Guidewire (GWRE) InsuranceNow to Fuel Lititz's Business Growth
Guidewire Software’s GWRE InsuranceNow has been selected by Lititz Mutual Insurance Company (Lititz) for enhancing its customer service and driving business growth.
Lititz is the flagship of a group of mutual insurance companies, which includes Penn Charter Mutual Insurance Company, Farmers’ & Mechanics’ Mutual Insurance Company and Livingston Mutual Insurance Company. Along with this, the companies offer a wide range of personal habitational products backed by small commercial, farm and umbrella coverages.
Lititz specializes in insurance coverage for individuals and small businesses through a network of independent agents. Lititz can develop a customized policy to meet the needs of its customers, who can be homeowners, landlords or small-business owners. They also offer coverage for farms in Pennsylvania, Virginia and North Carolina.
Benefits of InsuranceNow
InsuranceNow is purpose-built to give insurers the freedom to focus on innovation and service — with an affordable core platform that is complete without any complexity. It provides solutions to support the entire insurance lifecycle, including product definition, distribution, underwriting, policyholder services, and claims management.
Lititz has selected InsuranceNow to upgrade its systems and transform the interactions its agents and policyholders have. The company evaluated a number of systems before choosing InsuranceNow, which emerged as the best solution for its requirements. Lititz will be able to access additional data through InsuranceNow dashboards, which will eventually transform the company’s underwriting processes. This will increase the agent's and policyholders’ digital involvement with the company and reduce the post-issuance underwriting correspondence that consumes time and money.
The company plans to implement Guidewire’s InsuranceNow initially for its homeowners' business line, with other lines of business to follow.
For Lititz, cloud computing has always been an integral part of its future business strategy. By utilizing InsuranceNow on Guidewire Cloud, the company will be able to take advantage of Guidewire’s state-of-the-art technology and innovation, thereby reducing the time devoted to system maintenance.
Guidewire is equally optimistic about this association. With the help of InsuranceNow’s value-added capabilities, Guidewire is thrilled to play an instrumental role in meeting the needs of Lititz’s policyholders, and providing a quick and fair response on claims and customer service, thereby enhancing customer satisfaction.
Blooming Prospects for GWRE
San Mateo, CA-based Guidewire is a leading software solutions provider for P&C insurers. With digital transformation becoming the new normal in the insurance industry, the firm’s cloud-based subscription products are witnessing traction. The company is benefiting from robust adoption of the InsuranceSuite Cloud platform as insurers are increasingly looking to digitalize their business processes. A less competitive market and regular customer additions are other tailwinds.
As a cloud-based solution provider, Guidewire provides enhanced flexibility to adapt to changing market needs and customer expectations. The company offers omnichannel service across the entire insurance lifecycle, creates personalized customer journeys in record time and supports instant digital experiences.
A few days back, California Casualty Management Company selected InsuranceSuite on Guidewire Cloud to power its core operations and streamline IT operations. California Casualty will migrate InsuranceSuite onto Guidewire Cloud in 2022 with ClaimCenter, followed by PolicyCenter and BillingCenter. It will also migrate DataHub and InfoCenter to Guidewire Cloud as its enterprise-wide data management and analytics systems.
Guidewire currently has a Zacks Rank #3 (Hold). Shares of GWRE have lost 10.1% against the industry’s growth of 17.7% in the past year.
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Key Picks
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