Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible core system software to Property/Casualty (general) insurers, and SBI Insurance Company Ltd. (SBI Insurance) today announced that SBI Insurance has implemented the full-scale use of Guidewire InsuranceSuite™ for its “Cancer Insurance” (for medical treatments not covered by health insurance), which SBI Insurance started offering in August 2012. This marks the first implementation of InsuranceSuite by a Japanese Property/Casualty insurer.
SBI Insurance decided to build an entirely new core system for its new Cancer Insurance offering, as the company’s current platform lacked flexibility and agility. The new system needed to cover the complete range of functionality necessary to conduct general insurance business and have a system architecture that would enable high levels of flexibility and scalability, in line with SBI Insurance’s information systems policy of “compact systems” and “compact operations.” After careful comparison and evaluation of several commercially available systems, SBI Insurance decided to select and implement InsuranceSuite.
“SBI Insurance has focused on delivering customer-centric services since the company was founded. We have endeavored to provide our customers with high-quality services that leverage the benefits of web-based services at the lowest insurance rates in the industry,” said Kazunosuke Fujioka, Director, SBI Insurance. “Guidewire’s product vision is very close to our own. Guidewire provides well thought-out solutions and consulting services that will allow us to reach self-sufficiency in operating the system. As a result, we will be able to implement a system that meets our demands in terms of superior quality, agility and cost-effectiveness.”
Guidewire InsuranceSuite will enable SBI Insurance to:
- Leverage a system architecture that provides high levels of flexibility and scalability;
- Utilize an industry-specialized solution that features enhanced functionality and superior cost-effectiveness; and
- Ensure agility by providing the ability to make changes and upgrades to the systems in-house.
InsuranceSuite will potentially be used for other product lines in addition to Cancer Insurance.