(Snowy Range of Wyoming, near Laramie, home of Mountain West Farm Bureau. Source: TravelWyoming.com.)
Mountain West Farm Bureau Mutual Insurance, a Laramie, Wyoming-based multi-line insurer, has selected Guidewire Software’s (Foster City, Calif.) core operations, data and analytics, and digital engagement products as the platform for a modernization initiative. The insurer seeks to modernize its core system infrastructure and operations in order to reduce system maintenance costs, streamline business processes, and gain the flexibility needed to better address the evolving needs of its agents and customers, according to a Guidewire statement.
Mountain West has selected Guidewire InsuranceSuite along with Guidewire Client Data Management, Rating Management, Reinsurance Management, and Business Intelligence for InsuranceSuite as its new platform for underwriting, rating, policy administration, reinsurance, billing, claims, client data management, and business intelligence. The insurer will also deploy Guidewire Quote and Buy Portal for Policyholders, Account Management Portal for Policyholders, and Claim Portal for Vendors to enhance the digital experience for its policyholders and vendors, Guidewire says.
Mountain West will implement Guidewire BillingCenter across all its lines of business first, followed by ClaimCenter. PolicyCenter will be the final stage in the core system transformation, to be rolled out by line of business in each state where the company does business, the vendor reports. Guidewire systems integration partner PwC US (New York), is leading the implementation, with MVP Advisory Group (Chicago) providing advisory services.
Platform for Growth
“Guidewire’s product maturity, market share, and track record of successful implementations were important factors in our decision-making process,” comments Erick Arens, VP, Sales and Marketing, Mountain West Farm Bureau. “We are confident that this strategic relationship will provide Mountain West with the ability to grow our business, while continuing to provide dependable insurance coverage to our policyholders.”
The vendor reports that the benefits of the Guidewire platform to Mountain West include the ability for the insurer to:
- Increase business agility by minimizing custom development and multi-phased approaches to bring new products and product enhancements to market more quickly;
- Leverage tools that will eliminate manual processes making it easier for agents to do business with policyholders; and
- Enhance operational efficiency and productivity throughout the organization by standardizing policy administration, billing management and claims handling processes on a common platform.
“We were looking for a comprehensive solution that required minimal customization, so the out-of-the-box functionality of InsuranceSuite was especially attractive to us,” comments Dan Bleak, VP, Operations and Underwriting, Mountain West Farm Bureau. “By selecting InsuranceSuite, we will be able to build on the synergies and best practices learned throughout each phase of the implementation process.”
“We are honored that Mountain West has chosen us as their trusted implementation partner,” comments Dirk George, principal, PwC. “By selecting Guidewire, Mountain West will take action to meet the needs of its agents, vendors and policyholders in a fast-moving insurance market.”