Kentucky Farm Bureau Goes Live on Guidewire PolicyCenter

By Shamila Janakiraman
TMCnet Contributor

Kentucky Farm Bureau Mutual Insurance Company, a Property/Casualty insurer in the Commonwealth of Kentucky, and Guidewire Software announced that KFB is live on Guidewire PolicyCenter.

It was revealed that KFB is using PolicyCenter for past 18 months to support its underwriting and policy administration processes. It is benefiting from using the system for its personal auto line of business in Kentucky’s 120 counties. Also it is expected that additional personal and commercial lines will be supported in the future implementation phases.

Kelly Hall, vice president, technology, Kentucky Farm Bureau said in a release, “Our successful deployment of PolicyCenter provides the foundation for our future as we move all policy processing to a single, flexible system.”

“Improving our systems and processes was essential to enhancing the way we do business with our customers. We are very pleased with the benefits we are already realizing and are looking forward to more of the same as we continue to roll out PolicyCenter,” Hall added.

PolicyCenter offers KFB with several benefits such as faster quoting and applications capability. This reduces the time spent by agents on new business transactions to one third. Also the number of questions that were required to be answered by potential customers was reduced. The dynamic questionnaires in PolicyCenter and integrations with external sources to pre-fill information about vehicles, drivers and historical experience helped KFB eliminate most questions.

The underwriting process was redesigned by the KFB project team and the submission process was simplified using straight-through-processing capabilities in PolicyCenter. The automated underwriting rules reduce time needed for new business referrals further, said company officials.

Guidewire PolicyCenter serves as a flexible underwriting and policy administration system using which property/casualty insurers can improve efficiency by responding with agility to market opportunities besides improving relationships with agents and customers.

Marcus Ryu, chief executive officer, Guidewire Software said, “It is exciting to see what KFB has already achieved. We are proud to be playing our part in empowering KFB to meet its strategic and operational goals in the years ahead.”

In November 2010 Guidewire Software hosted its annual user conference, Connections 2010 in San Francisco, California as reported by TMCnet. The theme of the conference was “Knowledge. Community. Success.”