Monterey, CA-based P&C insurer Capital Insurance Group is retiring three siloed legacy underwriting systems and replacing them with a common suite of solutions from Guidewire. By doing so, Capital hopes to automate underwriting processes and gain the ability to more rapidly tailor policies to address rapidly changing market conditions.
Capital selected Guidewire for this phase of its systems modernization initiative in part because of the success it had with its previous implementation of Guidewire Billing Center. Capital will also be implementing Guidewire Client Data Management in order to further enhance its ability to provide agents and customers with a more consistent experience across its multiple lines of business.
Capital is engaging PwC to manage the multi-phase re-engineering project, which will initially focus on the company’s BOP and commercial auto lines.
Capital is not alone in overhauling its policy management systems. According to a September 2014 research report from Novarica, around 60 percent of mid-sized P&C insurers are planning similar projects in order to accelerate time-to-market, support growth and/or improve operational effectiveness.
In addition to delivering business benefits, the new, more modern software should reduce also application management burdens on Capital’s IT organization.
“It can take up to four months to make changes in the current system,” said Capital CIO and VP of IT Rads Mydam. “We’re looking forward to increasing our agility as a result of PolicyCenter’s easy configurability and giving business users more freedom to modify products and services as needed.”
“We are pleased to extend our relationship with CIG through their PolicyCenter selection,” said Steve Sherry, group vice president, America Sales, Guidewire Software. “We admire CIG’s dedication to providing their policyholders and brokers with excellent products and services, and we look forward to helping them meet their current and future business objectives.”
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