San Mateo, Calif.-based Guidewire has released version 7.0 of its P&C policy administration system, PolicyCenter.
The new version features improved risk analysis and underwriting performance capabilities, as well as additional visibility, flexibility, and scalability for better customer centricity, the company claims.
“We included major enhancements in the new release of PolicyCenter and are very pleased with the market feedback received to date,” Marcus Ryu, CEO of Guidewire, says in a statement. “I am very proud of our accomplishments in PolicyCenter 7.0, and deeply appreciative of our customers’ contributions to its design.”
Users can now readily view account and policy history, better manage relationships between accounts, and more efficiently handle complex changes to provide more efficient, accurate service. Version 7.0 also includes third-party data integration to support more thorough and efficient risk analysis, side-by-side quoting to help insurers quickly present choices to customers, and policy holds to limit or restrict policy activity to support underwriting and regulatory compliance in the event of a natural disaster or pending product change, according to Guidewire.
PolicyCenter also now includes a rate table workbench with a flexible and dynamic user interface and import/export support for Microsoft Excel.
A companion product, Guidewire Reinsurance Management, automates management of ceded reinsurance processes. This includes proportional as well as non-proportional treaty and facultative reinsurance agreements.
“We are very excited about the new enhancements available with PolicyCenter 7.0 and are looking forward to using them,” Jim Bussiere, SVP of sales and client services for Amica Mutual Insurance Company (Lincoln, R.I.), says in a statement. “We want our front-line representatives to have state-of-the-art systems to complement their already superior service efforts.