(The Square, Palmerston North, New Zealand, location of FMG’s headquarters.)
FMG, New Zealand’s leading rural insurer, has implemented Guidewire PolicyCenter as the carrier’s new underwriting and policy administration system and BillingCenter as its new billing system. FMG is currently in production with PolicyCenter and BillingCenter across all of its lines of commercial and consumer business after deploying the systems simultaneously.
The insurer, formerly known as Farmer’s Mutual Group, has also deployed Guidewire Data Management to enable what the vendor describes as a comprehensive client view across underwriting, policy administration, and billing processes, with Guidewire Rating Management for more precise control and responsiveness for rating and pricing.
FMG implemented PolicyCenter and BillingCenter to provide a strong foundation to support ongoing business growth, increase its levels of client service, and more quickly bring products to market, according to a Guidewire statement. The carrier also sought systems based on an open technology architecture, the vendor reports.
“Feedback from across the business, including front-line roles and senior managers about PolicyCenter and BillingCenter has so far been very positive,” comments Geoff Yeats, General Manager Business Information Services, FMG. “Employees are getting through new business work more efficiently and effectively thanks to the capabilities of the systems. For example, having automated underwriting rules for our new business clients, allows our underwriters to spend more time on client needs.”
Capabilities that Guidewire says FMG will have once the carrier completes its client migration, include the following:
- Make system changes to bring new products to market more quickly and with higher quality to better keep pace with changing business and technical demands;
- Streamline its business processes to enhance the agent /client experience and allow underwriters to focus on providing high-value services to clients;
- Provide a modern technology platform with automated processing and real-time functionality to allow its employees to do their job quickly and efficiently; and
- Standardize policy administration and billing practices for consistency and accuracy.