Puerto Rican insurer Universal Group 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.
Universal Group chief administrative officer Perez Sanchez the additional Guidewire modules for Reinsurance and Client Data Management will help the company to further improve its service capabilities and the operational efficiencies.
Guidewire Software Strategy Vice President Neil Betteridge said deployment of the 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.
Universal insurance is currently implementing all core Guidewire InsuranceSuite applications for its personal and commercial lines of business.
The addition of Guidewire solutions will enable Universal to reduce excessive risk exposure, accurately calculate ceded premiums, commissions, ceded reserves and recoverable amounts for proportional reinsurance agreements.
The solutions will also help the company to reduce recoverable leakage, detect and merge duplicate customer records for reduced redundancy and track history of contact information changes.
The company has already selected Guidewire InsuranceSuite to support in transforming its core operations including underwriting, policy administration, rating, billing, and claims management.