Farm Bureau Insurance of Michigan (Farm Bureau Insurance), a leading provider of Property/Casualty (P/C) insurance in Michigan, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to P/C insurers, today announced that Farm Bureau Insurance has selected Guidewire InsuranceSuite™ as its new platform for rating, underwriting and policy administration, claims management, and billing. The organization also selected Guidewire Client Data Management™ to help it manage customer contact data. Guidewire PartnerConnect™ alliance member, PwC US, has been selected to work with Farm Bureau Insurance on the implementation project.
Farm Bureau Insurance selected InsuranceSuite to help it transform its core systems as well as its business practices as part of a larger business transformation initiative. Another key business driver for the project is Farm Bureau Insurance’s desire to continuously improve its service to customers, including both policyholders and agents.
“As we went through the selection process, it was really the quality of the Guidewire team and technology that reaffirmed that they were the best fit for our needs,” said Bill Hodges, director, Marketing Development and Support, Farm Bureau Insurance. “Whenever we had questions, the Guidewire team demonstrated the answer visually, through the solution versus just telling us. This made us comfortable and confident in the fact that we were making the right decision.”
“We are committed to our agents as our distribution method and trusted advisors,” said Teresa Ruckle, director, Policyholder Services, Farm Bureau Insurance. “With InsuranceSuite, we will be able to provide them with the ability to make faster decisions leveraging straight through processing and tools that will help eliminate manual processes. This will, in turn, allow them to focus more on customer service.”
InsuranceSuite will enable Farm Bureau Insurance to:
Increase its speed to market with integrated policy, billing, and claims systems;
Enhance its operational efficiencies and consistency across all its P/C lines of business;
Consolidate disparate systems to more easily gather data for accurate pricing which will enable it to be competitive in the market; and
Reduce operating costs by leveraging a common skill set and configuration tools.
“We are pleased to welcome Farm Bureau Insurance to the Guidewire family as an InsuranceSuite customer,” said Steve Sherry, vice president, The Americas, Guidewire Software. “We recognize their commitment to continuously improving their customers’ experience, and we look forward to a long term partnership with them.”
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.