Guidewire InsuranceSuite™ to enable product and geographic expansion
SAN JUAN, Puerto Rico and SAN MATEO, California, April 7, 2011 � Universal Group, Inc. (Universal), a Commercial and Personal lines carrier with operations in Puerto Rico and the United States, and Guidewire Software, today announced that Universal has selected Guidewire InsuranceSuite™ to support transforming its core operations including underwriting, policy administration, rating, billing, and claims management. Universal will begin Phase I of its transformation project by deploying all three Guidewire core systems simultaneously for its Commercial and Personal Auto lines of business. Universal has teamed with Guidewire PartnerConnect™ alliance member, PwC US, and Guidewire for the implementation.
Universal will use InsuranceSuite to:
- Enable its strategy of expanding its product footprint and regional areas served;
- Accelerate time to market with improved rating, underwriting, and new business capabilities;
- Improve efficiency of core operations including first notice of loss (FNOL), claims handling, policy administration, and billing; and
- Significantly lower IT costs by reducing its applications portfolio.
“Guidewire InsuranceSuite will enable us to grow our business quickly and efficiently,” said Monique Miranda, chief executive officer and president, Universal Insurance Company. “We will also be able to apply industry best practices to our processes, refining them where needed to ensure that we continue to provide the fast and reliable service our agents and insurers expect from us.”
“We are pleased to welcome Universal to our Guidewire family,” said Marcus Ryu, chief executive officer, Guidewire Software. “Insurers choose Guidewire because they want core systems that better enable their short and long term strategy. We look forward to enabling the Universal team to accelerate an already impressive track record of business expansion.”
Guidewire InsuranceSuite™ provides the flexible core systems essential for the mission-critical operations of property/casualty carriers competing in today�s market: underwriting, policy administration, billing and claims. The suite was designed using a modular approach, enabling carriers to select individual applications — Guidewire PolicyCenter®, Guidewire BillingCenter®, and Guidewire ClaimCenter® — or a pre-integrated set, driven by their requirements and priorities. The suite provides the flexibility insurers need to deliver insurance the way they want to by rapidly delivering better products and service to their policyholders and agents, while improving underwriting discipline and lowering operational costs. Insurers� personnel (including underwriters, customer service representatives, adjusters, supervisors, and executives) gain intuitive, productive role-specific user interfaces. Insurer IT organizations gain flexibility in addressing evolving business requirements through consistent tools for configuring and enhancing operational data stores, user interfaces, workflows and business logic across their underwriting, policy administration, billing and claims systems.
About Universal Group
Universal is known across Puerto Rico, and in the fastest-growing regions of the United States, as a preferred financial services and insurance provider. For more than 30 years, we have helped clients protect what is most important and secure a better future. We continue to expand our products and services, and extend our reach. Across Puerto Rico, customers find the Universal brand�a symbol of fast and reliable service. And in Florida, Texas, California and an expanding range of states, the Universal name and logo epitomize quality and concern for the customer. Desde el principio, m�s cerca de ti. From the beginning, closer to you. For more information, please visit www.universalpr.com.
About Guidewire Software
Guidewire Software is a leading provider of flexible core systems that enable property/casualty insurers to deliver insurance the way they want to. Guidewire builds high quality software that consistently works as promised. Designed for maximum flexibility and scalability, Guidewire solutions give insurers the capability to deliver excellent service to policyholders and agents and increase market share � while lowering operating costs. Guidewire InsuranceSuite®, consisting of Guidewire PolicyCenter®, Guidewire BillingCenter®, and Guidewire ClaimCenter®, spans the entire insurance lifecycle � underwriting, policy administration, billing, and claims management. Guidewire is headquartered in San Mateo, California, with offices in London, Munich, Paris, Sydney, Tokyo, and Toronto. For more information, please visit www.guidewire.com.