Federated Insurance, a direct writer of Property and Casualty (P&C) insurance products, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to P&C insurers, today announced that Federated has selected Guidewire products to help modernize and transform the way it operates across its commercial lines of business. The company selected Guidewire PolicyCenter™ and Guidewire Rating Management™ as its new underwriting, policy administration, and rating management system.
Federated Insurance sought to increase its flexibility and take advantage of the real-time functionality and built-in best practices of the Guidewire systems. The company will begin implementing PolicyCenter for its workers’ compensation line of business, followed by its commercial package policy (CPP) and business owners policy (BOP) lines of business. PolicyCenter will eventually be implemented across all commercial lines of business in the 48 states where Federated operates.
“Guidewire’s product maturity, market share, and track record of successful implementations were important factors in our decision-making process,” said Jeff Fetters, chairman of the board and chief executive officer, Federated Insurance. “We are confident that our strategic relationship will help Federated continue providing dependable insurance coverage to our commercial policyholders.”
Brian Carlson, information system manager, application development & support, Federated Insurance, said, “From a technical perspective, we’re excited at the prospect of having a modern policy administration system in place, giving us the potential for a vast number of technical and business benefits through our use of the product and relationship with Guidewire in general.”
PolicyCenter will enable Federated to:
Enhance operational efficiency and productivity throughout the organization by standardizing policy administration on a modern technology platform designed to grow and change with its business;
Reduce total cost of ownership by reducing effort required for making policy changes; and
Increase business agility by bringing new products and product enhancements to market more quickly.
“We welcome Federated Insurance to the Guidewire customer community,” said Steve Sherry, chief sales officer, Guidewire Software. “We admire the company’s dedication to protecting its policyholders, and we look forward to helping them meet their current and future business objectives.”