Universal Group, Inc. (San Juan, Puerto Rico), a commercial and personal lines carrier with operations in Puerto Rico and the United States, has extended its Guidewire (San Mateo, Calif.) InsuranceSuite implementation, adding Guidewire Reinsurance Management to manage its ceded reinsurance processes and Guidewire Client Data Management to support a more comprehensive customer view across its core operations.
"These additional Guidewire modules for Reinsurance and Client Data Management are ideal to help us further improve our service capabilities and the efficiencies of our operations," comments Luis Pérez Sánchez, chief administrative officer, Universal Group. "The fact that they are pre-integrated to work with our other Guidewire InsuranceSuite systems is very beneficial for us and will enable us to more quickly experience the benefits they can provide."
Universal insurance is currently implementing all core Guidewire InsuranceSuite applications for its personal and commercial lines of business, according to a joint statement. The carrier and vendor says that the addition of Guidewire Reinsurance Management and Guidewire Client Data Management will enable Universal to:
- Reduce excessive risk exposure by detecting and managing treaty and facultative reinsurance arrangements;
- Accurately calculate ceded premiums, commissions, ceded reserves and recoverable amounts for proportional reinsurance agreements;
- Reduce recoverable leakage with automatic notification and tracking of reinsurance during claims handling;
- Gain a holistic, single source of truth view of customer data across its billing, claims and policy administration systems;
- Detect and merge duplicate customer records for reduced redundancy; and
- Track history of contact information changes.