Guidewire says its new PricingCenter tool enables general insurers to make price changes quickly and with greater precision.

The US-based cloud platform’s senior director of pricing and rating Dawid Kopczyk says insurers are seeking data-driven and scalable pricing solutions.

“By connecting pricing strategy to execution, [PricingCenter] helps insurers stay agile, improve accuracy and accelerate new product launches,” he said.

The system is designed to adjust rates in real time and analyse the impact before release, and to respond rapidly to market shifts.

It is purpose-built for actuaries, pricing teams and IT developers.

Guidewire says the tool unifies pricing and rating into a single application and “eliminates silos between actuarial, pricing and IT teams”.

It adds: “PricingCenter revolutionises insurance pricing and rating by increasing efficiency, improving accuracy and speeding time to market.”