Guidewire InsuranceSuite™ companion modules provide foundation to
manage ceded property/casualty reinsurance processes and consolidate
customer data across core operations
SAN JUAN, Puerto Rico & SAN MATEO, Calif.--(BUSINESS WIRE)--Mar. 29, 2012--
Universal Group, Inc. (Universal), a Commercial and Personal lines
carrier with operations in Puerto Rico and the United States, and
Guidewire Software, Inc. (NYSE: GWRE), today announced that Universal
has extended its Guidewire InsuranceSuite™ implementation. Universal has
selected Guidewire Reinsurance Management™ to manage its ceded
reinsurance processes and Guidewire Client Data Management™ to support a
more comprehensive customer view across its core operations.
“These additional Guidewire modules for Reinsurance and Client Data
Management are ideal to help us further improve our service capabilities
and the efficiencies of our operations,” said Luis Pérez Sánchez, Chief
Administrative Officer, Universal Group, Inc. “The fact that they are
pre-integrated to work with our other Guidewire InsuranceSuite systems
is very beneficial for us and will enable us to more quickly experience
the benefits they can provide.”
Universal insurance is currently implementing all core Guidewire
InsuranceSuite applications for its personal and commercial lines of
business. The addition of Guidewire Reinsurance Management and Guidewire
Client Data Management will enable Universal to:
-
Reduce excessive risk exposure by detecting and managing treaty and
facultative reinsurance arrangements;
-
Accurately calculate ceded premiums, commissions, ceded reserves and
recoverable amounts for proportional reinsurance agreements;
-
Reduce recoverable leakage with automatic notification and tracking of
reinsurance during claims handling;
-
Gain a holistic, single source of truth view of customer data across
its billing, claims and policy administration systems;
-
Detect and merge duplicate customer records for reduced redundancy; and
-
Track history of contact information changes.
“We are pleased that Universal Group Insurance has recognized the
benefits of our reinsurance and client data management capabilities,”
said Neil Betteridge, Vice President, Strategy, Guidewire Software.
“Deploying these companion modules along with Guidewire InsuranceSuite
gives Universal a powerful foundation to effectively manage risk and
compliance, consolidate customer data in a highly efficient way and
extends the footprint of core system capabilities available to support
their business.”
Guidewire Reinsurance Management, as part of Guidewire InsuranceSuite,
enables insurers to effectively manage programs, consistently support
underwriting and claims processes, and accurately calculate reinsurance
financials. Reinsurance Management delivers the automation insurers need
to effectively manage ceded processes. Providing the capability to
handle proportional as well as non-proportional treaty and facultative
reinsurance agreements across underwriting and claims processes,
Reinsurance Management helps insurers reduce excessive risk exposure and
recoverable leakage while increasing operational efficiencies.
Guidewire Client Data Management is a P/C Insurance industry specific
customer contact management product in Guidewire InsuranceSuite. It is
designed to serve as a single source of truth for customer contact data
spanning the three core insurance processes of billing, claims and
policy administration. A key attribute of Client Data Management is its
native integration with Guidewire core systems and that it
provides a single data repository for customer data, thereby supporting
a comprehensive customer view that can be leveraged by multiple
groups in an insurance organization.
About Universal Group
Universal Group is known across Puerto Rico, and in the fastest-growing
regions of the United States, as a preferred financial services and
insurance provider. For more than 30 years, we have helped clients
protect what is most important and secure a better future. We continue
to expand our products and services, and extend our reach. Across Puerto
Rico, customers find the Universal brand—a symbol of fast and reliable
service. And in Florida, Texas, California and an expanding range of
states, the Universal name and logo epitomize quality and concern for
the customer. Desde el principio, más cerca de ti. From the beginning,
closer to you. For more information, please visit www.universalpr.com.
About Guidewire Software
Guidewire Software is a provider of core system software to the global
general (Property/Casualty) insurance industry. Designed to be flexible
and scalable, Guidewire solutions give insurers the capability to
deliver excellent service, increase market share and lower operating
costs. Guidewire InsuranceSuite™, consisting of Guidewire PolicyCenter®,
Guidewire ClaimCenter® and Guidewire BillingCenter®, spans the key
functional areas in insurance – underwriting and policy administration,
claims management, and billing. Guidewire is headquartered in San Mateo,
California, with offices in Beijing, Dublin, Hong Kong, London, Munich,
Paris, Sydney, Tokyo, and Toronto. For more information, please visit www.guidewire.com.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, Guidewire BillingCenter, Guidewire InsuranceSuite, Deliver
Insurance Your Way, Guidewire PartnerConnect, Guidewire Reinsurance
Management, Guidewire Client Data Management and the Guidewire logo are
trademarks or registered trademarks of Guidewire Software, Inc.
Source: Guidewire Software, Inc.
Luis Pérez Sánchez
Chief Administrative Officer and Senior VP
Universal
Insurance Company
+1.787.793.7202
lperez@universalpr.com
or
Diana
Stott
Public Relations Manager
Guidewire Software, Inc.
+1.650.356.4941
dstott@guidewire.com
