SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

CHANNEL BY TOPICS


QUICK LINKS




Capital Insurance Group Picks Guidewire System for Underwriting and Policy Administration

Insurance Technology Featured Article

Capital Insurance Group Picks Guidewire System for Underwriting and Policy Administration

Share
Tweet
December 30, 2014
By Peter Bernstein
Senior Editor

The end of 2014 has become a harbinger of insurance industry interest in investing in state-of-the-art automation capabilities as competitive pressures and consumer demands, along with a host of mandate compliance and other technology driven changes continue to roil the way in which a host of business processes need to be upgraded. An example of this is the recent announcement that Capital Insurance Group (CIG), a leading Property/Casualty (P/C) insurer serving the Western United States, and Guidewire Software, Inc., a provider of software products to P/C insurers, that CIG has selected Guidewire PolicyCenter® as its new underwriting and policy administration solution. In addition, it was also revealed that CIG selected Guidewire Rating Management™ and Guidewire Client Data Management™, and that Guidewire PartnerConnect™ Consulting partner, PwC US, has been selected to lead the implementation project.


The decision to expand the use of Guidewire’s comprehensive portfolio of automation solutions is part of CIG’s larger ongoing business transformation initiative. The addition of PolicyCenter is to enable an effort to consolidate three existing policy systems. The goal is simplification of CIG’s infrastructure, streamlining of business processes and gaining the flexibility needed to remain competitive in an evolving market. CIG will deploy PolicyCenter across all lines of business in a phased implementation approach, beginning with its BOP and commercial auto lines.

“Our team was very impressed with Guidewire’s track record of effective implementations in the marketplace. We didn’t see that level of success with any other system,” said Walter Bennett, vice president, Underwriting, CIG. “With PolicyCenter, we’re deploying a technology that will free our underwriters up to focus on what only they can do – have conversations with agents about the nuances of risks. With improvements in overall efficiencies and focused resource deployment, we’ll be able to improve the overall level of service to our agents and insured through more agile product development and faster turnaround times.”

As Guidewire explained, the PolicyCenter will enable CIG to:

  • Enhance business agility by enabling product changes to be made more quickly and easily without the delays of custom IT coding; 
  • Leverage automated underwriting rules and real-time functionality to eliminate manual processes ; and
  • Standardize policy administration on a single, consistent platform for agents and policyholders.

“From a technical perspective, our legacy policy systems were creating a bottleneck each time we needed to update or enhance our systems,” said Rads Mydam, chief information officer and vice president, Information Technology, CIG. “It can take up to four months to make changes in the current system. We’re looking forward to increasing our agility as a result of PolicyCenter’s easy configurability and giving business users more freedom to modify products and services as needed.”

“We are pleased to extend our relationship with CIG through their PolicyCenter selection,” said Steve Sherry, group vice president, America Sales, Guidewire Software. “We admire CIG’s dedication to providing their policyholders and brokers with excellent products and services, and we look forward to helping them meet their current and future business objectives.”

As all of the quotes above highlight, across every line of business in the insurance industry rapid and disruptive change is occurring and insurers are keenly interested in finding solutions that can make them more efficient and effective.  This means that 2015 is likely going to be a good year for those who can help insurers increase both their operational excellence and their customer experiences. 




Edited by Maurice Nagle

Article comments powered by Disqus

Related Insurance Technology Articles

[ Read More ]
More on Insurance Technology





Technology Marketing Corporation

2 Trap Falls Road Suite 106, Shelton, CT 06484 USA
Ph: +1-203-852-6800, 800-243-6002

General comments: [email protected].
Comments about this site: [email protected].

STAY CURRENT YOUR WAY

© 2024 Technology Marketing Corporation. All rights reserved | Privacy Policy