Guidewire (NYSE: GWRE) has introduced PricingCenter, a new solution designed to enable property and casualty (P&C) insurers to implement pricing adjustments with increased speed and accuracy. Unveiled at the CONNECTIONS CONFERENCE, the platform aims to allow insurers to adjust rates in real time, analyze the impact of changes before deployment, and respond rapidly to shifts in the market.
Purpose-built for actuaries, pricing teams, and IT developers, PricingCenter unifies and modernizes the entire pricing and rating lifecycle, from initial model design to market deployment. By connecting pricing strategy directly to execution, it seeks to enhance insurer agility, improve accuracy, and accelerate the launch of new insurance products. Mike Rosenbaum, Chief Executive Officer at Guidewire, stated, “With PricingCenter, market disruptions become opportunities to innovate. 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.”
PricingCenter is designed to accelerate time to market for pricing by integrating pricing and rating into a single application, which aims to reduce silos between actuarial, pricing, and IT departments. It provides end-to-end lifecycle management, supporting model design, testing, and governed deployment. The platform offers a no-code interface for actuaries and pricing teams, featuring AI-assisted insights and flexible analytical tools for building, testing, and deploying advanced pricing models. Capabilities include lookups, rating tables, formulas, Generalized Linear Models/Generalized Additive Models (GLM/GAM), modern machine learning (ML), and proprietary price optimization algorithms. It also offers seamless connectivity with existing Guidewire products such as PolicyCenter, Advanced Product Designer, Data Studio, and HazardHub.
Dawid Kopczyk, Senior Director of Pricing and Rating at Guidewire, commented on the market demand, saying, “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.”
Bryte Insurance Company LTD, a prominent insurer, has experienced the benefits of the new platform. Waseem Vally, Chief Technology and Information Officer at Bryte Insurance Company LTD, noted, “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, listed on the NYSE as GWRE, provides a cloud platform for property and casualty (P&C) insurers to manage engagement, innovation, and growth. Serving over 570 insurers in 43 countries, from startups to large enterprises, Guidewire’s products leverage core systems, data and analytics, digital capabilities, and artificial intelligence. The company reports over 1,700 successful implementation projects, supported by a significant R&D team and an extensive system integrator partner ecosystem. Its marketplace offers hundreds of applications to facilitate integration, localization, and innovation within the P&C insurance sector.
