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Guidewire Software, a technology company serving property and casualty (P&C) insurance carriers, has launched a usage-based insurance (UBI) solution.

The solution for auto insurers is designed to support the end-to-end insurance lifecycle including quote, billing, and automated claims intake.

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The launch comes at a time when personal driving requirements took a hit due to Covid-19 pandemic, which is expected to lead to an increase in usage-based insurance.

Guidewire’s UBI Solution can be deployed within 12 weeks. It is available on Guidewire Cloud and comes with prebuilt package of capabilities and services.

Guidewire senior vice-president and general manager Eugene Lee said: “Personal lines insurers want to offer UBI as fast as possible to their customers, and with Guidewire they can in just a few months.

“Guidewire’s UBI Solution was informed by our experience with multiple UBI-specific deployments, and unlike other offerings that focus only on product definition, the solution is designed to support the entire quote-to-claim lifecycle.”

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One of the UBI deployments was at Canadian not-for-profit automobile association CAA Insurance Company.

CAA Insurance Company president Matthew Turack said: “As the pandemic continues, so do the financial hardships faced by many households.

“In response, we quickly launched a new MyPace product using Guidewire to help our customers who were working from home save on auto insurance costs.

“Our customers appreciated our responsiveness and sales have exceeded our expectations with a 300% year-over-year increase in new auto policy sales and 72% increase in new customers.”