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he insurance industry has been around for a long time and shall continue to do so. The processes have not changed much over time. Underwriting plays a critical role in this insurance industry. The purpose of underwriting is to accept liability for possible losses to the customers of the insurance business. The process aims at estimating the risk involved with insuring a potential policyholder. It consists of reviewing applications for new or renewing policyholders and calculating the risks with insuring a person or an asset, along with the premium payable for the coverage sought. As underwriting has to ascertain the risk involved for the insurance, it has a very significant role to play. It serves an essential function of assessing the degree of risk, helping investor decisions, calculating the appropriate premium amount, ensuring proper coverage, and a lot more.

Some factors that affect personal auto insurance premium calculation may broadly be categorized as Driver/Insured attributes, Vehicle attributes, and the Risks covered, as below.

Rating is a core function of a carrier's business and directly impacts its revenues. Rating involves the implementation of complex algorithms as required by the actuarial and product management groups. These objectives are achieved by employing rating engines that are built on various technological platforms. Implementation of unique and the most advanced technologies is a major differentiator for an insurance company in a crowded industry. Many companies have already transitioned or are in the process of migrating from legacy software systems to more advanced technologies. In line with such technological advancements, areas associated with 'Rating' too are seeing major changes.

UBI is present in the market for quite a few years now, but the usage-based insurance market is relatively niche. However, the COVID-19 outbreak has disrupted the entire automotive industry and according to various insurance organizations/institutes, the COVID-19 pandemic gave a boost to the UBI industry. For example, according to Insurance Information Institute (iii), US witnessed a strong boost as vehicle owners did not want to pay full automotive insurance premiums. Usage Based Insurance is always a better deal than the Traditional Insurance for drivers who are driving less mileage and safely.

Elysian is the latest version of the Guidewire cloud release. Guidewire brought its cloud-based platform GWCP back in 2019 and gradually improved the cloud platform in the versions namely Aspen, Banff, Cortina, and Dobson. Elysian is the fifth and most recent release by Guidewire.

A lot has changed since the global financial crisis. The insurance industry is different now, as customer demand has increased. A dynamic industry that needs to adapt quickly to market changes, insurance companies are always in a balancing act between business strategies and customers' demands. Insurance companies can identify and meet market needs with new products. During the pandemic, many insurance companies discovered that customers wanted to purchase policies. To fulfill these requests, they rapidly developed new products. It's more difficult to make rapid product launches a success because not every product or policy will be a hit.