Canadian Underwriter
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Guidewire introduces new P&C admin system


March 16, 2006   by Canadian Underwriter


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Guidewire Software Inc. has released Guidewire PolicyCenter, a policy administration system for all lines of P&C insurance.
Guidewire PolicyCenter is a web-based system facilitating business between agents and insurance carriers. The technology also works towards enhancing underwriting accuracy and efficiency.
“Underwriting professionals told us they needed an intuitive, rule-driven policy processing environment to maximize and optimize their underwriting business,” Marcus Ryu, vice president of strategy and new products, Guidewire Software, says. “Meanwhile, IT organizations said they needed to consolidate systems and improve their responsiveness to changing business requirements.”
Ryu says the PolicyCenter was designed in response to these requests and is intended to allow underwriters to focus on risk evaluation and agent relationships, rather than data entry and system frustrations.
Feature highlights of PolicyCenter include:
* Support for all policy transactions: new business, endorsements, renewals, cancellations, and inquiries
* Intuitive configurable web-based user interface
* Agent portal with integration to leading agency management systems
* Comprehensive electronic underwriting and policy file tailored to each line of business
* Rule-based “funneling” of applications through eligibility, prequalification, and risk suitability criteria
* Point-in-time and “difference” views of policy versions
* Producer-, account-, and policy-level views of data
* Integration to document management and imaging solutions
* Flexibility to adapt product definition, business rules, and user interface through configuration
* Platform-level support for conversion and migration from legacy policy administration systems
PolicyCenter is currently being implemented by business insurer CNA in order to support its standard commercial lines of business, in concert with ClaimCenter.
“PolicyCenter is a key enabler of our efforts to deepen our agency relationships and to enhance the accuracy and efficiency of our underwriting operations,” John Golden, chief information officer, CAN, says.
Guidewire PolicyCenter is a J2EE (Java 2 Platform, Enterprise Edition) application. Written entirely in Java, it runs on the insurance industry’s platforms.
PolicyCenter’s web-based architecture and configurability ensure lower total cost of ownership for insurance carriers. All aspects of the system can be configured using XML instead of custom programming, and business rules can be managed by business users for maximum flexibility in adapting to changing needs.


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