MEMIC Selects Guidewire to Modernize Policy Admin, Underwriting, and Billing

The workers’ compensation insurer will leverage Guidewire Cloud to increase business agility and deliver more value to customers.

(Image credit: Mercedes Mehling/Unsplash.)

The MEMIC Group (Portland, Me.), workers’ compensation insurance specialists, and Guidewire (San Mateo, Calif) have announced that MEMIC selected Guidewire PolicyCenter and Guidewire BillingCenter as its new systems for policy administration, underwriting, and billing management. The company will implement the products on Guidewire Cloud simultaneously beginning with the state of Maine, followed by the rest of the states where it operates. Guidewire PartnerConnect Consulting Global Premier member PwC has been selected to lead the implementation project.

Jack Yao, SVP, CIO, MEMIC.

“We were looking for a true business partner for our journey with a solution that fit our business needs and future plans. Guidewire met both of those requirements,” comments Jack Yao, SVP, CIO, MEMIC. “The flexibility of Guidewire Cloud will enable us to facilitate our business growth plans by simplifying our operations and shifting system maintenance to Guidewire so we can stay current with the latest technological innovations. We’ll be able to leverage the best practices offered by a seasoned solution provider like Guidewire, and utilize the training, resources, business expertise, and technical infrastructure offered by Guidewire’s strong customer success and support infrastructure. We’ll also be able to easily integrate the best-in-class InsurTech solutions that are part of the industry-leading Guidewire Marketplace and the PartnerConnect ecosystem into our workflows to handle increased business volume with more accuracy and efficiency.”

Eileen Fongemie, SVP, CFO and Treasurer, MEMIC.

Foundation for a Successful Future

“Modern systems are foundational to our strategic technology ecosystem and will enable our swift response to a competitive market,” comments Eileen Fongemie, SVP, CFO and Treasurer, MEMIC. “PolicyCenter and BillingCenter will improve the ease of doing business for our agency partners by leveraging analytics and rules logic to support straight-through processing and policy issuance, thereby increasing efficiencies to streamline the new business and renewal processes and enhancing the policyholder experience by reducing wait times. By partnering with Guidewire, we are setting MEMIC up for a successful future.”

David Laker, Chief Sales Officer, Guidewire.

“We are delighted that MEMIC has chosen PwC to lead their cloud transformation journey with the implementation of PolicyCenter and BillingCenter on Guidewire Cloud,” comments Imran Ilyas, Global Guidewire Practice Leader, PwC. “In today’s fast-paced and ever-changing business environment, cloud transformation has become an imperative rather than a luxury. We remain dedicated to providing MEMIC with unparalleled expertise and support as they embark on this transformative project.”

“We thank MEMIC for its trust in Guidewire and our cloud platform,” says David Laker, Chief Sales Officer, Guidewire. “We are pleased to work with MEMIC across underwriting, risk selection and pricing, and core operations to provide the balance of relevant innovation and reliable operations to help make workers’ compensation work better through an approach rooted in compassion, trusted partnerships, and a relentless commitment to workforce safety.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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