Universal Group, Inc. (Universal), a Commercial and Personal lines carrier with operations in Puerto Rico and the United States, and Guidewire Software, today announced that Universal has selected Guidewire InsuranceSuite™ to support transforming its core operations including underwriting, policy administration, rating, billing, and claims management. Universal will begin Phase I of its transformation project by deploying all three Guidewire core systems simultaneously for its Commercial and Personal Auto lines of business. Universal has teamed with Guidewire PartnerConnect™ alliance member, PwC US, and Guidewire for the implementation.
Universal will use InsuranceSuite to:
Enable its strategy of expanding its product footprint and regional areas served;
Accelerate time to market with improved rating, underwriting, and new business capabilities;
Improve efficiency of core operations including first notice of loss (FNOL), claims handling, policy administration, and billing; and
Significantly lower IT costs by reducing its applications portfolio.
“Guidewire InsuranceSuite will enable us to grow our business quickly and efficiently,” said Monique Miranda, chief executive officer and president, Universal Insurance Company. “We will also be able to apply industry best practices to our processes, refining them where needed to ensure that we continue to provide the fast and reliable service our agents and insureds expect from us.”
“We are pleased to welcome Universal to our Guidewire family,” said Marcus Ryu, chief executive officer, Guidewire Software. “Insurers choose Guidewire because they want core systems that better enable their short and long term strategy. We look forward to enabling the Universal team to accelerate an already impressive track record of business expansion.”
Guidewire InsuranceSuite™ provides the flexible core systems essential for the mission-critical operations of property/casualty carriers competing in today’s market: underwriting, policy administration, billing and claims. The suite was designed using a modular approach, enabling carriers to select individual applications -- Guidewire PolicyCenter®, Guidewire BillingCenter®, and Guidewire ClaimCenter® -- or a pre-integrated set, driven by their requirements and priorities. The suite provides the flexibility insurers need to deliver insurance the way they want to by rapidly delivering better products and service to their policyholders and agents, while improving underwriting discipline and lowering operational costs. Insurers’ personnel (including underwriters, customer service representatives, adjusters, supervisors, and executives) gain intuitive, productive role-specific user interfaces. Insurer IT organizations gain flexibility in addressing evolving business requirements through consistent tools for configuring and enhancing operational data stores, user interfaces, workflows and business logic across their underwriting, policy administration, billing and claims systems.
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.