The Co-operators Group Ltd. (The Co-operators), the leading Canadian-owned, multi-product insurer (with over CAD $6.5 billion in assets and CAD $2 billion in gross written premium), and Guidewire Software®, a leading provider of solutions to property and casualty insurers, today announced that The Co-operators has selected Guidewire ClaimCenter. The Co-operators will replace its current legacy claims system with Guidewire ClaimCenter for the end-to-end claims management of all personal and commercial lines of business.
Deployment of Guidewire ClaimCenter is anticipated to enable The Co-operators to realize significant gains in process efficiency and build on its reputation for exemplary claims service. The Co-operators also lists reduction in indemnity amongst its expected benefits.
The Co-operators provides protection to over 1 million vehicles, 847,000 homes, 127,000 businesses and 45,000 farms across Canada and offers its coverages through a network of insurance professionals which includes 500 independent brokers, 445 exclusive agents, and three call centres. As well as being a premier provider of insurance to Canadian homes and businesses, the company has a high reputation for service to its communities and employees - and is noted as among the 50 best employers in Canada for the 4th straight year.
"Guidewire's solution suite is a great fit with The Co-operators' core system needs," said The Co-operators' chief information officer Rob Wesseling. "Our goal is to migrate from our current legacy claims environment to a modern claims system that will be utilized by all of our property and casualty companies. Not only are we very impressed with Guidewire's technology and team, but their impressive customer track record was also a key factor in our decision."
With ClaimCenter, The Co-operators will gain a modern technology foundation with which to streamline its claims processes while delivering enhanced service to its agents and policyholders. Guidewire ClaimCenter will enable The Co-operators to:
Increase productivity for claims professionals by significantly reducing manually-intensive tasks;
Access real-time comprehensive claims information for greater visibility and insight into core processes, operating costs, and market opportunities;
Automatically route claims tasks to appropriate experts based on staff expertise and workloads; and
Streamline and reduce IT maintenance efforts by moving to a modern platform across all its lines of business.
"Guidewire shares our vision for how insurance systems should function," said Rob Wesseling, chief information officer, The Co-operators. "We have every confidence in the Guidewire team and technology, and look forward to a mutually beneficial partnership as we undertake this modernization process."
Guidewire ClaimCenter is a leading end-to-end claims system for property and casualty insurance. ClaimCenter's flexible business rules enable claims organizations to optimize and monitor the claim process. Claims executives can define, enforce, and continually refine their preferred claim handling practices. In addition, ClaimCenter uses a modern technology architecture, including a 100% Web client and Web services interface that enable lower total cost of ownership in any environment.
"We are pleased to welcome The Co-operators to the growing number of companies selecting Guidewire as their trusted business partner," said Jeff Simpson, chairman and chief executive officer, Guidewire Software. "The Co-operators' selection of Guidewire ClaimCenter, represents a significant vote of confidence in our people and our technology. We look forward to working together to ensure a successful implementation."
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.