London Market insurer sees TCO benefits in cost efficiency and speed
LONDON–(BUSINESS WIRE)–Specialist insurer Beazley, Guidewire Software, Inc. (NYSE: GWRE), the platform general insurers trust to engage, innovate, and grow efficiently, and Sollers Consulting (Sollers), Guidewire PartnerConnect Consulting partner, today announced that Beazley has successfully finalised its claims transformation programme, powered by Guidewire ClaimCenter.
ClaimCenter is now fully integrated with the London Market Electronic Claims File Write-Back (ECF). Beazley has worked closely with Guidewire to add ECF Write-Back to Guidewire’s London Market claims functionality. This functionality affords Lloyd’s Syndicates and the London company market the benefits of the shared electronic claims file system; meaning enriched pre-agreed data, transparency, tailored claims views, and significantly shortened claims lifecycles.
“The launch of the Lloyd’s Blueprint, the impact of the pandemic on our industry, and how we do business going forward have made improving efficiency and automation even more important to delivering greater value and service for our clients,” said Beth Diamond, Group Head of Claims, Beazley. “We are very pleased that the ECF integration initiative addresses this need.”
“The ECF Write-Back production release was the final step of our reimplementation programme,” said Steve Flood, Group Claims Platform Lead, Beazley. “We are already seeing a substantial increase in claims processing productivity due to faster access to our claims file data and document repository. Financial limits authorisation at the point of transaction response is another benefit of this implementation, enhancing our operational control capabilities. In addition, we are better positioned strategically for future cloud deployment.”
“Being one of the very first in the market with Guidewire’s ECF Write-Back integration offered us an opportunity to contribute to the development of the industry standard. As an integrator working together with Guidewire for over a decade, we’ve learned that a pioneering and innovative approach is worth it,” said Grzegorz Podleśny, Partner at Sollers Consulting. “As we appreciate the benefits brought to insurers by close interaction with the ECF and Insurance Market Repository (IMR), we were happy to support this process from both a technical and a business perspective, and translate it into a significant automation opportunity for Beazley. We believe that the Guidewire platform is a leader in Lloyd’s, and the broader London Market, and we look forward to working with other Managing Agents to bring the same benefits to their policy and claims operations.”
“We congratulate Beazley on their ClaimCenter upgrade and are delighted they are seeing demonstrable benefit from the digitalization of their claims management in what has been traditionally a paper-heavy environment,” said Mark Williams, vice president, Professional Services – EMEA, Guidewire Software. “Beazley is long known for its innovative approach to insurance products, and we are delighted to be part of that and their progress in support of a modern and digital London Market.”
About Beazley Group
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2019, underwrote gross premiums worldwide of $3,003.9 million. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
About Sollers Consulting
Sollers Consulting is an international business advisory and software implementation specialist supporting the financial industry in business transformations. Sollers Consulting teams have supported more than 80 financial groups in enhancing their digital capabilities, including Arch, Beazley, Enstar, QBE, Allianz, AXA, LV=, BNP Paribas Cardif, Basler, Generali, Zurich, Santander Consumer Bank, and ING.
Sollers Consulting specialises in IT systems that help insurers, banks, and leasing companies transform and adapt to new technologies. The company offers RIFE, a digital platform designed to address the needs of the insurance industry. Sollers Consulting cooperates with more than 15 technology providers such as Guidewire Software, Oracle, AWS, and Microsoft.
Over 600 business and IT specialists from Warsaw, Lublin, Poznan, Cologne, Tokyo, and Copenhagen are helping financial institutions in Germany, Great Britain, Poland, Scandinavia, and many other countries reap the benefits of digitalisation. More information can be found at www.sollers.eu.
Guidewire is the platform general insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. As of the end of our fiscal year 2019, more than 380 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.
All products mentioned in this announcement are Guidewire products.
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