Arch Insurance Selects Guidewire to Modernize Claims IT Operations

Rhea-AI Summary

Arch Insurance North America, a division of Arch Capital Group , has chosen Guidewire ClaimCenter as its new claims management system. This selection is part of Arch Insurance's technology modernization strategy aimed at enhancing its ability to meet customer needs. Deloitte Consulting LLP, a Guidewire PartnerConnect Consulting Global Premier member, will lead the implementation project.

Additionally, Arch Insurance International will implement ClaimCenter on Guidewire Cloud for the London Market. The company has also selected Guidewire Canvas, Explore, and Predict to integrate insights directly into its claims workflows. This expansion of Arch Insurance's relationship with Guidewire (NYSE: GWRE) signifies a significant step in modernizing their claims IT operations.

Positive

• Arch Insurance selected Guidewire ClaimCenter for claims management modernization
• Partnership with Deloitte Consulting LLP for implementation project
• Expansion of Guidewire solutions to include Canvas, Explore, and Predict for enhanced insights
• Arch Insurance International adopting ClaimCenter on Guidewire Cloud for London Market

Negative

• None.

Financial Analyst

Arch Insurance's selection of Guidewire's ClaimCenter for claims management is a strategic move towards modernizing their IT infrastructure. This decision could lead to improved operational efficiency and enhanced customer service, potentially resulting in cost savings and increased customer satisfaction in the long run. The implementation of ClaimCenter, along with additional Guidewire products like Canvas, Explore and Predict, suggests a comprehensive approach to leveraging data and insights in claims processes. While the financial terms aren't disclosed, such large-scale IT modernization projects typically involve significant investment. Investors should monitor for future updates on implementation progress and any impact on Arch Insurance's operational metrics and financial performance. For Guidewire, this deal reinforces its market position in the insurance software sector and could potentially lead to increased recurring revenue from subscription and support services.

Tech Expert

Arch Insurance's adoption of Guidewire's ClaimCenter represents a significant technological upgrade in their claims management process. The implementation of ClaimCenter, along with Canvas, Explore and Predict, indicates a move towards a data-driven, AI-enhanced claims handling system. This suite of tools will likely enable Arch to streamline claims processing, reduce manual errors and gain actionable insights from their claims data. The choice of Guidewire Cloud for the London Market implementation suggests a shift towards cloud-based operations, which can offer scalability, flexibility and potentially reduced IT infrastructure costs. The involvement of Deloitte as the implementation partner adds credibility to the project and may help in faster adoption and smoother integration with existing systems. This tech modernization could position Arch Insurance more competitively in the market, potentially leading to improved customer experiences and operational efficiencies.

JERSEY CITY, N.J. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Arch Insurance North America (Arch Insurance), part of Arch Capital Group Ltd., and Guidewire (NYSE: GWRE) announced that Arch Insurance selected Guidewire ClaimCenter as its new system for claims management. Guidewire PartnerConnect Consulting Global Premier member Deloitte Consulting LLP will lead the implementation project for Arch Insurance.

Arch Insurance Chief Claims Officer Patrick Nails said, “We are pleased to expand our relationship with Guidewire. Implementing ClaimCenter is one part of a technology modernization strategy that will enable our claims professionals to meet our customers’ needs.”

“We are excited and thankful to work with Arch Insurance on the implementation of the Guidewire ClaimCenter application. We will be leveraging Deloitte’s tools, assets, and accelerators to help Arch Insurance achieve its claims modernization vision,” stated Deloitte Consulting LLP Managing Directors Michael Cline and Kedar Kamalapurkar.

Guidewire Chief Sales Officer David Laker commented, “We are pleased that Arch Insurance has selected Guidewire as its claims management system.”

Arch Insurance International, part of Arch Capital Group Ltd., will also implement ClaimCenter on Guidewire Cloud for the London Market. In addition, the company selected Guidewire Canvas, Guidewire Explore, and Guidewire Predict to embed insights—and the data behind those insights—directly into its claims workflows.

About Arch Insurance North America

Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada. Business in the U.S. is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Property & Casualty Insurance Company and Arch Indemnity Insurance Company. Business in Canada is written by Arch Insurance Canada Ltd. For more information, please visit https://insurance.archgroup.com/.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.

About Guidewire Software

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. More than 570 insurance brands in 42 countries, from new ventures to the largest and most complex in the world, rely on Guidewire products. With core systems leveraging data and analytics, digital, and artificial intelligence, Guidewire defines cloud platform excellence for P&C insurers.

We are proud of our unparalleled implementation record, with 1,700+ successful projects supported by the industry’s largest R&D team and SI partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization, and innovation.

For more information, please visit http://www.guidewire.com/ and follow us on X (formerly known as Twitter) and LinkedIn.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240909450270/en/

Albert Lin

Public Relations Manager

Guidewire Software, Inc.

+1.415.205.4214

allin@guidewire.com

Source: Guidewire

FAQ

What new claims management system has Arch Insurance North America selected?

Arch Insurance North America has selected Guidewire ClaimCenter as its new system for claims management.

Who will lead the implementation of Guidewire ClaimCenter for Arch Insurance?

Deloitte Consulting LLP, a Guidewire PartnerConnect Consulting Global Premier member, will lead the implementation project for Arch Insurance.

What additional Guidewire products has Arch Insurance selected for its claims workflows?

Arch Insurance has also selected Guidewire Canvas, Guidewire Explore, and Guidewire Predict to embed insights directly into its claims workflows.

How will Arch Insurance International implement ClaimCenter for the London Market?

Arch Insurance International will implement ClaimCenter on Guidewire Cloud specifically for the London Market.