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.
Guidewire Rating Management, an add-on module for Guidewire PolicyCenter, enables more precise control and responsiveness over rating and pricing through all phases of the product lifecycle. Insurers experience enhanced visibility, flexibility, and rapid time to market to support key business objectives. Rating Management delivers the capabilities needed to support the key business objectives of insurers: business agility to capitalize on opportunities faster and launch innovative products; operational efficiency to drive down costs without compromising quality; and underwriting excellence to improve profitability.Guidewire Reinsurance Management, as part of Guidewire InsuranceSuite, enables insurers to effectively manage programs, consistently support underwriting and claims processes, and accurately calculate reinsurance financials. Reinsurance Management delivers the automation insurers need to effectively manage ceded processes. Providing the capability to handle proportional as well as non-proportional treaty and facultative reinsurance agreements across underwriting and claims processes, Reinsurance Management helps insurers reduce excessive risk exposure and recoverable leakage while increasing operational efficiencies. About The Co-operators: The Co-operators Group Limited is a Canadian-owned co-operative with more than $35 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the 50 Best Employers in Canada and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information visit www.cooperators.ca. About Guidewire Software Guidewire Software is a provider of core system software to the global Property/Casualty (general) insurance industry. Designed to be flexible and scalable, Guidewire solutions give insurers the capability to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite™, consisting of Guidewire PolicyCenter®, Guidewire ClaimCenter® and Guidewire BillingCenter® spans the key functional areas in insurance – underwriting and policy administration, claims management, and billing. Guidewire is headquartered in Foster City, California, with offices in Beijing, Dublin, Hong Kong, London, Munich, Paris, Sydney, Tokyo, Toronto and Warsaw. For more information, please visit www.guidewire.com. NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire PolicyCenter, Guidewire BillingCenter, Guidewire InsuranceSuite, Guidewire Live, Before & After, Guidewire PartnerConnect, Deliver Insurance Your Way, and the Guidewire logo are trademarks, service marks, or registered trademarks of Guidewire Software, Inc. in the United States and/or other countries.