Jewelers Mutual Insurance Company (“Jewelers Mutual”), the only company specializing exclusively in jewelry insurance in North America, and Guidewire Software®, a provider of core system software to Property/Casualty (P/C) insurers, today announced that Jewelers Mutual has extended its Guidewire InsuranceSuite™ implementation to include Guidewire Reinsurance Management™ to manage its ceded reinsurance processes.
“We selected Guidewire InsuranceSuite to help us manage our business growth in the coming years and we see Reinsurance Management as an added tool to help us do that effectively,” said Darwin Copeman, president and chief executive officer of Jewelers Mutual. “Guidewire Reinsurance Management will enable us to extend our capabilities to ensure that we fully leverage all recovery and operational efficiency opportunities and reduce our unintended risk exposure.”
Jewelers Mutual is currently implementing all core InsuranceSuite applications for its personal lines of business, and will subsequently extend the new functionalities to its commercial lines operations. The addition of Guidewire Reinsurance Management™ will enable Jewelers Mutual to:
Ensure adequate reinsurance is in place with automated retention testing;
Enhance operational efficiency through automation of ceding processes;
Easily see applicable protections for each risk in PolicyCenter; and
Reduce recoverable leakage with automatic notification and tracking of reinsurance in ClaimCenter as part of claims handling.
“We are pleased that Jewelers Mutual recognized the benefits of our new Reinsurance Management capabilities,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Deploying this reinsurance functionality with Guidewire InsuranceSuite will help them grow profitably while effectively managing risk and compliance.”
Guidewire Reinsurance Management, as part of InsuranceSuite, enables insurers to effectively manage programs, consistently support underwriting and claims processes, and accurately calculate reinsurance financials. Reinsurance Management delivers the automation insurers need to effectively manage ceded processes. Providing the capability to handle proportional as well as non-proportional treaty and facultative reinsurance agreements across underwriting and claims processes, Reinsurance Management helps insurers reduce excessive risk exposure and recoverable leakage while increasing operational efficiencies.
Guidewire InsuranceSuite provides the flexible core systems essential for the mission-critical operations of Property/Casualty insurers competing in today’s market: underwriting and policy administration, claims management and billing. The suite was designed using a modular approach, enabling insurers to select individual applications — Guidewire PolicyCenter®, Guidewire ClaimCenter®, and Guidewire BillingCenter® — 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.