Guidewire Software Announces Guidewire PolicyCenter 4.0

At the ISOTech 2009 conference, Guidewire Software®, Inc., a leading provider of flexible core systems for property/casualty insurers, today announced Guidewire PolicyCenter® 4.0, a comprehensive all lines underwriting and policy administration system. Guidewire PolicyCenter 4.0 is a flexible system-of-record optimized to: increase flexibility in quickly bringing to market products tailored to customers’ needs; enhance collaboration with agents and brokers while streamlining underwriting; and enable easier and faster integration with an insurer’s other systems.  Several PolicyCenter 4.0 implementations are currently underway, adding to a growing customer base that includes a wide range of carriers such as Amica, American Family, CNA, The Co-operators, Guild Insurance, Mercury Insurance, Sentry Insurance and Suncorp. 

“PolicyCenter is a remarkably complete product for its age. As Guidewire continues to commit significant R&D effort, PolicyCenter is likely to become a popular choice in the market,” said Chad Hersh, principal at Novarica, an insurance research and consulting firm. “This is a well designed, easy to use system which will provide property/casualty carriers with the foundation they need to flexibly grow and run their businesses for many years to come.”
 
This fourth major release of the application reflects input from the expanding group of leading insurers leveraging PolicyCenter to deliver insurance their way. Featured enhancements in version 4.0 include:

• Product Offerings – accelerates speed to market and enables insurers to better meet the needs of different customer segments by quickly defining tailored variations of products for different groups of buyers;  
• Additional Lines of Business -- includes pre-configured support for a number of additional lines of business;   
• Sophisticated product availability conditions-- new fine-grained control over product definitions, effective dates, and transaction types;
• Enhanced Premium Reporting and Audit Capabilities--  streamlines the often labor intensive process of managing premium reports and audits with flexible scheduling, waiving, entry of reports and audits, plus smooth integration with billing;
• Underwriting Authority Management --  provides insurers with flexibility in delegating underwriting authority to agents and brokers, as well as users in various internal roles, while still ensuring that guidelines are consistently enforced; and
• Multi-language Support-- intuitive user interface (covering the full range of new business, underwriting and policy management activities), now supports multiple languages.  Users can simply toggle between available languages, greatly facilitating ease of working with clients and agents in their preferred language.

“Our mission is to deliver to the industry the best policy administration and underwriting system in the world,” said Marcus Ryu, vice president, Products and Strategy, Guidewire Software. “PolicyCenter 4.0 continues to build on our leadership on multiple dimensions — functionality, flexibility, and scalability.”

Guidewire PolicyCenter is a flexible underwriting and policy administration system designed to empower personal and commercial lines insurers to grow business profitably by improving efficiency, while responding with agility to market opportunities and enhancing relationships with agents and customers. Designed to support both commercial and personal lines; PolicyCenter streamlines insurers’ front and back office processes, from new business submission and quoting through policy renewals. PolicyCenter is available as a standalone system or as part of the Guidewire Insurance Suite™, and can be integrated to an insurer’s legacy systems or third party applications.