Western Reserve Group has selected Guidewire InsuranceSuite as part of the Wooster, Ohio-based P&C insurer’s business transformation project. Along with InsuranceSuite, which will serve as Western Reserve’s new platform for rating, underwriting, policy administration, claims management and billing. The carrier has also chosen to license Guidewire Client Data Management, Guidewire Reinsurance Management, and Guidewire Standards-Based Templates.
The insurer’s selection of Guidewire’s technology is tied to Western Reserve’s commitment to its independent agency distribution model, according to a Guidewire statement. In addition to the automation benefits of InsuranceSuite, Western Reserve decided that a pre-integrated suite of products would reduce its expenses and time to market, while also simplifying its technology infrastructure, the statement affirms.
“We were impressed with Guidewire’s track record of customer success as well as with the maturity of its products,” comments Gregory Owen, VP, IT and CIO. “We also knew that Guidewire is going to continue to make investments in its technology, and this was key in our decision.”
Owen connected the decision to license Guidewire products to several near-term strategic business objectives. “Leveraging the new features and functionality that Guidewire InsuranceSuite brings will allow Western Reserve Group to expand our agency self-service options and help us prepare for future growth,” he says.
According to the vendor statement, InsuranceSuite will enable Western Reserve Group to:
- Increase its service levels to agents through automation, accessibility, and self-service capabilities;
- Bring products to market more quickly to effectively compete in their markets;
- Improve its data collection and analysis to easily obtain knowledge about what new products and features will best meet its market’s needs;
- Enhance its operational efficiencies due to the standardization of business processes across its lines of business; and
- Reduce operating costs by leveraging a common skill set and conﬁguration tools that come with an integrated suite.
“We are excited about the efficiencies we expect to gain from Guidewire InsuranceSuite,” comments Michele Young, assistant VP, Business Operations, Western Reserve Group. “The universal format and easy-to-navigate screens will make it less cumbersome to train between departments. InsuranceSuite.