Torus Insurance Selects Guidewire Software for Claims Management

Guidewire Software®, a leading provider of flexible core systems to property/casualty (general) insurers, today announced that Torus, the global specialty insurer, has selected Guidewire ClaimCenter® as its new global claims management system for all lines of business.     

Torus selected Guidewire largely on the strength of ClaimCenter’s ability to support the insurer’s highly complex commercial and specialty lines of business, and its flexibility to manage claims globally.  With ClaimCenter, Torus will optimize claims management and operational administration, resulting in increased claims handling efficiencies, improved outcomes and a differentiated service to customers.

 “Standardizing our claims handling processes with ClaimCenter will result in consistent, accurate, and prompt claims outcomes for our customers,” said Rob Powell, Torus’ global head of claims.  “Our goal is to be recognized as the premier claims organization in the insurance industry. The performance and operational visibility improvements ClaimCenter provides, such as the system’s built-in performance metrics to ensure we are performing to our internally established best practices, will certainly help us achieve this, and will also demonstrate our willingness to pay philosophy.”

Jeff Smith, Torus’ chief technology and information officer said, “Torus is experiencing considerable growth globally. As we scale our business we needed a claims management system that would help us realize our potential as a leading specialty insurer.  We found that in ClaimCenter – the application is well architected and is configurable and maintainable by us.”

“Torus is a fast growing global insurer with the need for a high degree of flexibility and functionality in its claims environment,” said Marcus Ryu, chief executive officer, Guidewire Software. “With ClaimCenter being a proven solution for all commercial lines - including commercial specialty and E & S - as well London Markets business, we are confident it will serve Torus well as it continues to grow.”

Guidewire ClaimCenter is a leading end-to-end claims management system, built from the ground up to meet the specific needs of today’s property/casualty (general) insurers. ClaimCenter’s flexible business rules enable claims organizations to define, enforce, and continually refine their preferred claim handling practices in order to optimize and monitor claim processes. ClaimCenter is in use by insurers of all sizes across all product lines to improve speed and accuracy, reduce loss adjustment expense, and enable proactive management of claims.

About Torus

Torus provides property, casualty and specialty insurance as well as reinsurance products to a global client base through its European, US and Bermudan based insurance subsidiaries. The company launched in June 2008 with 20 people and offices in London and Bermuda. With continued growth and, most recently, its acquisition of Glacier Insurance AG, which completed in July 2010, Torus now has operational and underwriting staff totaling over 400 people in 13 offices worldwide. Torus carries a group rating of A - (excellent) from A.M. Best and has capital of approximately $1billion provided by private equity backers First Reserve Corporation and Corsair Capital. For more information, visit www.torusinsurance.com.