2015 ICTA Nomination. Technology by Guidewire Software.
Frank Cowan Company continuously looks for ways to make it easier for our clients and business partners to work with us. By enabling the use of best-in-class technology, such as Guidewire, we have taken a step in the right direction.
Key benefits of implementing Guidewire include:
Better Control of Loss Costs
- Reduce claims leakage;
- Improve capability for subrogation and salvage opportunities;
- Improve claim quality through exception based management of claims, and automated escalations.
Better Control of Expenses
- Provide more efficient payments to vendors using bulk payments;
- Provide better information for vendor management;
- Better able to control legal expenses through a more robust information capture.
Increase in Internal Efficiency
- Automate authority processes for reserve changes and payments – greater efficiency;
- Underwriting access to claims information based on role authorization for most recent claim information to base renewal decisions;
- Improved reporting to partner companies for better loss decisions.
- Improve speed and access to information for municipal clients;
- Online notes and information available to a wider audience – various personnel can respond to inquiries vs. a select few;
- Centralization of information resulting in reduced time spent searching for physical files.
One third of Frank Cowan Company’s Ontario municipal clients are currently using Guidewire and an estimated half of our municipal clients will be using it by the end of 2014. The majority of Frank Cowan Company are using Guidewire on a daily basis as are our insuring partners.
Guidewire has generated a 90% up-tick in efficiency in accessing claim information. Less time is spent responding to requests which involved receiving a request, looking up information in a physical paper file, scanning or photocopying the required information and then transposing it in a manner that was acceptable to the party.
About Frank Cowan Company
Frank Cowan Company is a leader in providing specialized insurance programs, including risk management and claims services for municipalities and public service, healthcare, education, community, children’s and social service organizations across Canada. For more information, visit www.frankcowan.com.
SOURCE: Frank Cowan Company