Two commercial lines insurers, Catlin Group and FCCI Insurance Group have chosen suites with solutions that offer automation and data consolidation for policy, billing and claims, according to releases. The developments illustrate trends toward both increased core systems replacement activity and the preference of insurers for end-to-end suites.
Catlin Group, in Hamilton, Bermuda and Foster City, Calif., has selected Guidewire for rating, underwriting and policy administration, claims management and billing, with plans to support 20 offices in the U.S. Guidewire has helped improve data analytics with real-time reporting capabilities and automation for has also helped improve operational efficiency.
[Read: Insurance Policies Sold Digitally Will Double, Says Accenture to learn more about going digital.]
“From the automation opportunities to the rich source data for decision making, InsuranceSuite included a toolset that we felt could help us continue to profitability grow our business,” says Steve Naish, technology solutions at Catlin Group in a statement.
Sarasota, Fla. based FCCI has selected a policy administration platform called Policy Decisions and a solution that consolidates data from policy claims, billing, and reinsurance systems for enterprise reporting, analytics and integration, called Insurance Enterprise View.
CIO Paul Ayoub says that “Insurity’s strong configuration components offer us the self-sufficiency we desire. That, plus the ability to eventually consolidate our multiple systems to a single Insurity platform, made the case for it.”
FCCI will be able to reduce multiple systems, remain compliant and introduce new products to new states more easily, according to its release.
Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio