Ready for Guidewire
PolicyWatch™ for Guidewire PolicyCenter™ provides actionable driver violation insights while reducing a carriers Motor Vehicle Record (MVR) spend. The service provides comprehensive violation data combined with an Enhanced Rules Engine designed to accurately order, assess and price driver risk.
PolicyWatch helps insurers:
- Significantly reduce or optimize MVR spend (up to 60%)
- Accurately access and price driver risk
- Create a more efficient underwriting order and review process
- Improve conversion rates and insurance shopping experience
This real-time service allows insurers to use violation data and order motor vehicle records ONLY when violation activity is present. It is cost effective and designed to provide enhanced pricing and risk accuracy throughout the policy life-cycle (lead, quote, rate, bind and renew).
PolicyWatch decision insights are achieved through a comprehensive driver database, state DMV connections, and customized decision engine which allows insurers to align MVR ordering rules and violation indicators with underwriting rules and rating guidelines. The result - customers only order and review MVRs when they need to or when violation activity is present. Violation rules are flexible and dynamic, easily configured with Configuration Profiles and State Configurations.
Implementation of the PolicyWatch accelerator enables PolicyCenter customers to recognize unprecedented time and cost savings, eliminating unnecessary ordering of clean MVRs, without sacrificing underwriting performance.
The PolicyWatch service is available for use with PolicyCenter manual and automated processes including Quote, New Submission, Add/change Driver, Renewal and Rewrite.