Guidewire InsuranceSuite™ to help Peruvian insurer increase its operational efficiencies, reduce time to market for new products, and enhance customer and agent experience
Lima, Peru and Foster City, Calif. (Oct. 18, 2012) — Pacifico Seguros (Pacifico), a leading insurance company in Peru, and Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible, core system software to general (property/casualty) insurers, today announced that Pacifico has selected Guidewire InsuranceSuite™ as its new underwriting, policy administration, billing and claims management platform. Pacifico has also selected Guidewire Rating Management™ for more precise control and responsiveness over rating and pricing and Guidewire Reinsurance Management™ to deliver the automation needed to effectively manage ceded reinsurance. Pacifico will be implementing InsuranceSuite in a phased approach by line of business.
Pacifico sought to replace its core systems to gain the flexibility to adapt and more quickly respond to new business and product opportunities and to improve its overall time to market. The company needed new core systems to support its shift in focus from predominantly commercial lines to growing its personal lines’ business. Prior to selecting Guidewire InsuranceSuite, Pacifico’s supporting processes and IT platforms were built exclusively for commercial lines.
“We selected Guidewire InsuranceSuite because its out of the box capabilities met our requirements with almost no customization, which will allow us to adopt best-in-class practices quickly. We also valued the high quality of the software, as well as the abundant positive feedback we received from current Guidewire customers,” said David Saettone, Chief Executive Officer of Pacifico Seguros. “We considered selecting three different vendors if that would have provided us with the best functional support and technology on the market, but we found that the individual merits of Guidewire’s PolicyCenter, BillingCenter, and ClaimCenter were market-leading. We are looking forward to the benefits of having our core systems on one cohesive platform; including the productivity and efficiencies we will gain from having streamlined processes across our core functions.”
Mr. Saettone added, “We are excited about the additional opportunities Guidewire InsuranceSuite will bring us, ranging from offering customers the ability to interact with us through faster and direct channels, to making it easier for agents to work with Pacifico by giving them better tools to help them do their jobs more quickly and efficiently.”
InsuranceSuite will enable Pacifico to:
- Make product and rate changes quickly to increase responsiveness to the market;
- Provide high levels of service to customers and agents; and
- Enhance operational efficiency through automation across underwriting, policy administration, billing, and claims management processes.
“We are excited to welcome Pacifico to the Guidewire family and to expand our presence in Latin America,” said Steve Sherry, Vice President, The Americas, Guidewire Software. “By recognizing the business value of Guidewire InsuranceSuite, its ability to manage multiple currencies and serve Spanish-language users, and by selecting it to run its operations, Pacifico gains a strong foundation on which to grow and operate its business effectively and efficiently.”
Guidewire InsuranceSuite powers the mission-critical operations of property/casualty insurers competing in today’s market. The suite was designed using a modular approach, enabling insurers to select individual applications — Guidewire PolicyCenter®, Guidewire BillingCenter®, and Guidewire ClaimCenter® — or a pre-integrated set, driven by their requirements and priorities. InsuranceSuite 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.
About Pacifico Seguros
Pacifico Seguros, part of Creditcorp Ltd., the largest financial holding company in Peru, consists of more than 5,000 professionals who are dedicated to providing a comprehensive range of products and services that enable corporate customers and individuals to manage their risks efficiently. Pacifico Seguros provides risk management solutions for property and casualty, health, auto, life, and annuities. It was the first Peruvian insurance company to obtain an international investment grade by Moody’s and Fitch Ratings. For more information, please visit www.pacificoseguros.com.
About Guidewire Software
Guidewire Software is a provider of core system software to the global Property/Casualty (general) insurance industry. Designed to be flexible and scalable, Guidewire solutions give insurers the capability to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite™, consisting of Guidewire PolicyCenter®, Guidewire ClaimCenter® and Guidewire BillingCenter® spans the key functional areas in insurance – underwriting and policy administration, claims management, and billing. Guidewire is headquartered in Foster City, California, with offices in Beijing, Dublin, Hong Kong, London, Munich, Paris, Sydney, Tokyo, and Toronto. For more information, please visit www.guidewire.com.Tags: Core Systems Modernization, Guidewire