Vermont Mutual to leverage Guidewire’s core system in the cloud to increase business agility and speed-to-market
Vermont Mutual Insurance Group, a US-based insurance company has implemented InsuranceNow, a cloud-based insurance solution developed by Guidewire.
The implementation of Guidewire’s InsuranceNow is expected to increase Vermont Mutual’s business agility, as it can eliminate unnecessary complexity.
The solution will also enable the insurance company to improve its speed-to-market capability for new products and rate changes.
Chartered in 1828, Vermont Mutual is one of the ten oldest mutual property/casualty insurers in the US. The firm offers coverage throughout New England and upstate New York.
Vermont Mutual implemented InsuranceNow through its SUMMIT legacy transformation programme, for its dwelling fire line of business in the states where it operates. The company also plans to deploy the software platform for its remaining personal and commercial lines of business in those states.
Vermont Mutual vice president and chief information officer Bryan Mjaanes said: “The initial InsuranceNow implementation to our dwelling fire line of business has been a significant milestone for us.
“Guidewire has grown to become a true partner to us. Our teams continue to enhance our working relationship to the point where we are working as a cohesive unit throughout the entire implementation project. We challenge each other to improve and have developed a deep partnership as we move forward with our program.”
As per Guidewire, its InsuranceNow is intended specifically for US insurers who face constrains with limited IT resources and require a streamlined and a ready-to-go core solution in the cloud.
Vermont Mutual also deploys SmartCOMM
The company has also deployed SmartCOMM from Smart Communications to manage customer communications. Guidewire is a reseller of Smart Communications.
Guidewire Software InsuranceNow Professional Services vice president David Burns said: “We are grateful for our partnership and collaboration and congratulate Vermont Mutual on its successful InsuranceNow implementation.
“We are thrilled that InsuranceNow is providing Vermont Mutual with a value-based P&C core Software-as-a-Service (SaaS) platform to fulfill its mission of providing financial security to its policyholders and agents through quality products and outstanding service.”
Last month, The Co-operators, a Canadian insurance and financial services organisation had selected Guidewire InsuranceSuite Cloud to power its core operations.