Swiss Re Reinsurance Solutions has formed a partnership with Guidewire, a software company focused on the property and casualty (P&C) insurance sector.
The collaboration is aimed at building a “more interconnected insurance industry” using technology.
Swiss Re’s unit and Guidewire hope to streamline operations between risks, customers, reinsurance companies and brokers.
Starting with the integration of the reinsurer’s data models and risk insights into the Guidewire cloud platform, the alliance will offer a range of analytics solutions, integrations and data transfer mechanisms to customers.
Insurance companies are integrating advanced analytics into the claims and underwriting processes and this trend will be accelerated by the adoption of generative artificial intelligence, Guidewire said.
Efficient system interoperability between primary carriers and reinsurers is key for data and knowledge sharing, and risk transfer, it explained.
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By streamlining access to data and deploying a predictive model, the partnership is expected to reduce operational friction.
Swiss Re Reinsurance Solutions CEO Russell Higginbotham said: “We are excited to partner with Guidewire and respect their global expertise in building the technology and analytics that underpin today’s P&C insurance business.
“By combining our data, models and tools with the Guidewire platform, together we will help strengthen the insurance industry’s ability to efficiently transfer risks and better service its clients.”
Guidewire CEO Mike Rosenbaum said: “Data and analytics play a critical role in driving efficiency and increasing agility for insurers. In service of this, we look forward to collaborating with Swiss Re, a leading reinsurer and respected expert in risk transfer.
“Linking our platforms and their expertise will help insurers build systems of insight that streamline risk transfer processes and reduce industry protection gaps.”