Press Releases
The Co-operators to Replace Core Systems with Guidewire
Guidewire Insurance Suite™ will help leading Canadian-owned multi-product insurance company modernize underwriting, policy administration, billing and claims processes
GUELPH, ON, CANADA and SAN MATEO, CA, USA, June 12, 2008 – The Co-operators Group Ltd. (The Co-operators), the leading Canadian-owned, multi-product insurer (with over CAD $7 billion in assets), and Guidewire Software®, a leading global provider of solutions to property and casualty insurers, today announced that The Co-operators has selected Guidewire PolicyCenter® and Guidewire BillingCenter® in addition to its 2007 selection of Guidewire ClaimCenter®. Collectively referred to as the Guidewire Insurance Suite, these three enterprise, mission-critical systems will enable The Co-operators to replace its legacy underwriting, policy administration, billing, and claims handling systems. The Guidewire PolicyCenter implementation will commence immediately, followed by Guidewire BillingCenter. Implementation of Guidewire ClaimCenter is currently underway.
The Co-operators provides protection to over 1 million vehicles, 845,000 homes, 132,000 businesses, and 44,000 farms in Canada and offers its coverages through a network of insurance professionals which includes four contact centres, 471 exclusive agents and 1,057 independent broker offices across Canada.
The Co-operators selected Guidewire to transform its claims operations and is now investing in additional Guidewire products to transform other core systems. “We needed to address our policy administration system to ensure that we can meet customer and market needs now and into the future,” explained Vivien Fong, senior vice-president and chief information officer for The Co-operators. “We’re confident that Guidewire has the expertise to help us introduce a new policy system that will allow us to reach our growth targets while improving efficiency."
With Guidewire, The Co-operators will gain the ability to:
- improve on customer experience;
- increase flexibility to respond quickly to market requirements;
- improve underwriting, rating and risk selection capabilities;
- systemize and standardize processes to gain operational efficiency;
- reduce IT costs and streamline maintenance efforts; and
- reduce future integration efforts.
“Our experience with the Guidewire team and technology over the past year has been an extremely positive one,” Fong adds. “We have a significant amount of work ahead of us to integrate common business practices and systems across our group of P&C companies. Guidewire’s flexible, bilingual system will streamline workflows and technology enabling us to leverage skills, share resources and better serve our clients.”
“Integrated modern core systems offer significant operational benefits, leakage reduction opportunities, and a viable path of innovation and fiscal health for the P&C industry,” said John Raguin, chief executive officer, Guidewire Software. “We are proud that The Co-operators has selected us as their next-generation core system provider and business transformation partner.”
The Guidewire Insurance Suite is an integrated group of highly flexible web-based systems that help P&C carriers modernize their core operations: underwriting, policy administration, billing, and claims handling. The suite, consisting of Guidewire ClaimCenter, Guidewire PolicyCenter, and Guidewire BillingCenter, provides a modern, web-based platform for all lines of business. Guidewire Insurance Suite products are developed using Java EE – using no legacy code – in close collaboration with P&C carriers. Each product can be implemented as part of the Guidewire solution suite or as a fully functional, stand-alone system that easily integrates into an insurer’s existing environment and with other new applications.
About The Co-operators
Based in Guelph, Ontario, The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial, and farm insurance, as well as investment products. With assets of more than CAD $7 billion, The Co-operators is owned by a group of Canadian co-operatives, credit union centrals and like-minded organizations. It is well known for its community involvement, and is listed among the 50 Best Employers in Canada. For more information, please visit www.cooperators.ca.
About Guidewire Software
Guidewire Software is a leading global provider of technology solutions to property and casualty and workers' compensation insurers. Guidewire delivers proven software to run core insurance operations, including billing, underwriting, policy administration, and claim management. The Guidewire Insurance Suite™ consists of Guidewire ClaimCenter®, Guidewire PolicyCenter®, and Guidewire BillingCenter®, which provide a modern, web-based platform for all lines of business. Guidewire is headquartered in San Mateo, California, with offices in London, Munich, Paris, Sydney, Tokyo, and Toronto. For more information, please visit www.guidewire.com.
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