«The modern corporate network is changing so quickly. Companies are being acquired; companies are being spun off; new cloud vendors are in the picture. So the network environments that we need to underwrite are so dynamic that a static insurance underwriting application that may have been completed 14 months ago is just not going to cut it. Risk Insights enables us to keep a bead on where a company stands in real time. »
Brad Gow, Global Cyber Product Leader
Sompo International
Sompo International, a global specialty provider of P&C insurance and reinsurance, is a wholly owned subsidiary of Sompo Holdings, Inc. whose core business comprises one of the largest P&C insurance groups in the Japanese domestic market. The insurer’s diverse offerings—including agricultural, professional, catastrophe, property, marine and energy, casualty, and other specialty lines of reinsurance—position Sompo International to compete and require a technology strategy to fuel its growth.
Following a successful Guidewire ClaimCenter deployment and as part of a global program to streamline its underwriting system and policy management processes on an integrated end-to-end platform, Sompo International selected Guidewire PolicyCenter. PolicyCenter replaces the insurer’s previous disparate policy administration systems for its retail and wholesale excess casualty insurance lines of business. At the same time, the insurer also implemented Guidewire Client Data Management.
For its go-to-market strategy in the London Market, Sompo deployed PolicyCenter as its underwriting and policy management solution, utilizing Guidewire’s Global Commercial Accelerator. The strategy, to incorporate Guidewire’s Global Commercial Extension to the PolicyCenter implementation, enables the insurer to achieve full integration with financial, reporting, and document management systems, as well as streamline process, workflow, and data quality control by supporting one system for all data entry from submission to binding, registration, and policy issuance. In particular, the initiative will facilitate management of the particular demands of the London Market, such as written and signed lines, and Bureau processing.
"Sompo International is the first insurer in the London Market to roll out Guidewire PolicyCenter for this use," said Alfred Goxhaj, Chief Information Officer at Sompo International. "Our plan is to deploy Guidewire with the Global Commercial Accelerator across all our classes of business in London on a phased basis. We have begun with our property policies attaching this month, and feedback from our underwriters on the new system has been positive.”
Sompo International also has realized benefits from Guidewire Risk Analytics.
