Jewelers Mutual Insurance Company (“Jewelers Mutual”), the only company specializing exclusively in jewelry insurance in North America, and Guidewire Software, Inc. (NYSE: GWRE), a provider of flexible, core system software to Property/Casualty insurers, today announced that Jewelers Mutual has successfully deployed Guidewire InsuranceSuite™ as its new underwriting, policy administration, billing and claims platform for its Personal Lines business. Jewelers Mutual’s implementation also leverages the Guidewire Rating Management and Client Data Management modules. Guidewire PartnerConnect™ alliance member, PricewaterhouseCoopers, led the implementation project and worked in close collaboration with Jewelers Mutual and Guidewire Software. As part of a company-wide business transformation, Jewelers Mutual selected InsuranceSuite to provide a strong technology platform to increase its flexibility and operational efficiency and keep pace with business growth and demands for continuous improvement and system enhancements. Concurrent with its InsuranceSuite deployment, Jewelers Mutual installed a new data warehouse, reporting solution, and document production system, upgraded its document management solution, and also rebranded its Personal Lines program. Additionally, the company built and deployed a new eCommerce system that is integrated into InsuranceSuite and allows for the sale of insurance products when jewelry is purchased. Jewelers Mutual won a Guidewire Innovation Award for this extension of functionality in October 2012. Beginning its transformation project by implementing InsuranceSuite systems simultaneously for its Personal Lines business, Jewelers Mutual is currently in production with Guidewire InsuranceSuite in all of the 50 United States and in 9 Canadian provinces (all provinces except for Quebec). Jewelers Mutual is in the process of implementing its Commercial Lines operations on the same InsuranceSuite platform. “We found a great partner in Guidewire,” said Joel Matthies, chief information officer, Jewelers Mutual. “We faced a high level of complexity due to our previous systems and the need to implement all three systems within InsuranceSuite at the same time. We truly believe we wouldn’t have been as successful if we hadn’t been working with Guidewire on this business transformation.”
“The high quality of the Guidewire team and their expertise contributed to a smooth implementation process,” continued Matthies.“We are looking forward to the benefits of having our core systems on one cohesive platform,” stated Matthies. “The fact that they are pre-integrated and built with a high level of integration to work with our other systems is very beneficial for us and has enabled us to more quickly experience the benefits they provide.” InsuranceSuite is enabling Jewelers Mutual to:
- Achieve the agility needed to expand its product portfolio into new geographic regions;
- Increase the productivity of its current staff to limit the amount of onboarding needed while maintaining growth;
- Make product changes quickly to increase responsiveness to the market; and
- Enhance operational efficiency across the organization by standardizing policy administration, billing management, and claims handling processes on a common platform.