Guidewire launches PricingCenter to speed up insurance pricing
Guidewire has announced the launch of PricingCenter, a new application aimed at enabling property and casualty (P&C) insurers to implement pricing changes more quickly and with greater precision.
PricingCenter is designed for actuaries, pricing teams, and IT professionals, with the goal of unifying and modernising the pricing and rating processes involved in insurance product management. The application seeks to streamline the journey from model design to market deployment, connecting strategic decisions directly to execution.
According to Guidewire, PricingCenter allows insurers to adjust rates in real time, analyse the expected impact prior to release, and react more rapidly to shifts in the insurance market. The unified platform aims to break down silos that typically exist between actuarial, pricing, and IT teams, facilitating better communication and efficiency.
Application details
The company stated that PricingCenter provides end-to-end lifecycle management, including model design, testing, and deployment, all within a governed environment. The solution incorporates a no-code interface supported by artificial intelligence-assisted insights and analytical tools. This design is intended to let actuarial and pricing professionals build, test, and launch advanced pricing models without relying heavily on technical resources.
Among the technical features are support for sophisticated modelling capabilities, such as lookups, rating tables, complex formulas, Generalised Linear Models (GLMs), Generalised Additive Models (GAMs), modern machine learning algorithms, and proprietary price optimisation logic.
PricingCenter integrates with existing Guidewire solutions, such as PolicyCenter, Advanced Product Designer, Data Studio, and HazardHub, aiming to provide a seamless flow between product design, pricing, and underwriting processes.
Executive insights
"With PricingCenter, market disruptions become opportunities to innovate," said Mike Rosenbaum, Chief Executive Officer, Guidewire. "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."
The application is positioned to enhance product agility by enabling teams to collaborate more effectively, test pricing strategies, and respond to regulatory or market-driven changes swiftly. Guidewire states that these capabilities are critical in an environment where speed and accuracy in adjusting insurance rates are essential for remaining competitive.
Dawid Kopczyk, Senior Director, Pricing and Rating, Guidewire, highlighted the importance of adaptable solutions in today's insurance sector:
"Insurers across the globe are seeking more agile, data-driven, and scalable pricing solutions. With PricingCenter, we've delivered a unified application that empowers business users to deploy pricing changes with precision and speed, all within an intuitive interface."
Customer experience
Waseem Vally, Chief Technology and Information Officer, Bryte Insurance Company, commented on the impact PricingCenter has made within their operations. He said,
"Today with PricingCenter, I can confidently say we're more agile and better positioned for the future. What used to take us months can now be delivered in weeks. Our teams have more time to focus on insights and strategy, rather than being bogged down in manual processes and pricing updates."
Guidewire claims that the reduction in delivery times for pricing changes allows insurance providers to focus more on strategy and customer insight, as opposed to manual updates and process management.
Industry context
The insurance industry continues to place a premium on agile pricing platforms, particularly in the P&C sector where the ability to react swiftly to market trends can significantly affect profitability. Guidewire states that PricingCenter's unified approach offers insurers the necessary tools to remain responsive and competitive in a rapidly changing market.
The launch of PricingCenter follows ongoing demand from insurers for more integrated and data-focused solutions, as well as a trend towards empowering business users with intuitive, technically robust tools. The application's feature set is aimed at addressing these market requirements, supporting both rapid development cycles and complex actuarial modelling needs.
Guidewire reports serving more than 570 insurers across 43 countries, reflecting a broad footprint in the global market. The company suggests that the addition of PricingCenter reinforces its suite of products designed to support digital transformation and data-driven decision making in property and casualty insurance.
