Guidewire Congratulates 2024 Innovation Award Winners – Alberta Motor Association, Ascot Group, and Mountain West Farm Bureau

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Award winners recognized for meeting evolving market needs, improving customer experience, and enhancing operational efficiency via AI

NASHVILLE, Tenn., November 19, 2024--(BUSINESS WIRE)--CONNECTIONS CONFERENCE Guidewire (NYSE: GWRE) congratulates the winners of its 2024 Innovation Awards: Alberta Motor Association, Ascot Group, and Mountain West Farm Bureau and its subsidiary 360 Insurance Company. This year’s awards honor Guidewire customers that are adapting to an accelerating pace of industry change and evolving customer needs in innovative ways. Winners were announced during Connections, Guidewire’s annual customer conference.

The 2024 winners are:

Alberta Motor Association for accelerating the delivery of Alberta’s first pay-as-you-go product and helping its customers to save up to 55% on their auto policy premiums.

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 utilized 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%.

For additional information about AMA, visit www.ama.ab.ca.

Ascot Group for developing an AI-assisted underwriting system for cyber insurance in collaboration with Guidewire, resulting in an 85.7% reduction in time spent gathering and pulling data per submission.

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.

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