Frankenmuth Insurance, a Michigan-based Property/Casualty insurer, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property/Casualty (P/C) insurers, today announced that Frankenmuth has selected Guidewire InsuranceSuite™ as its new platform for underwriting, rating, policy administration, claims management, billing, client data management and reinsurance. Frankenmuth will also leverage Guidewire DataHub™ to support its enterprise-wide data management needs. Guidewire PartnerConnect™ Consulting member, PwC US, is leading the implementation project, with Guidewire working in close collaboration.
Frankenmuth selected InsuranceSuite as part of an organization-wide transformation initiative. By updating its existing systems, Frankenmuth Insurance will simplify its infrastructure to reduce system maintenance costs, streamline business processes, and gain the flexibility needed to remain competitive in an evolving market. The company will be deploying InsuranceSuite to its commercial lines business, and will then shift to its personal lines operations.
“We selected Guidewire because we wanted a tightly integrated suite of products to improve operational effectiveness and efficiency while improving customer service through a client-centric view of policyholder information” said Philip McCain, vice president, Information Technology, Frankenmuth Insurance. “We were impressed with Guidewire’s product maturity, market share, and track record of successful implementations and believe our strategic partnership will assist Frankenmuth in achieving our core purpose, ‘To Provide Peace of Mind’ for years to come.”
InsuranceSuite will enable Frankenmuth Insurance to:
Grow its business seamlessly;
Enhance operational performance through improved claims processing management and more robust underwriting capabilities;
Improve speed-to-market through enhanced efficiencies; and
Drive future enhancement projects and process innovation.
“We are pleased that Frankenmuth Insurance has chosen Guidewire InsuranceSuite and DataHub to transform their business,” said Steve Sherry, group vice president, Americas Sales. “We look forward to working with Frankenmuth to successfully implement the platform, help them achieve their business objectives, and ultimately deliver unique customer service.”
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.
Guidewire DataHub™ is an operational data store that unifies, standardizes, and stores data from the typical patchwork of an insurer’s systems as well as from external sources. This provides the single source of truth to feed core systems, business intelligence solutions, and downstream systems such as general ledger, regulatory, and tax reporting. DataHub decouples data consumption from data production, thus insulating downstream data consumers from changes in the behavior and configuration of upstream data producers. With DataHub, insurers can more easily retire legacy systems, ensure business continuity during core system transformation, and add new applications in the future.