(Home office of Federated Insurance. Photo credit: Jonathunder.)
Federated Insurance (Owatonna, Minn.), a national insurance and risk management organization that serves the property, casualty, and life insurance needs of clients in select industries, has selected Guidewire Software’s (Foster City, Calif.) PolicyCenter and Rating Management to serve as its new its new underwriting, policy administration, and rating management system for commercial business.
“Guidewire’s product maturity, market share, and track record of successful implementations were important factors in our decision-making process,” comments Jeff Fetters, chairman of the board and CEO, Federated Insurance. “We are confident that our strategic relationship will help Federated continue providing dependable insurance coverage to our commercial policyholders.”
Among Federated Insurance’s reasons for its systems selection were the objectives of greater flexibility, real-time functionality, and built-in best practices that the insurer recognized in Guidewire’s offerings. “From a technical perspective, we’re excited at the prospect of having a modern policy administration system in place, giving us the potential for a vast number of technical and business benefits through our use of the product and relationship with Guidewire in general,” comments Brian Carlson, manager, IS, application development & support, Federated Insurance.
The insurer will begin implementing PolicyCenter for its workers’ compensation line of business, followed by its commercial package policy (CPP) and business owners’ policy (BOP) lines of business, according to a Guidewire statement. PolicyCenter will eventually be implemented across all commercial lines of business in the 48 states where Federated operates.
Among the capabilities the Guidewire solutions will bring to Federated Insurance are the following, as described in the vendor’s announcement:
- Enhance operational efficiency and productivity throughout the organization by standardizing policy administration on a modern technology platform designed to grow and change with its business;
- Reduce total cost of ownership by reducing effort required for making policy changes; and
- Increase business agility by bringing new products and product enhancements to market more quickly.