Guidewire launched PricingCenter, allowing P&C insurers to make pricing changes faster as well as more precisely, adjusting rates in real-time, analyzing impact before release, and quickly responding to market changes.
Designed specifically for actuaries, pricing teams, and IT developers, PricingCenter streamlines and modernizes the entire pricing and rating process, from designing models to launching products in the enterprise application market. By linking pricing strategy directly with execution, it helps insurers stay flexible, improve accuracy, and speed up the launch of new products.
PricingCenter accelerates pricing updates, helping businesses grow profitably by:
- Unifying pricing and rating into a single application that eliminates silos between actuarial, pricing, and IT teams
- Providing end-to-end lifecycle management from model design and testing to rapid, governed deployment
- Enabling actuaries and pricing teams to build, test, and deploy advanced pricing models quickly using a no-code interface with AI-assisted insights and flexible analytical tools
- Supporting sophisticated modeling capabilities including lookups, rating tables, formulas, Generalized Linear Models/Generalized Additive Models (GLM/GAM), modern machine learning (ML), and proprietary price optimization algorithms
- Offering seamless connectivity with Guidewire PolicyCenter, Advanced Product Designer, Data Studio, and HazardHub
Executive Statement
According to Mike Rosenbaum, Chief Executive Officer, Guidewire, with PricingCenter, market disruptions become opportunities to innovate. By unifying pricing and rating, P&C insurers can model, test, and deploy updates faster, enabling them to accelerate product innovation and confidently drive profitable growth.
According to Waseem Vally, Chief Technology and Information Officer, Bryte Insurance Company LTD, today with PricingCenter, they can confidently say they are more agile and better positioned for the future. What used to take them months can now be done in weeks. Their teams have adopted efficient ways of utilization of time to work on insights as well as strategy, rather than being stuck in manual processes.