Mercury Insurance Group ( Mercury General Corp, NYSE: MCY), a multi-line insurer, and Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible, core system software to property/casualty insurers, today announced that Mercury has deployed Guidewire InsuranceSuite™ as its new underwriting, policy administration, billing and claims platform beginning with two key lines of business in several selected states.
Mercury selected InsuranceSuite to increase business agility and help the company expand its market footprint, beginning with its homeowner’s line of business in new and existing states. InsuranceSuite will also allow Mercury to further simplify the way in which it does business with agents and customers, including support for flexible payment plan options. Mercury is now in production with InsuranceSuite for its homeowner’s line of business in six states and for commercial auto in five states. Currently there are approximately 4,000 agents and 1,000 in-house users live on InsuranceSuite.
“We believe we will make the most of our investment by implementing a packaged set of solutions from one vendor,” said Allan Lubitz, senior vice president and chief information officer, Mercury. “We felt Guidewire’s PolicyCenter, BillingCenter, and ClaimCenter, were very strong as individual offerings, but together they would provide even more benefits, such as greater flexibility for business expansion and a simplified maintenance process.”
“From additional operational efficiencies to quicker, paperless transactions, we are excited about the opportunities Guidewire InsuranceSuite provides Mercury,” continued Lubitz. “Due to the capabilities InsuranceSuite offers, we now can do business anytime, anywhere.”
InsuranceSuite is enabling Mercury to:
Expand business to new states and lines of business consistently and efficiently;
Make product and rate changes quickly to increase responsiveness to the market;
Increase underwriting and claims accuracy and efficiency through straight-through processing, automated work assignment and task management;
More easily manage regulatory compliance; and
Provide high levels of service to customers and agents.
“We congratulate Mercury on its successful implementation of Guidewire InsuranceSuite,” said Marcus Ryu, chief executive officer, Guidewire Software. “We recognize that Mercury has a strong tradition of innovation and customer service excellence, and InsuranceSuite will help the company to further extend its reputation in these areas.”
Guidewire InsuranceSuite powers the mission-critical operations of property/casualty insurers competing in today’s market. The suite was designed using a modular approach, enabling insurers to select individual applications -- Guidewire PolicyCenter®, Guidewire BillingCenter®, and Guidewire ClaimCenter® -- or a pre-integrated set, driven by their requirements and priorities. InsuranceSuite 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.
About Mercury Insurance Group
Mercury Insurance Group (NYSE-MCY) is a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers in the country’s top insurance markets. Mercury is focused on providing its policyholders with high quality insurance products at an affordable rate, while also providing its customers with industry-leading service and protection. For more information, visit the Company’s website at www.mercuryinsurance.com.
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.