Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to general insurers, and Sompo International, a global specialty provider of property and casualty insurance and reinsurance and wholly owned subsidiary of Sompo Holdings, Inc., today announced that Sompo International has successfully begun to deploy Guidewire PolicyCenter as its underwriting and policy management solution in the London Market, utilizing Guidewire’s Global Commercial Accelerator.
Sompo International selected PolicyCenter as part of a global programme to streamline its underwriting system and policy management processes on an integrated end-to-end platform. Guidewire’s Global Commercial Accelerator has been configured, in this context, specifically for the London Market. It facilitates global carriers in employing Guidewire software across all their platforms.
"Sompo International is the first insurer in the London Market to roll out Guidewire PolicyCenter for this use," said Alfred Goxhaj, chief information officer, Sompo International. "Our plan is to deploy Guidewire software with the Global Commercial Accelerator across all our classes of business in London on a phased basis. We have begun with our Property policies attaching this month and feedback from our underwriters on the new system has been positive. The common platform will enable us to deliver more timely and accurate policy documents to our clients and more readily scale for growth as we incorporate additional products."
PolicyCenter, incorporating Guidewire’s Global Commercial Extension, is enabling Sompo International to:
Achieve full integration with financial, reporting and document management systems;
Manage the particular demands of the London Market, such as written and signed lines, and Bureau processing;
Streamline process, workflow and data quality control, by supporting one system for all data entry from submission, through to binding, registration and policy issuance; and
Increase policy administration process efficiency with enhanced screens and features.
"We congratulate Sompo International on their successful PolicyCenter deployment," said Sheridon Glenn, vice president, Field Consulting, EMEA, Guidewire. "This complex foundational deployment will support easier and faster implementation of additional classes of business in the London Market. We look forward to our continued work together."
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