TrueMotion, Guidewire | February 10, 2021
Guidewire Software, Inc. the platform P&C insurers trust to draw in, advance, and develop efficiently, today announced that TrueMotion, Inc., a main platform for smartphone telematics, has joined Guidewire PartnerConnect as a Solution partner to offer a claims accelerator powered by smartphone telematics data. The companies likewise announced that TrueMotion's new Ready for Guidewire approved accelerator is presently accessible to insurers in the Guidewire Marketplace.
TrueMotion's Ready for Guidewire telematics accelerator flawlessly connects TrueMotion's platform to Guidewire ClaimCenter, empowering agents to access crash-scene telematics data directly inside ClaimCenter. At the point when a crash occurs, data like location, time, speed of impact, and climate is automatically accessible for agents to check with the insured at First Notice of Loss (FNOL), smoothing out the claims data collection process for all included.
TrueMotion pinpoints the crash location and driving occasions when a crash for coverage examination. Agents can review the crash location with a completely coordinated Google Street and Map view with a collision indicator. With TrueMotion's telematics data, agents can likewise check whether the insured visited a hospital following the crash. This data helps agents ask policyholders the correct inquiries and decide the correct injury group to contact if necessary.
With TrueMotion’s telematics accelerator for ClaimCenter, adjusters can:
Save time and administrative burden because telematics and crash data are automatically pre-filled with the click of a button;
Quickly understand the details of a car crash through an automatically generated, fact-based description of what happened during the incident; and
Verify claims information and handle claims faster and more efficiently to improve the claims experience overall for the insured.
According to a J.D. Power study, “satisfaction with the claims experience affects customer retention and referrals”, among satisfied claimants, over 80 percent said they “definitely will” renew their policy and recommend their insurer, contributing to as much as 30% higher profitability. Making the claims experience simple and positive for insureds can help considerably with customer retention and loyalty.
“We are proud to partner with Guidewire to offer a claims accelerator powered by smartphone telematics data,” said Cornelius Young, Vice President, Claims, TrueMotion. “We’re excited to offer our shared customers the ability to access telematics data directly in ClaimCenter, boosting their efficiency and simplifying their workflows. Adjusters will be able to eliminate redundant tasks, reduce manual entry, and focus on the customer’s needs to get them back on the road sooner.”
“We are delighted to welcome TrueMotion as our latest Guidewire PartnerConnect Solution partner and collaborate in helping our joint customers leverage telematics to transform the claims experience,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “TrueMotion’s integration can help improve the speed and quality of auto claims handling for both adjusters and policyholders.”
About TrueMotion, Inc.
TrueMotion provides the world’s leading smartphone driving data platform. Powered by machine learning, the platform determines when a person is driving, reveals their behaviors behind the wheel, and detects crashes. Insurers, automakers, app developers, telcos, and fleets use TrueMotion data to fuel their pricing, claims, safety, acquisition, and retention programs. Nine of the top 20 US insurers and leading insurers in Canada and Europe rely on TrueMotion technology. TrueMotion is based in Boston with offices in Budapest.
About Guidewire PartnerConnect ecosystem and Ready for Guidewire
Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. As of the end of our fiscal year 2019, more than 380 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
Consumer Watchdog | February 19, 2022
The California Supreme Court has refused to review a lower court ruling that stripped the Insurance Commissioner of critical powers granted by California voters to protect against excessive insurance rates.
In a challenge to State Farm's homeowners insurance rates originally brought by Consumer Watchdog in 2014, the state's Insurance Commissioner ordered the company to lower its rates by 7% and refund overcharges dating back to July 2015. State Farm sued, and last October, the San Diego Court of Appeal overturned the Commissioner's rate order. It decided that the Commissioner could not take into account the investment income earned by other State Farm subsidiaries when determining State Farm's rates. This will result in State Farm charging an additional $117 million in premiums a year to its California policyholders. The Court of Appeal also held that the Commissioner could not force State Farm to refund an estimated $110 million plus interest in overcharges to customers who bought home, condo or renter insurance from the company.
Consumer advocates said the Court of Appeal ruling flouts Proposition 103 and could cost Californians hundreds of billions dollars in the future – starting with an estimated $3.6 billion in overcharges during the pandemic that insurance companies have refused to refund – unless Insurance Commissioner Ricardo Lara takes action to resolve the matter through regulations.
"Commissioner Lara told the Supreme Court that, notwithstanding the ruling by the Court of Appeal, he has the ability to protect Californians against State Farm's price manipulations by issuing formal regulations governing refunds and investment income, He needs to do that immediately to avert a consumer swindle at the hands of the greed-driven insurance industry. Consumer Watchdog is committed to securing the strongest possible regulations for the people of California."
-Harvey Rosenfield, the author of Proposition 103 and one of Consumer Watchdog's lawyers.
Challenge to Unlawful Rates Appealed by State Farm
Under Proposition 103, insurance companies are barred from charging excessive auto, home and business rates. Companies are required to apply for and justify any rate changes before they take effect under a formula that takes into account their investment income and limits their profits and expenses to fair levels. The law also requires companies to maintain existing rates at fair levels at all times. The measure authorizes consumers to challenge illegal rates and other insurance practices.
In 2014, Consumer Watchdog challenged a request by State Farm General, the company's California homeowners insurance subsidiary, for a 6.4% overall rate increase for its home, condo and renter insurance. In November 2016, after a year-long public hearing, then Insurance Commissioner Dave Jones determined that State Farm's rate increase was unjustified and ordered the company to reduce its home insurance rates going forward by about $77 million per year. The Commissioner also concluded that the company had been overcharging its existing customers since July 2015 and ordered State Farm to refund over $100 million to California policyholders, with interest.
State Farm then filed multiple separate lawsuits in San Diego Superior Court, seeking to overturn the Commissioner's decision on numerous grounds. Read more about the lawsuits here. https://www.consumerwatchdog.org/newsrelease/state-farm-sues-avoid-256-million-refunds-and-rate-savings-consumers.
However, the Superior Court agreed with State Farm that the Commissioner could not consider the investment income of other State Farm's affiliates when considering whether the rate increase was warranted. Consumer Watchdog and the Commissioner appealed to the Fourth District Court of Appeal in San Diego. The Court of Appeal ruling agreed with the Superior Court on investment income, which eliminated the prospect of refunds. But the Court of Appeal nevertheless declared that the Commissioner could not have required State Farm to pay refunds. Read more about the Court of Appeal decision here: https://www.consumerwatchdog.org/insurance/insurance-commissioner-cannot-force-state-farm-pay-refunds-overcharges-san-diego-court.
Guidewire | June 10, 2021
Exavalu, Inc. is promoted to PartnerConnect Consulting Select partner by Guidewire Software, Inc.; the platform P&C insurers rely on to engage, innovate, and expand effectively. There are three relationship tiers in the PartnerConnect Consulting partner program: Select, Advantage, and Global Premier. The levels are designed to award partners based on their accomplishments and contributions, such as insurance sector expertise, the number of Guidewire certified employees, and specialization achievement.
Exavalu, Inc. is a consulting company focused on the insurance industry that serves as a trusted adviser to significant property and casualty insurers on core and digital transformation. Exavalu’s global Guidewire practice comprises seasoned experts with several years of implementation expertise in the Guidewire suite of products, including InsuranceSuite, Digital, Data, and InsuranceNow, along with Guidewire Cloud, Guidewire’s cloud services.
“We congratulate Exavalu, Inc. on its well-deserved promotion to Select partner within our PartnerConnect program,” stated Lisa Walsh, vice president of Alliances at Guidewire Software. “We are delighted to recognize Exavalu Inc.’s proven implementation experience throughout Guidewire’s suite of products, and we look forward to strengthening our collaboration in serving our mutual and valued customers.”
About Exavalu, Inc.
Exavalu, Inc. is a consulting firm focusing on the insurance business that serves as a trusted advisor to leading Property & Casualty insurers on Core and Digital Transformation. We assist insurance carriers in executing their market growth, profitability, cost-cutting, risk management, and innovation strategies. Our global team of highly experienced Insurance business and technology SMEs provides carriers with advisory and implementation services on core modernization, customer experience enhancement, integration, automation, data analytics, artificial intelligence, and cloud migration and engineering.
About Guidewire PartnerConnect
Guidewire PartnerConnect Consulting partners offer business transformation and strategy consulting and implementation and related solution and delivery services. Guidewire Consulting practices now have over 12,000 consultants globally that have been trained or have expertise with Guidewire products. Guidewire PartnerConnect is a program that is exclusively available via invitation.