Capital Insurance Group (CIG), a leading Property/Casualty (P/C) insurer serving the Western United States, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to P/C insurers, today announced that CIG has selected Guidewire PolicyCenter® as its new underwriting and policy administration solution. CIG has also selected Guidewire Rating Management™ and Guidewire Client Data Management™. Guidewire PartnerConnect™ Consulting partner, PwC US, has been selected to lead the implementation project.
After selecting Guidewire BillingCenter® earlier this year as part of a larger ongoing business transformation initiative, CIG decided to expand its Guidewire selection to include PolicyCenter. By consolidating its three existing policy systems, the company hopes to simplify its infrastructure, streamline business processes and gain the flexibility needed to remain competitive in an evolving market. CIG will deploy PolicyCenter across all lines of business in a phased implementation approach, beginning with its BOP and commercial auto lines.
“Our team was very impressed with Guidewire’s track record of effective implementations in the marketplace. We didn’t see that level of success with any other system,” said Walter Bennett, vice president, Underwriting, CIG. “With PolicyCenter, we’re deploying a technology that will free our underwriters up to focus on what only they can do – have conversations with agents about the nuances of risks. With improvements in overall efficiencies and focused resource deployment, we’ll be able to improve the overall level of service to our agents and insureds through more agile product development and faster turnaround times.”
PolicyCenter will enable CIG Insurance to:
Enhance business agility by enabling product changes to be made more quickly and easily without the delays of custom IT coding;
Leverage automated underwriting rules and real-time functionality to eliminate manual processes ; and
Standardize policy administration on a single, consistent platform for agents and policyholders.
“From a technical perspective, our legacy policy systems were creating a bottleneck each time we needed to update or enhance our systems,” said Rads Mydam, chief information officer and vice president, Information Technology, CIG. “It can take up to four months to make changes in the current system. We’re looking forward to increasing our agility as a result of PolicyCenter’s easy configurability and giving business users more freedom to modify products and services as needed.”
“We are pleased to extend our relationship with CIG through their PolicyCenter selection,” said Steve Sherry, group vice president, America Sales, Guidewire Software. “We admire CIG’s dedication to providing their policyholders and brokers with excellent products and services, and we look forward to helping them meet their current and future business objectives.”
Guidewire PolicyCenter® is a flexible underwriting and policy administration system that enables Property/Casualty insurers to grow business profitably by improving efficiency, while responding with agility to market opportunities and enhancing relationships with agents and customers. Designed to support both commercial and personal lines, PolicyCenter helps insurers streamline front and back office processes, from new business submission and quoting through policy renewals. PolicyCenter is available as a standalone system or as part of Guidewire InsuranceSuite™, and can be integrated to an insurer’s legacy systems or third party applications.
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.