelivered via Guidewire Cloud and enhanced by the most intelligent analytics and the largest marketplace in the industryempowers P&C insurers to face the

82、 climate challenge with the latest and most advanced technology available.At Guidewire,we are keenly aware of the crucial role of the P&C insurance industry will play in providing certainty and predictability to society and the global economy in increasingly uncertain and unpredictable times.We beli

83、eve that having the right technology will be a decisive factor that determines which insurers grow sustainably and support society in the crisis.With our long-term commitment to innovation and resilience,we strive to empower and protect the industry and the public as humanity acts to meet this gener

84、ation-defining challenge.To learn more,visit In addition to focusing on our products as enablers for sustainability in the P&C insurance industry,Guidewire is also committed to corporate sustainability as an organization.For more information about our sustainability and ESG efforts,visit Guidewire S

85、ustainability.Introduction|Opportunity|Agility|Cloud|Design|Automation|Analytics|Innovation|ConclusionSUSTAINABILITY EBOOK|CONCLUSION14Guidewire is the platform P&C insurers trust to engage,innovate,and grow efficientlyWe combine digital,core,analytics,and machine learning to deliver our platform as a cloud service.More than 520 insurers,from new ventures to the largest and most complex in the world,run on Guidewire.For more information,contact us at .EBOOK