Transforming the Business and Simplifying Core Transactional Processes
The Challenge
The Solution
IMPROVEMENT IN FRAUD DETECTION SAVINGS
TRAINING NEW CLAIMS HANDLERS TAKES DAYS INSTEAD OF WEEKS
"We have simplified many of our core transactional processes, making us more efficient and productive, while at the same time reducing operating expenses. We have also successfully launched a number of new products and integrated our new rating and customer-fulfillment capabilities."
Gavin Drescher, IT Delivery Director
LV= General Insurance
LV= General Insurance (LV= GI) is a leading general insurer in the UK, employing more than 6,000 people and serving more than 5.7 million customers with a range of insurance, investment, and retirement products. The company takes its mission “to look after what people love” seriously and prides itself on going above and beyond to help its customers.
The company successfully deployed Guidewire ClaimCenter in 2011 as its new claims-handling platform for its Home and Motor Insurance lines of business. The goal was to improve the speed and accuracy of claims settlement and enable proactive management of claims, including better fraud detection and reduction in claims leakage.
After the system proved its merit by successfully helping the insurer manage tens of thousands of storm-related claims quickly during CAT-related losses in 2013–2014, LV= sought a larger transformation.
In what’s being described as the insurer’s largest transformation ever undertaken, LV= GI completely replaced its core legacy systems over a two-and-a-half-year period and implemented Guidewire core and data solutions, including multiple new products, such as Guidewire PolicyCenter, Guidewire BillingCenter, and Guidewire DataHub for underwriting, policy administration, billing management, and data management.
LV= GI is now selling all auto and home insurance products on the new platform, as well as migrating all its existing customers.
The company has seen a boost in call center efficiency and has made it simpler and more efficient for customers and frontline employees. Further, LV= GI can now successfully monitor business performance across both legacy and new platforms.
"We have simplified many of our core transactional processes, making us more efficient and productive, while at the same time reducing operating expenses,” said Gavin Drescher, IT Delivery Director at LV= GI. “On the new system, we have also successfully launched a number of new products and integrated our new rating and customer-fulfillment capabilities. All of this has made it much easier for our customers to do business with us, which in turn has resulted in our customer satisfaction scores improving significantly."
