Global specialty insurer now in production with Guidewire ClaimCenter® – on time and under budget
HARTFORD, Conn. and FOSTER CITY, Calif.,
The Hartford Steam Boiler Inspection and Insurance Company (HSB), a leading engineering and technical risk insurer, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property/Casualty (P/C) insurers, today announced that HSB has successfully deployed Guidewire ClaimCenter® as its new platform for claims management.
HSB, a part of Munich Re, sought a system that would give the company the flexibility and functionality to support the growth of its personal lines business and core commercial specialty insurance practice. The company also wanted to provide adjusters a tool that would increase both efficiency and proficiency, as well as support its commitment to delivering high levels of customer service.
HSB is currently in production with ClaimCenter across all of its personal and commercial lines of business in the US. ClaimCenter was deployed on time, and the implementation came in under budget. Moving forward, HSB plans to explore ways to leverage the system for global business.
“Research shows that a reputation for high-quality claims service is among the top factors customers consider in selecting a specialty insurance provider," said Wade Bolin, senior vice president, Claims, HSB. "Deploying ClaimCenter as our new claims system is part of our claims transformation strategy to ensure that HSB will continue to set the standard for service excellence in specialty insurance."
ClaimCenter is enabling HSB to:
Deliver timely communications across the lifecycle of a claim for better customer service;
Integrate with third-party systems for a more seamless claims handling approach; and
Gain better insight into claims operations to drive process and service improvements.
“Our team has been very satisfied with ClaimCenter from day one,” continued Bolin. “We are eager to exploit the capabilities of ClaimCenter, and we’re very happy with the operational efficiency, technical proficiency and customer service gains ClaimCenter is enabling thus far.”
“We congratulate HSB on their successful ClaimCenter implementation,” said Mike Polelle, chief customer officer, Guidewire Software. “We applaud HSB's dedication to continuously improving their business, and we look forward to continuing to support them on their business transformation journey.”
Guidewire ClaimCenter® is a leading end-to-end claims management system, built from the ground up to meet the specific needs of today’s Property/Casualty insurers. ClaimCenter’s flexible business rules enable claims organizations to define, enforce, and continually refine their preferred claim handling practices in order to optimize and monitor their claim processes. ClaimCenter is in use by insurers of all sizes across all product lines to improve speed and accuracy, reduce loss adjustment expense, and enable proactive management of claims. ClaimCenter is available as a standalone system or as part of Guidewire InsuranceSuite™, and can be integrated to an insurer’s legacy systems or third party applications.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). www.hsb.com.
About Munich Re
In the U.S., Munich Re provides access to a full range of property and casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group. Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2013, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.3bn on premium income of over €51bn. It operates in all lines of insurance, with almost 45,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2013, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €209bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
About Guidewire Software
Guidewire builds software products that help Property/Casualty insurers replace their legacy core systems and transform their business. Designed to be flexible and scalable, Guidewire products enable insurers to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite™ provides the core systems used by insurers as operational systems of record. Additional products provide support for data management, business intelligence, anytime/anywhere access and guidance and monitoring. More than 150 Property/Casualty insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: .