The Texas Windstorm Insurance Association (TWIA), insurer of last resort for windstorm and hail coverage in the coastal counties of Texas, and Guidewire Software®, a leading global provider of solutions to property/casualty insurers, today announced that the TWIA has selected Guidewire BillingCenter® as its new billing system. BillingCenter will deploy direct bill functionality to automate policy renewal billing and agency bill functionality to better manage agent commissions. BillingCenter will replace TWIA’s existing billing capabilities which are currently provided by the company’s policy administration system.
TWIA was established by legislative mandate to provide wind and hail insurance for Texas gulf coast property owners in the event of catastrophic loss. The company’s purpose is to provide “basic” coverage unavailable in traditional markets for consumers who might otherwise be left uninsured. TWIA recognized that more could be done for its policyholders through business and service level improvements. The company selected Guidewire BillingCenter for its comprehensive functionality and for the system’s ease of use and maintenance. Guidewire’s expertise and professionalism also factored into TWIA’s selection decision.
“We found Guidewire BillingCenter to be a comprehensive billing system that provides all the flexibility we need to meet the unique requirements of our business,” said Susan Renshaw, chief financial officer, Texas Windstorm Insurance Association. “Separating the billing functionality from our policy administration system will provide us with the foundation to better tailor our billing operations and focus our efforts on providing the best possible service to our policyholders and agents.”
BillingCenter will enable TWIA to:
Streamline renewal billing;
Reduce development expenses associated with direct billing;
Readily configure system changes with in-house IT staff;
Better manage agent commissions;
Enhance customer service for policyholders and agents; and
Meet its board mandated technology vision.
Guidewire BillingCenter is a 100% web-based system-of-record designed to: make it easier for insurers to manage agent commissions; automate the billing lifecycle; design flexible billing, payment and delinquency plans; and enable rapid integration with external payment systems – i.e. EFT, EBPP, check writing, payroll deduction, etc. BillingCenter 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.
“We are pleased that TWIA recognizes the contribution BillingCenter can help them make in improving customer service and streamlining their billing processes,” said John Raguin, chief executive officer, Guidewire Software.
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.