Guidewire Software, a provider of core systems to property/casualty insurers, has unveiled a new version of claims system ClaimCenter 6.0, which manages the claim lifecycle from first notice of loss through settlement, litigation, and recovery.
The company said that the Claims Performance Monitoring is a visual display of claim health metrics. It provides single-click access from anywhere within ClaimCenter. It brings real-time information to claims personnel.
According to Guidewire Software, the claims performance monitoring automatically tracks key metrics within each individual claim, eliminating the multi-step reporting process insurers. By using a combination of insurer specific claim health metrics, high risk indicators, and claims summary screens, adjusters and managers are able to ascertain claim health and make diagnoses to determine if the claim is being processed efficiently.
The new version enables insurers to improve their claims operations by streamlining and enhancing claims management processes such as deductible handling and support homeowners, workers’ compensation, and travel; gaining visibility into catastrophe exposures to ensure that claims are handled consistently and in adherence with catastrophe management and reinsurance procedures, the company said.
In addition, the new version identifies and tracks reinsurance recovery opportunities for large losses; provides localization packs for key geographic regions to ease configuration for language, calendar, documents, and currency; and provides business owners with the ability to configure ClaimCenter parameters and thresholds.
Marcus Ryu, vice president of strategy and products at Guidewire Software, said: “We are proud that ClaimCenter is the most proven modern successor to legacy claims systems for insurance carriers today. The advances in ClaimCenter 6.0 make it more possible than ever for property/casualty insurers to migrate from their inflexible legacy systems and finally deliver insurance the way they want.”