Guidewire InsuranceSuite™ companion modules help leading Canadian-owned insurer increase control and responsiveness over rating and pricing and manage ceded Property/Casualty reinsurance processes
The Co-operators Group Ltd. (The Co-operators), a leading Canadian-owned, multi-product insurer, and Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible core system software today announced that The Co-operators has extended its Guidewire InsuranceSuite™ implementation. The Co-operators has selected Guidewire Rating Management™ to obtain more precise control and responsiveness over rating and pricing through all phases of the insurance product lifecycle and Guidewire Reinsurance Management™ to manage its ceded reinsurance processes.
“We anticipate significant benefits from leveraging Guidewire Rating Management and Guidewire Reinsurance Management,” said Sandra Baskerville, vice president, Common Systems Development, The Co-operators. “We are confident that Guidewire Rating Management will help streamline our rating process making it easier for our actuaries, developers, and the overall organization to quickly develop rates.”
“In regards to Guidewire Reinsurance Management, when our team looked at the offering, they found it had exactly what they needed in terms of functionality and more,” Baskerville added.
The Co-operators has been in production with all core Guidewire InsuranceSuite systems since 2010. The addition of Guidewire Rating Management and Guidewire Reinsurance Management will enable The Co-operators to:
- Empower business users to utilize rating management tools and features including debugging to ease the effort involved in rating maintenance;
- Leverage the instant visibility of the processes in Rating which allows the user to view exactly how rates were calculated, what factors were used, etc.;
- Reduce excessive risk exposure by detecting and managing treaty and facultative reinsurance arrangements; and
- Accurately calculate ceded premiums, commissions, ceded reserves and recoverable amounts for proportional reinsurance agreements.
“We are pleased that The Co-operators has recognized the benefits of our rating and reinsurance capabilities,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “These companion modules coupled with InsuranceSuite will help The Co-operators to enjoy the increased breadth of core system capabilities available to help them meet their business objectives.”
Guidewire Rating Management, an add-on module for Guidewire PolicyCenter, enables more precise control and responsiveness over rating and pricing through all phases of the product lifecycle. Insurers experience enhanced visibility, flexibility, and rapid time to market to support key business objectives. Rating Management delivers the capabilities needed to support the key business objectives of insurers: business agility to capitalize on opportunities faster and launch innovative products; operational efficiency to drive down costs without compromising quality; and underwriting excellence to improve profitability.
Guidewire Reinsurance Management, as part of Guidewire 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.