Guidewire Software, a provider of core system software to Property/Casualty insurers, today announced that it has been named the winner of four XCelent Awards â two in Celentâs Policy Administration System Vendors: North American Personal P/C Insurance 2011 report and two in Celentâs Policy Administration System Vendors: North American Commercial P/C Insurance 2011 report.
Guidewire PolicyCenter earned XCelent Award honors for its top scores, in the areas of:
â¢ Technology for commercial lines
â¢ Depth of Service for commercial lines
â¢ Technology for personal lines
â¢ Depth of Service for personal lines
The XCelent Awards are based on Celentâs ABCD Vendor View, a framework used for evaluating solutions. Vendor scores were determined through RFIs, customer reference surveys and interviews which provided quantitative as well as qualitative data.
âAn insurer seeking a new policy administration system should seek to understand and weigh the capabilities of each vendor (as a long-term business partner) and each solution (technology, functionality, service quality, implementation track record and so on),â said Donald Light, senior analyst in Celentâs insurance practice and co-author of the report. âAssessing whether the vendor relationship and the systemâs capabilities and flexibility facilitate or hinder the achievement of the insurerâs strategic, operational, and technology strategies and objectives are among the initial considerations in the overall selection process.â
âUnderwriting best practices and policy administration processes can vary significantly between Commercial and Personal Lines,â said Neil Betteridge, vice president, Strategy, Guidewire Software. âWe are pleased that PolicyCenter was recognized as being an equally strong solution for insurers writing either or both Commercial and Personal lines.â
Commenting on the recognition, Guidewireâs chief executive officer Marcus Ryu said, âThank you to the Celent team for these awards. Weâre proud of the momentum we have had thus far with our PolicyCenter product and itâs gratifying to receive this recognition from a respected third party. Itâs particularly pleasing to us that our customers and Celent rated us highly in both technology and quality of service.â
Guidewire PolicyCenterÂ® is a flexible underwriting and policy administration system that enables Property/Casualty insurers to grow their business profitably by improving efficiency, while responding with agility to market opportunities and enhancing relationships with brokers and customers. Designed to support both commercial and personal lines, PolicyCenter helps insurers streamline front and back office processes, from new business submission and quoting through policy renewals. PolicyCenter is available as a standalone system or as part of Guidewire InsuranceSuiteâ¢, and can be integrated to an insurerâs existing systems and third party applications.