SBI Insurance is implementing InsuranceSuite, a product of Guidewire Software Inc., a provider of core system software to P&C insurers. The suite will serve as SBI’s core systems and support the expansion of new, high-quality services. This marks the first implementation of Guidewire InsuranceSuite by a Japanese P&C insurer.
Guidewire says the new systems will not only need to cover the complete range of functionality necessary to conduct general insurance business, but also need to have the kind of system architecture that would enable high levels of flexibility and scalability, in line with SBI’s information systems policy of “compact systems” and “compact operations.” After comparing several systems, SBI selected InsuranceSuite for rating, underwriting, policy administration, billing and claims management.
In a release, Guidewire boasts of InsuranceSuite's ability to enable SBI to leverage flexible and scalable system architecture; use an industry-specialized solution that features enhanced functionality and superior cost-effectiveness; and ensure agility by having the ability to make changes and upgrades to the systems in-house.
SBI Insurance has started its new system construction project, targeting full system operation in the first half of fiscal 2012.
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