The insurer will be using it for policy admin, underwriting, and management of billing and claims.
Mercury Insurance Group, together with Guidewire Software Inc., are making insurance news as the former has announced that it will be using the latter’s InsuranceSuite from now on, for its policy administration, underwriting, claims, and billing platform, starting with two of its many business lines, in a number of different states.
This platform was selected in order to boost their flexibility and help with expansion in the market.
This will all be starting with its homeowners line of products, within both existing and new states. Mercury is also looking forward to the ability it will gain from InsuranceSuite to simplify the way in which it does business with both customers and with its agents, allowing for greater maneuverability in its payment plan options. The insurer is currently in production of the homeowners’ line through InsuranceSuite, within six states, as well as with its commercial auto in five states.
About 4,000 agents and 1,000 in-house users are already live on Guidewire InsuranceSuite.
According to the Mercury senior vice president and chief information officer, Allan Lubitz, “We believe we will make the most of our investment by implementing a packaged set of solutions from one vendor.”
He added that “We felt Guidewire’s PolicyCenter, BillingCenter, and ClaimCenter, were very strong as individual offerings, but together they would provide even more benefits, such as greater flexibility for business expansion and a simplified maintenance process.” Lubitz also went on to explain that the insurer is very excited about the opportunities that they are being provided through the platform, which range from a boost in operational efficiencies, to important details such as faster paperless transactions.
He also pointed out the additional capabilities that Mercury has gained that are making insurance news:
• More efficient and consistent expansion of business into new states
• Smoother and easier expansion of lines of business
• Faster product and rate changes to better reflect the market
• Increased accuracy of underwriting and claims, and better efficiency through direct processing, and automated task management and work assignment.
• Easier regulatory compliance management
• Higher service levels for agents and customers.