Universal Group, Inc. (Universal), a Commercial and Personal lines carrier with operations in Puerto Rico and the United States, and Guidewire Software, Inc. (NYSE: GWRE), today announced that Universal has extended its Guidewire InsuranceSuite™ implementation. Universal has selected Guidewire Reinsurance Management™ to manage its ceded reinsurance processes and Guidewire Client Data Management™ to support a more comprehensive customer view across its core operations.
“These additional Guidewire modules for Reinsurance and Client Data Management are ideal to help us further improve our service capabilities and the efficiencies of our operations,” said Luis Pérez Sánchez, Chief Administrative Officer, Universal Group, Inc. “The fact that they are pre-integrated to work with our other Guidewire InsuranceSuite systems is very beneficial for us and will enable us to more quickly experience the benefits they can provide.”
Universal insurance is currently implementing all core Guidewire InsuranceSuite applications for its personal and commercial lines of business. The addition of Guidewire Reinsurance Management and Guidewire Client Data Management will enable Universal to:
Reduce excessive risk exposure by detecting and managing treaty and facultative reinsurance arrangements;
Accurately calculate ceded premiums, commissions, ceded reserves and recoverable amounts for proportional reinsurance agreements;
Reduce recoverable leakage with automatic notification and tracking of reinsurance during claims handling;
Gain a holistic, single source of truth view of customer data across its billing, claims and policy administration systems;
Detect and merge duplicate customer records for reduced redundancy; and
Track history of contact information changes.
“We are pleased that Universal Group Insurance has recognized the benefits of our reinsurance and client data management capabilities,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “Deploying these companion modules along with Guidewire InsuranceSuite gives Universal a powerful foundation to effectively manage risk and compliance, consolidate customer data in a highly efficient way and extends the footprint of core system capabilities available to support their business.”
Guidewire Reinsurance Management, as part of Guidewire InsuranceSuite, enables insurers to effectively manage programs, consistently support underwriting and claims processes, and accurately calculate reinsurance financials. Reinsurance Management delivers the automation insurers need to effectively manage ceded processes. Providing the capability to handle proportional as well as non-proportional treaty and facultative reinsurance agreements across underwriting and claims processes, Reinsurance Management helps insurers reduce excessive risk exposure and recoverable leakage while increasing operational efficiencies.
Guidewire Client Data Management is a P/C Insurance industry specific customer contact management product in Guidewire InsuranceSuite. It is designed to serve as a single source of truth for customer contact data spanning the three core insurance processes of billing, claims and policy administration. A key attribute of Client Data Management is its native integration with Guidewire core systems and that it provides a single data repository for customer data, thereby supporting a comprehensive customer view that can be leveraged by multiple groups in an insurance organization.
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.