AIG and a new partner will work on improving technology for investment portfolio data management. Guidewire Software rolled out enhancements to its InsurancePlatform product, changes designed to help insurers better and more quickly engage with customers, agents/brokers and employees.
American International Group and Clearwater Analytics will partner on improving technology for investment portfolio data management.
The arrangement calls for Clearwater to provide AIG a cloud-based, highly scalable software platform that offers daily reconciled investment portfolio data, accounting entries and reporting tools. It will support AIG’s $250-billion-plus fixed income securities, equity investments and residential mortgage business.
Elias Habayeb, deputy chief financial officer for AIG, said that the deal will help the insurer “further shift focus from collecting data to analyzing it, so that we can support AIG’s objectives and investment strategies.”
Clearwater CEO David Boren said he looks “forward to a long and productive collaboration between our firms.”
Guidewire Software rolled out enhancements to its InsurancePlatform product, changes designed
to help insurers better and more quickly engage with customers, agents/brokers and employees.
Among changes contained in the platform: new versions of DataHub, InfoCenter, Predictive Analytics, Predictive Analytics Solution Packs, Product Content Management, InsuranceNow, Underwriting Management, and Digital.
The beefed up system also has additions such as a new Excel-designed rating tool that lets individuals with knowledge of rating algorithms and basic InsuranceNow data capabilities to build and upload rating worksheets to rate products. There is also added chat, global notifications, prequalifications and email templates designed to make it easy for underwriting teams to collaborate with internal and external parties in real time to process submissions faster and more accurately.
The new notifications structure is designed to ensure underwriters know right away when events they care about occur within their book of business.
Sources: AIG, Guidewire