Today, Guidewire revealed its new Olos release designed to offer more intelligent pricing and quicker rate changes. So, insurers are enabled to adjust rates swiftly without losing data integrity. Initially, this update is only for workers’ compensation lines.
The Olos upgrade brings in advanced pricing analytics along with simplified workflows. In addition, it employs actuarial software tools to create more accurate premium estimations. Thus, insurers are able to respond quickly to changes in the market and to regulatory updates.
Besides that, the release enhances risk-based rating precision. It empowers underwriters with more profound insight into loss identification & exposure trend analysis. Hence, carriers can not only manage risk better but also set the premiums that correspond to the actual liability.
Moreover, Olos enables insurers to lessen the manual work. They are allowed to automate rate filings as compliance processes. Therefore, companies are gaining time, and at the same time, they keep their audit-ready documentation.
Guidewire’s team mentioned that the update is in line with the increasing requirement for agile insurance solutions. In addition, they stated that Olos would assist carriers in providing attractive pricing while ensuring profitability.
To sum up, the new Olos release is a great tool for insurers to improve their efficiency & speed up decisions. In short, the new Olos edition is a step forward in workers’ compensation underwriting, compliance, and pricing operations.
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News Source: Businesswire.com
