Insurance Corporation of British Columbia Deploys Guidewire Solution for Underwriting and Policy Management

Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property and Casualty (P&C) insurers, today announced that the Insurance Corporation of British Columbia (ICBC), a provincial Crown corporation and sole provider of universal compulsory auto insurance in British Columbia (BC), has successfully implemented Guidewire PolicyCenter® as its new underwriting and policy management solution. Guidewire PartnerConnect™ Consulting member Ernst & Young LLP assisted with the implementation.

ICBC selected PolicyCenter to replace its previous policy administration system as the company needed more agility and flexibility to handle its changing business needs. The change would also help the company decommission its major legacy applications, reducing a substantial amount of technology risk. ICBC successfully deployed PolicyCenter for its personal and non-fleet commercial auto line of business, and today has thousands of internal and external users using the new system. ICBC had previously successfully implemented Guidewire ClaimCenter® as its new claims handling system.

“The implementation of PolicyCenter at ICBC was the last major project of our multi-year business transformation program and was one of the largest and most complex system renewal initiatives to-date, both at ICBC and in the industry – as such, Guidewire proved to be the perfect partner for this massive undertaking,” said Gary Eastwood, Chief Information and Technology Officer, ICBC. “We have already successfully processed more than two million transactions using PolicyCenter – a significant result for a system of this size and complexity.”

PolicyCenter is enabling ICBC to:

• Increase business agility by bringing new products and product enhancements to market more quickly;

• Leverage Guidewire to explore new opportunities in terms of service options and analytics to support improved pricing;

• Streamline the training of staff as a result of PolicyCenter’s intuitive interface.

“PolicyCenter has been stable since going live, and I commend the Guidewire and EY technical and account teams, who were trusted partners providing valuable advice and support throughout the implementation,” said Nicolas Jimenez, Vice President, Insurance Strategy, Products & Pricing, ICBC. “This implementation is a significant step in our journey to build out our product and pricing capabilities, giving us the speed-to-market and agility necessary to achieve our business strategy.”

“We are honored ICBC entrusted us with the transformation of its Policy Administration system,” said David Connolly, Principal, Ernst & Young LLP. “We look forward to watching them expand their business capabilities, ultimately empowering future growth.”

“We congratulate ICBC on their successful PolicyCenter deployment,” said Mike Polelle, chief delivery officer, Guidewire Software. “We are honored to provide the technology foundation that will help them adapt and succeed in the rapidly-changing insurance industry marketplace.”