Vermont Mutual Insurance Group®, one of the ten oldest mutual insurers in the United States, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property and Casualty (P&C) insurers, today announced that Vermont Mutual has selected Guidewire InsuranceNow™ to modernize its technology platform and transform the way it does business. The company plans to simultaneously implement InsuranceNow’s policy administration, claims management, and billing functionality, by line of business in three phases. Vermont Mutual will start with its dwelling fire line first, followed by its personal lines – auto, homeowners, and umbrella – and concluding with its commercial lines of business.
“We are pleased that Guidewire provides the collective talent, expertise and product to support Vermont Mutual's modernization efforts,” said Dan Bridge, president and chief executive officer, Vermont Mutual. “We look forward to leveraging the best technology and tools available to continue improving upon our historically superior financial performance, and our team is excited about what the future holds for our collaboration with Guidewire.”
“We found InsuranceNow and the cloud deployment option to be very attractive as speed-to-market is a critically important business driver for us,” said Joanne Currier, vice president, Information Technology, Vermont Mutual. “InsuranceNow will enable us to stay current with our core applications - benefiting quickly when technology enhancements and new integrations are introduced.”
InsuranceNow will enable Vermont Mutual to:
Enhance operational efficiency and productivity throughout the organization by standardizing policy administration, billing management and claims handling processes on a cohesive technology platform;
Allow current IT staff to focus on more strategic initiatives to support the business; and
Increase speed-to-market and business agility, as well as reduce system maintenance costs, by leveraging cloud technology.
“We are pleased to welcome Vermont Mutual to the Guidewire community,” said Ken Shapiro, group vice president, Americas Sales, Guidewire Software. “We applaud the company’s mission to evolve its technology foundation, ensuring that it can continue to offer quality products and outstanding service for its policyholders and agents, well into the future. We are excited to begin our work together.”
Guidewire InsuranceNow™ is a cloud-based, all-in-one solution that supports the P&C insurance lifecycle. Its integrated design, out-of-the-box functionality, and guided approach enable fast implementation and quick upgrades. Cloud-based delivery and ongoing operational support by Guidewire provide insurers the freedom to focus on innovation and respond rapidly to market demands, even when they have limited IT support.