Island Insurance, Hawaii's largest locally owned property and casualty insurance company, and Guidewire Software, Inc. (NYSE: GWRE), a provider of core system software to Property/Casualty insurers, today announced that Island Insurance has selected Guidewire PolicyCenter® as its new underwriting and policy administration solution. PolicyCenter will be used initially for Island Insurance’s commercial auto line of business and will eventually be deployed for all of the company’s personal and commercial lines in a phased implementation approach.
Island Insurance was prompted to look for a new underwriting and policy administration system due to its desire to move to a more modern technology platform to support their strategic objectives and to improve operational efficiencies. Specifically, the company wanted to automate several of the manual tasks the previous system required in order to free up its staff and agents to provide quicker, better customer service.
“We selected Guidewire as a partner to help us transform our underwriting and policy administration operations because of its significant industry footprint, implementation methodologies, and the best practices it will bring to Island Insurance that we can leverage across our entire business,” said Jeff Fabry, senior vice president, chief information officer, and chief security officer, Island Insurance. “We are confident that PolicyCenter will help us increase our service levels to both our agents and customers.”
PolicyCenter will enable Island Insurance to:
Achieve underwriting excellence by providing consistency in underwriting guidelines and business rules;
Access accurate information that allows for a rapid assessment of applicant risk;
Increase the ease of doing business for agents and customers;
Decrease system maintenance costs; and
Reduce new employee training times through its intuitive interface.
“We are pleased that Island Insurance has selected Guidewire PolicyCenter,” said Steve Sherry, vice president, The Americas, Guidewire Software. “We recognize Island Insurance’s dedication to providing its staff, agents and customers with the best tools and technology, and we look forward to working with them on this project.”
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 Island Insurance
Island Insurance Company, Ltd. is Hawaii's largest locally-owned insurance carrier, offering a full range of property and casualty protection. Founded in downtown Honolulu , Island Insurance has been serving Hawaii's families and businesses for nearly 75 years and is the only Hawaii -based company to be recognized for five consecutive years as one of the Ward Group’s Top 50 property & casualty insurers in the nation. Island Insurance has earned financial strength ratings of "A" from A.M. Best Company and Fitch Ratings . For more information, visit www.islandinsurance.com.