Major advances made to further improve market-leading property casualty claims management system
LAS VEGAS, Nevada, May 13, 2008 – At the 2008 ACORD/LOMA Conference, Guidewire Software®, Inc., a leading global provider of solutions to property and casualty insurers, today announced the release of Guidewire ClaimCenter® 5.0 � the latest version of the market-leading claims system for property and casualty (P&C) insurers. More than 40 carriers of all sizes and lines of business around the world rely on Guidewire ClaimCenter – a complete, 100% web-based claims system – to handle their mission-critical core claims management operations. ClaimCenter enables carriers to improve their claims adjusting processes, reduce claims costs, and enhance customer service.
Building on ClaimCenter�s established leadership in the market, ClaimCenter 5.0 delivers more than 25 major enhancements to a product that is already widely regarded as being the best claims system available to insurers. The latest version of ClaimCenter enables Guidewire�s customers to further improve their claims operations in the following ways:
- Improve efficiency throughout the claims lifecycle, with better claim intake screens and better management of damage and repair assessments;
- Improved usability for claims adjusters, supervisors and all end-users with new user interface;
- Measure quality of service providers with new service provider management functionality;
- Further reduce fraud and �leakage� with new fraud scoring capability;
- Lower costs with addition of subrogation lifecycle functionality; and
- Improve ability for IT to respond to system change requests with new graphical configuration tools � including �drag and drop� functionality.
“As ClaimCenter�s first in-production customer (late 2003), we can certainly attest to the comprehensive functionality benefits and overall business transforming capabilities ClaimCenter provides,� says Robert Eshelbrenner, vice president, chief information officer, Hastings Mutual Insurance Company. �We have been very impressed with ClaimCenter�s evolution from a new claims system into the market leading one in such a short amount of time. We attribute this to Guidewire�s unrelenting focus on the needs of the P&C insurance market and the success of their customers, their software development strength, and their unwavering commitment to quality.”
Donald Light, Senior Analyst in Celent�s insurance group, commented, �ClaimCenter 5.0 represents a very good response to what insurers are looking for in a modern claim system: agility based on a high degree of configurability, ease of use, and consistency in processes and decisions.”
“Any software company can claim that their offerings deliver sustainable value, but seeing is believing,� says Bill Garvey, a director of information technology at The Main Street America Group, a super regional property-casualty company. �Our claims system replacement project deployed in multiple phases to successive lines of business, reaching full deployment in early 2008. We are upgrading to ClaimCenter 5.0 to leverage the functionality enhancements Guidewire has made and to ensure that our technology investment continues to provide maximum value to our organization and our customers.”
Guidewire ClaimCenter provides extensive support for the end-to-end claim process. ClaimCenter 5.0 further extends this support to include:
- Enhanced First Notice of Loss � streamlined, faster and more efficient claim intake process;
- Score-based service provide management � fully flexible performance scoring to track vendor performance;
- New Assessments Module � managing appraisals from internal and/or external sources with detailed line-item tracking capabilities;
- Enhanced fraud detection � provision for both �dynamic question� and �rules based� scoring to assist in the early detection of fraudulent claims;
- New Subrogation module – providing full management of the claims subrogation lifecycle;
- New international capabilities – multi-currency transactions (including reserves and payments), multi-country geographic definitions and assignment and Unicode support;
- Enhanced catastrophe management � enhanced CAT data element capture for proactive and retroactive detection of claims that should be CAT coded;
- Automated claim archiving with real-time, on-demand restore – transparent end-user search for archived /non-archived claims with on demand, real-time restoration ability;
- New User Interface (UI) � completely new user interface designed to improve ease of use for all end users; and
- New graphical configuration tools � drag and drop configuration functionality to simplify the configuration process and improve implementation speed.
“Direct input from Guidewire customers guides how we develop and evolve our products,� said Ken Branson, vice president, product development, Guidewire Software. �ClaimCenter 5.0 delivers many new enhancements to provide the additional in-depth functionality, ease of configuration, and system flexibility that modern P&C insurers require to refine their operations. Our innovative software development methodologies ensure that we are able to quickly deliver the highest quality product to the industry.”
About Guidewire Software
Guidewire Software is a leading global provider of technology solutions to property and casualty and workers� compensation insurers. Guidewire delivers proven software to run core insurance operations, including billing, underwriting, policy, and claim management. The Guidewire Insurance Suite™ consists of Guidewire ClaimCenter, Guidewire PolicyCenter®, and Guidewire BillingCenter™, which provide a modern, web-based platform for all lines of business. Guidewire is headquartered in San Mateo, California, with offices in London, Munich, Paris, Sydney, and Toronto. For more information, please visit www.guidewire.com.