Pacifico Seguros (Pacifico), a leading insurance company in Peru, and Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible, core system software to general (property/casualty) insurers, today announced that Pacifico has selected Guidewire InsuranceSuite™ as its new underwriting, policy administration, billing and claims management platform. Pacifico has also selected Guidewire Rating Management™ for more precise control and responsiveness over rating and pricing and Guidewire Reinsurance Management™ to deliver the automation needed to effectively manage ceded reinsurance. Pacifico will be implementing InsuranceSuite in a phased approach by line of business. Pacifico sought to replace its core systems to gain the flexibility to adapt and more quickly respond to new business and product opportunities and to improve its overall time to market. The company needed new core systems to support its shift in focus from predominantly commercial lines to growing its personal lines’ business. Prior to selecting Guidewire InsuranceSuite, Pacifico’s supporting processes and IT platforms were built exclusively for commercial lines. “We selected Guidewire InsuranceSuite because its out of the box capabilities met our requirements with almost no customization, which will allow us to adopt best-in-class practices quickly. We also valued the high quality of the software, as well as the abundant positive feedback we received from current Guidewire customers,” said David Saettone, Chief Executive Officer of Pacifico Seguros. “We considered selecting three different vendors if that would have provided us with the best functional support and technology on the market, but we found that the individual merits of Guidewire’s PolicyCenter, BillingCenter, and ClaimCenter were market-leading. We are looking forward to the benefits of having our core systems on one cohesive platform; including the productivity and efficiencies we will gain from having streamlined processes across our core functions.” Mr. Saettone added, “We are excited about the additional opportunities Guidewire InsuranceSuite will bring us, ranging from offering customers the ability to interact with us through faster and direct channels, to making it easier for agents to work with Pacifico by giving them better tools to help them do their jobs more quickly and efficiently.”
InsuranceSuite will enable Pacifico to:
- Make product and rate changes quickly to increase responsiveness to the market;
- Provide high levels of service to customers and agents; and
- Enhance operational efficiency through automation across underwriting, policy administration, billing, and claims management processes.