The Co-operators Group Ltd. (The Co-operators), a leading Canadian-owned, multi-product insurer, and Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible core system software today announced that The Co-operators has extended its Guidewire InsuranceSuite™ implementation. The Co-operators has selected Guidewire Rating Management™ to obtain more precise control and responsiveness over rating and pricing through all phases of the insurance product lifecycle and Guidewire Reinsurance Management™ to manage its ceded reinsurance processes.
“We anticipate significant benefits from leveraging Guidewire Rating Management and Guidewire Reinsurance Management,” said Sandra Baskerville, vice president, Common Systems Development, The Co-operators. “We are confident that Guidewire Rating Management will help streamline our rating process making it easier for our actuaries, developers, and the overall organization to quickly develop rates.”
“In regards to Guidewire Reinsurance Management, when our team looked at the offering, they found it had exactly what they needed in terms of functionality and more,” Baskerville added.
The Co-operators has been in production with all core Guidewire InsuranceSuite systems since 2010. The addition of Guidewire Rating Management and Guidewire Reinsurance Management will enable The Co-operators to:
- Empower business users to utilize rating management tools and features including debugging to ease the effort involved in rating maintenance;
- Leverage the instant visibility of the processes in Rating which allows the user to view exactly how rates were calculated, what factors were used, etc.;
- Reduce excessive risk exposure by detecting and managing treaty and facultative reinsurance arrangements; and
- Accurately calculate ceded premiums, commissions, ceded reserves and recoverable amounts for proportional reinsurance agreements.