Jewelry insurer Jewelers Mutual Insurance has added the Reinsurance Management application from Guidewire Software to manage its ceded reinsurance processes.
According to gudiewire, Reinsurance Management enables insurers to effectively manage programs, consistently support underwriting and claims processes and accurately calculate reinsurance financials.
Jewelers Mutual is currently implementing all core InsuranceSuite applications for its personal lines of business, and will subsequently extend the new functionalities to its commercial lines operations.
The addition of Guidewire Reinsurance Management will enable Jewelers Mutual to leakage to upgrade their services to include automated retention testing, automation of ceding processes and reduce recoverable leakage with automatic notification and tracking of reinsurance as part of their claims handling.
Guidewire Software vice president of Strategy Neil Betteridge said deploying this reinsurance functionality with Guidewire InsuranceSuite will help them grow profitably while effectively managing risk and compliance.