Capital Insurance Group (CIG), a leading Property/Casualty (P/C) insurer serving the Western United States, and Guidewire Software, (GWRE), a provider of software products to P/C insurers, announced that CIG has selected Guidewire PolicyCenter as its new underwriting and policy administration solution.
CIG has also selected Guidewire Rating Management and Guidewire Client Data Management. Guidewire PartnerConnect Consulting partner, PwC US, has been selected to lead the implementation project.
After selecting Guidewire BillingCenter earlier this year as part of a larger ongoing business transformation initiative, CIG decided to expand its Guidewire selection to include PolicyCenter. By consolidating its three existing policy systems, the company hopes to simplify its infrastructure, streamline business processes and gain the flexibility needed to remain competitive in an evolving market.
CIG will deploy PolicyCenter across all lines of business in a phased implementation approach, beginning with its BOP and commercial auto lines.
"Our team was very impressed with Guidewire’s track record of effective implementations in the marketplace. We didn’t see that level of success with any other system," said Walter Bennett, vice president, Underwriting, CIG.
PolicyCenter will enable CIG Insurance to enhance business agility by enabling product changes to be made more quickly and easily without the delays of custom IT coding;
Leverage automated underwriting rules and real-time functionality to eliminate manual processes; and standardize policy administration on a single, consistent platform for agents and policyholders.
"From a technical perspective, our legacy policy systems were creating a bottleneck each time we needed to update or enhance our systems," said Rads Mydam, chief information officer and vice president, Information Technology, CIG.
Guidewire PolicyCenter is a flexible underwriting and policy administration system that enables Property/Casualty insurers to grow business profitably by improving efficiency, while responding with agility to market opportunities and enhancing relationships with agents and customers.
Designed to support both commercial and personal lines, PolicyCenter helps insurers streamline front and back office processes, from new business submission and quoting through policy renewals. PolicyCenter is available as a standalone system or as part of Guidewire InsuranceSuite, and can be integrated to an insurer’s legacy systems or third party applications.