Automate Vendor Management Processes with VIP Software’s New Guidewire Marketplace Integration
Guidewire (NYSE: GWRE) and VIP Software™ have launched a new integration in the Guidewire Marketplace, offering insurers an automated solution for vendor management. VIP Software's BAP™ solution helps insurers reduce claims leakage and manage loss costs through automation and analytics, streamlining vendor invoice creation, approval, and allocation processes. The integration allows for seamless data transfer between ClaimCenter and VIP Software, automatic invoice creation based on fee schedules, and improved operational efficiency for insurers.
Streamlined vendor management processes for insurers
Reduction in manual processes through automatic data transfer and invoice creation
Improved accuracy and quick payment of vendor invoices
Enhanced straight-through-processing leading to reduced operational costs
- None.
VIP Software is a leading billing and vendor management platform that helps insurers proactively manage loss costs and reduce claims leakage through automation and analytics. Its BAP™ solution enables insurers to automate the creation and approval of vendor invoices, auditing all invoices against fee schedules. It also automatically allocates all loss adjustment expenses to the proper claim files.
With the VIP Software BAP Accelerator for ClaimCenter, insurers can:
- Reduce manual processes with automatic data transfer between ClaimCenter and VIP Software;
- Automatically create vendor invoices leveraging contracted fee schedules to facilitate accurate, quick payment and prevent late loss cost development; and
- Improve straight-through-processing, leading to reduced operational costs.
VIP Software can also serve as a conduit, connecting multiple systems and further streamlining vendor management processes for insurers.
“Our technology standardizes billing and vendor management for insurers, enabling them to streamline validation, audit, reconciliation, and allocation processes for their vendor billing,” said Artie Makris, Vice President, Marketing, VIP Software. “The VIP Software accelerator empowers our shared customers to manage vendors and loss costs across all lines of business, all without leaving ClaimCenter.”
“Congratulations to VIP Software on the release of its new ClaimCenter integration,” said Will Murphy, Vice President, Global Technology Alliances, Guidewire. “VIP Software provides a proactive solution that helps strengthen insurer-vendor relationships by providing transparency and consistency through technology, without the need for manual intervention. We look forward to seeing our shared customers reap the benefits of our partnership with VIP Software.”
About VIP Software
VIP Software is the leading loss cost platform for insurers, offering billing automation and access to industry data for vendor pricing and performance. With a mission to streamline vendor management processes, VIP Software empowers insurers to make informed decisions and drive operational excellence.
About Guidewire PartnerConnect ecosystem and Ready for Guidewire
Guidewire’s solution ecosystem is the largest in the P&C industry, with over 205 solution partners providing over 250 integrations in the Guidewire Marketplace. Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace.
For more information about Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 540 insurers in 40 countries, 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 more than 1,600 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.
For more information, please visit 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/20240507716193/en/
Melissa
Senior Public Relations Manager
Guidewire Software, Inc.
+1.650.464.1177
mcobb@guidewire.com
Artie Makris
VP, Marketing
VIP Software
813-837-4347
amakris@vipsoftware.com
Source: Guidewire Software
FAQ
<p>What integration was announced by Guidewire and VIP Software?</p>
Guidewire and VIP Software announced a new Ready for Guidewire validated accelerator for ClaimCenter users in the Guidewire Marketplace.
<p>What does VIP Software's BAP™ solution enable insurers to do?</p>
VIP Software's BAP™ solution enables insurers to automate the creation and approval of vendor invoices, audit invoices against fee schedules, and allocate loss adjustment expenses to claim files.
<p>How can insurers benefit from the VIP Software accelerator for ClaimCenter?</p>
Insurers can benefit from reduced manual processes, automatic invoice creation based on fee schedules, and improved operational efficiency with the VIP Software accelerator for ClaimCenter.
