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Guidewire Congratulates 2014 Innovation Award Winners – CAA Insurance Company, LV=, Missouri Employers Mutual, PZU SA, and TD Insurance
Awards given to those companies that have best demonstrated business and IT benefits experienced through the use of Guidewire technology in their transformation initiatives
All Guidewire customers, whether in the process of implementing or extending their production-proven capabilities, were eligible for consideration. The awards were organized into four categories: Process Innovation, Service Innovation, Business Transformation, and Change Management Innovation.
Winners were announced during Guidewire’s tenth annual user conference – Connections 2014. The recognized projects demonstrate Guidewire technology at work helping these insurers deliver insurance their way.
The 2014 winners are:
As a result of this transformation initiative, CAA has become more responsive to its customers, increased its agility, and lowered operational costs. The company has seen a 50 percent reduction in overall sales and services processing time and a 30 percent increase in straight-through processing for underwriting. In terms of agility, CAA was able to expand to several new provinces in fewer than three months per province, a project that would have previously taken years. The independence and flexibility that CAA now has allows the company to make rapid product changes and offer new products to the market. In the first nine months after going live, CAA has made 14 product and rate changes and 142 changes and enhancements in total. CAA has also dramatically reduced the training time for new employees from three weeks to 3-5 days. CAA has been an in-production InsuranceSuite customer since 2012.
For additional information on
LV= (Change Management Innovation) – Detailed business case to justify the largest operational transformation in the history of LV= which translated into realized benefits for the company.
The business case and tracking tools that were put in place for the ClaimCenter implementation have been recognized as being best in class, and have set the standard for future strategic projects in LV=.
Claim handlers have been freed up to help LV=’s customers in their time of need. The company has seen improved customer satisfaction scores as claims are settled more quickly and with greater customer focus. Supplier relationships have been strengthened through higher quality, automated interactions. Since ClaimCenter has been fully implemented, benefits are tracking ahead of the target and payback is likely to be achieved in 2014, a year ahead of plan. LV= has been an in-production ClaimCenter customer since 2011.
For additional information on LV=, visit www.lv.com/insurance.
Missouri Employers Mutual (Process Innovation) – Transformed a multi-step, labor-intensive, manual claim reserve paper form into a single-step, electronic worksheet.
Prior to the new reserve worksheet implementation, updating reserves was done on a paper form and required multiple entries, a process that could take over 24 hours. Now, there is an automated process within ClaimCenter that allows a single-system entry so that the reserve worksheet can be completed immediately.
The new reserve worksheet has helped Missouri Employers Mutual realize many benefits including ease of use, simplified training, reserving consistency, and reduction of reserving errors.
These specific benefits result in a more efficient process, increase
reserve accuracy, help users better understand financial impact, and
provide excellent support for auditor and actuary activities.
For additional information on Missouri Employers Mutual, visit www.mem-ins.com.
With its massive PZU 2.0 transformation, the Polish insurer has propelled its 200-year-old business into the future. It has done this by transforming both its business processes and IT architecture, and by working together as one united team and in an agile way.
The business transformation project, appropriately called “Everest,” has already replaced 14 systems, with 45 integration points, and 750,000 code lines.
So far the project has already:
• Transformed the organization to be more business-oriented and client
focused;
• Fostered effective cooperation between business and IT;
and
• Introduced emerging technology to the company.
For additional information on
For additional information on
“On behalf of the Guidewire team, I congratulate our Innovation Award
winners,” said
About
Guidewire builds software products that help Property/Casualty insurers replace their legacy core systems and transform their business. Designed to be flexible and scalable, Guidewire products enable insurers to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite™ provides the core systems used by insurers as operational systems of record. Additional products provide support for data management, business intelligence, anytime/anywhere access and guidance and monitoring. More than 180 Property/Casualty insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: @Guidewire_PandC.
NOTE: Guidewire,
Source:
Guidewire Software, Inc.
Diana Stott, +1 650-356-4941
Director,
Communications
dstott@guidewire.com
