Real-time Claims Performance Monitoring™ leads rich set of new capabilities in latest version of market-leading P&C claims system
SAN MATEO, California, January 27, 2010 – Guidewire Software®, a leading provider of flexible core systems to property/casualty insurers, today announced the availability of Guidewire ClaimCenter® 6.0 � the latest version of its market-leading claims system for property/casualty insurers. ClaimCenter is an end-to-end claims system that manages the entire claim lifecycle from first notice of loss through settlement, litigation, and recovery.
A highlight of ClaimCenter 6.0, Claims Performance Monitoring™, is a visual display of claim health metrics designed to meet the needs of an information-driven claims organization. Providing single-click access from anywhere within ClaimCenter, Claims Performance Monitoring brings real-time actionable information to claims personnel at all levels in a consistent and easy-to-use manner. Claims Performance Monitoring automatically tracks key metrics within each individual claim, eliminating the multi-step reporting process insurers currently take to learn how their claims operations are performing. By using a combination of insurer specific claim health metrics, high risk indicators, and claims summary screens, adjusters and managers are able to ascertain claim health and make rapid diagnoses to determine if the claim is being processed efficiently or whether additional consideration is needed.
In addition to Claims Performance Monitoring, ClaimCenter 6.0 delivers new enhancements to a system already recognized as leading the marketplace. Release 6.0 enables insurers to further improve their claims operations by:
- Streamlining and enhancing claims management processes such as deductible handling and support for key lines of business, including homeowners, workers� compensation, and travel;
- Gaining greater visibility into catastrophe exposures to ensure that claims are handled promptly, consistently, and in adherence with catastrophe management and reinsurance procedures;
- Readily identifying and tracking reinsurance recovery opportunities for large losses;
- Providing localization packs for key geographic regions to ease configuration for language, calendar, documents, and currency; and
- Empowering business owners by providing them with the ability to configure ClaimCenter parameters and thresholds on their own, thereby reducing reliance on IT.
“Easy accessibility to comprehensive information is increasingly important in every area of insurance operations, including claims,” notes Karlyn Carnahan, a principal at Novarica, who focuses on claims technology strategy for P&C insurers. “Improving visibility in the claims process allows insurers to monitor and affect performance in real time, and to continuously improve their claims handling processes.”
�We are proud that ClaimCenter is the most proven modern successor to legacy claims systems for insurance carriers today,� said Marcus Ryu, vice president, Strategy and Products, Guidewire Software. �Both functionally and architecturally, it has evolved continuously through eight years of intense engineering effort, incorporating considerable input from our clients.�
Ryu adds, �The advances in ClaimCenter 6.0 make it more possible than ever for property/casualty insurers to migrate from their inflexible legacy systems and finally deliver insurance the way they want.�
Guidewire is now widely recognized as the market leader for modern claims systems in the property/casualty industry and has received numerous industry accolades, including:
- Ranked #1 P&C provider of Point Solutions and #1 Provider of Integrated Systems in the Insurance Networking News and Celent 2009 “Vanguards in Insurance Practices” survey;
- Attained a rating of “Strong Positive”, the highest possible rating in Gartner’s report titled “MarketScope: North American Property and Casualty Insurance Claims Administration Systems� for the years 2009, 2008, and 2007 respectively;
- Received highest marks in Celent�s �U.S. Property/Casualty Market Claims Systems Vendors 2008� report; and
- Named a leading claims administration system by Novarica in its Vendor Solution Review of ClaimCenter, 2009Q3.
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.