Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property and Casualty (P&C) insurers, today announced that Republic Indemnity has been named a “Model Insurer” in the Celent Model Insurer 2017: Case Studies in Legacy and Ecosystem Transformation report for the successful completion of its transformative core system replacement initiative. They received this recognition as “Model Insurer” in the Legacy Modernization category for successfully completing the transformation of their core systems. Despite the project’s complexity and magnitude, Republic Indemnity implemented the new system on time and under budget, while keeping the transition seamless for its agents and policyholders.
Building on its 2009 deployment of Guidewire ClaimCenter®, Republic Indemnity successfully implemented Guidewire PolicyCenter for its workers’ compensation line of business to fully modernize its system infrastructure and address the changing demands of its markets, which included the need for multi-state policies. The new system has been in production since June 2015. Republic Indemnity continued to add functionality and has migrated all in-force policies into PolicyCenter. Renewal migration from the legacy system was completed in September 2016. Republic Indemnity is now in production with Guidewire InsuranceSuite™ for claims, policy administration, and billing. The company is also using Guidewire Rating Management™, Client Data Management, and Standards-Based Templates.
“The deployment of PolicyCenter represents a significant milestone in our company’s long-term business transformation initiative and completes the legacy replacement of our core systems,” said Rao Tadepalli, senior vice president and chief information officer, Republic Indemnity. “Thanks to a combined Guidewire-Republic Indemnity implementation team, we were able to deploy PolicyCenter on time and under budget. We look forward to enjoying the benefits of our Guidewire products for years to come.”
“The underlying flexible architecture of the Guidewire core systems has allowed us to easily integrate with external partners, suppliers, and other systems for a streamlined insurance experience,” added David Simmeth, vice president, Enterprise Applications, Republic Indemnity.
“Republic Indemnity is honored to be named a “Model Insurer” by Celent, a well-respected analyst firm covering the insurance and banking industries, and we are pleased that Celent has recognized our successful transformation project and the benefits we are receiving as a result. This award is a testament to the effort invested by our business and IT teams, whose collaborative partnership truly enabled this successful implementation,” continued Tadepalli.
“We congratulate Republic Indemnity on being recognized as a 2017 Model Insurer by Celent and for their most recent successful project with PolicyCenter,” said Mike Polelle, chief delivery officer, Guidewire Software. “We are impressed with the work they have done and are delighted that they have been recognized with this well-deserved honor.”
Celent’s annual award program selects “Model Insurers” and recognizes them for their achievements in the strategic development, degree of innovation, and business and customer impact of insurance technology. Sixteen insurance technology initiatives were recognized as “Model Insurers” including the Celent Model Insurer of the Year. These case studies represent best practices in the use of technology and span key areas of the product and policyholder life cycle, including product definition, distribution, underwriting, policy administration, service, claims, and infrastructure. The award program also reviews IT best practices and measurable business results to evaluate the Model Insurer Components. Members of Celent's research services can download the Celent Model Insurer 2017: Case Studies in Legacy and Ecosystem Transformation report here.
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