MEMIC Selects Guidewire to Modernize Policy Administration, Underwriting, and Billing Operations
The MEMIC Group has selected Guidewire's PolicyCenter and BillingCenter, hosted on Guidewire Cloud, to modernize its policy administration, underwriting, and billing operations. Initially, the implementation will begin in Maine and later expand to other states where MEMIC operates. PwC, a member of Guidewire PartnerConnect Consulting Global Premier, will lead the implementation project.
Guidewire's solutions will help MEMIC simplify operations, leverage best practices, and integrate insurtech solutions to handle increased business volume more efficiently. The transformation aims to enhance business agility, reduce wait times, and improve policyholder experiences. MEMIC also selected Guidewire Explore for real-time data analysis to support informed decision-making across underwriting, sales, and service management.
MEMIC executives highlight the strategic importance of modern systems in responding swiftly to market competition and improving efficiencies in new business and renewal processes.
- Guidewire Cloud's flexibility will simplify MEMIC's operations and maintain technological currency.
- Integration with Guidewire Marketplace and PartnerConnect ecosystem will enhance accuracy and efficiency.
- Implementation by PwC, a reputable consultancy, ensures strong expertise and support.
- Use of real-time data analytics through Guidewire Explore will empower informed business decisions.
- Enhanced policyholder experience by reducing wait times and streamlining processes.
- Initial implementation to Maine, delaying benefits for other states.
- Potential risks and costs associated with transitioning to new systems and cloud infrastructure.
Insights
Guidewire's cloud-based solutions bring a significant technological upgrade to MEMIC's policy administration, underwriting and billing operations. This transition to the cloud can greatly enhance operational efficiency through automation and real-time data analytics. The implementation of Guidewire PolicyCenter and BillingCenter provides MEMIC with the flexibility to integrate new insurtech solutions from the Guidewire Marketplace. This integration can streamline workflows, improve accuracy and increase the speed of processing policies and claims, which can ultimately lead to a more competitive position in the market.
The use of cloud technology reduces the burden of system maintenance on MEMIC, allowing the company to stay current with the latest innovations without significant internal resource allocation. This aligns with the broader industry trend towards cloud adoption, which offers scalability and cost-effectiveness especially for companies aiming for rapid growth. Importantly, this move could lead to better customer experiences through faster processing times and reduced wait times.
Looking ahead, the transition to Guidewire Cloud and the potential for enhanced data-driven decision-making could position MEMIC to respond swiftly to market changes, a important factor in the highly competitive insurance landscape.
The decision to implement Guidewire's solutions is strategically significant for MEMIC's financial health. By improving operational efficiency and automating many administrative tasks, MEMIC can potentially reduce operational costs over time. The initial investment in a cloud-based platform will likely be substantial, but the long-term benefits of cost savings and increased efficiency could substantially outweigh these upfront costs.
From a financial perspective, the company's ability to leverage real-time data through Guidewire Explore can enhance risk management and pricing strategies. This data-centric approach will help MEMIC make more informed decisions, potentially leading to improved underwriting outcomes and profitability. The expected improvements in policy issuance and renewal processes can also foster better relationships with agency partners, which is critical for business growth.
For investors, this move signals MEMIC's commitment to innovation and efficiency, which can create shareholder value in the long term. However, it is important to monitor the implementation process closely, as any delays or issues could impact financial performance in the short term.
By selecting Guidewire, MEMIC is aligning itself with an industry leader known for delivering comprehensive insurance technology solutions. This strategic partnership can enhance MEMIC's market position by leveraging Guidewire's extensive experience and robust infrastructure. The shift towards cloud transformation indicates MEMIC's recognition of the competitive necessity for digital transformation in the insurance sector.
From a market perspective, MEMIC's ability to process policies and claims more efficiently could result in a competitive advantage. Enhanced operational capabilities may attract new customers and retain existing ones by providing a superior policyholder experience. Additionally, the adoption of analytics and rules logic for straight-through processing can improve accuracy and reduce turnaround times, benefiting both the company and its customers.
In the context of market trends, MEMIC's move is a proactive step to maintain relevance and competitiveness in an evolving landscape where digital capabilities are rapidly becoming a standard expectation among clients and partners.
Workers’ compensation insurer to leverage Guidewire Cloud to increase business agility and deliver more value to customers
“We were looking for a true business partner for our journey with a solution that fit our business needs and future plans. Guidewire met both of those requirements,” said MEMIC Senior Vice President and Chief Information Officer Jack Yao. “The flexibility of Guidewire Cloud will enable us to facilitate our business growth plans by simplifying our operations and shifting system maintenance to Guidewire so we can stay current with the latest technological innovations. We’ll be able to leverage the best practices offered by a seasoned solution provider like Guidewire, and utilize the training, resources, business expertise, and technical infrastructure offered by Guidewire’s strong customer success and support infrastructure. We’ll also be able to easily integrate the best-in-class insurtech solutions that are part of the industry-leading Guidewire Marketplace and the PartnerConnect ecosystem into our workflows to handle increased business volume with more accuracy and efficiency.”
MEMIC Senior Vice President, Chief Financial Officer, and Treasurer Eileen Fongemie added, “Modern systems are foundational to our strategic technology ecosystem and will enable our swift response to a competitive market. PolicyCenter and BillingCenter will improve the ease of doing business for our agency partners by leveraging analytics and rules logic to support straight-through processing and policy issuance, thereby increasing efficiencies to streamline the new business and renewal processes and enhancing the policyholder experience by reducing wait times. By partnering with Guidewire, we are setting MEMIC up for a successful future.”
“We are delighted that MEMIC has chosen PwC to lead their cloud transformation journey with the implementation of PolicyCenter and BillingCenter on Guidewire Cloud,” expressed PwC Global Guidewire Practice Leader Imran Ilyas. “In today's fast-paced and ever-changing business environment, cloud transformation has become an imperative rather than a luxury. We remain dedicated to providing MEMIC with unparalleled expertise and support as they embark on this transformative project.”
“We thank MEMIC for its trust in Guidewire and our cloud platform,” said Guidewire Chief Sales Officer David Laker. “We are pleased to work with MEMIC across underwriting, risk selection and pricing, and core operations to provide the balance of relevant innovation and reliable operations to help make workers’ compensation work better through an approach rooted in compassion, trusted partnerships, and a relentless commitment to workforce safety.”
MEMIC also selected Guidewire Explore to gather and curate near real-time PolicyCenter data to empower teams to make informed business decisions across underwriting, sales, and service management.
About MEMIC
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty Company, and parent company Maine Employers’ Mutual Insurance Company; all rated “A” (Excellent) by A.M. Best. The MEMIC Group holds licenses to write workers’ compensation across the entire country. The group insures and serves more than 20,000 employers and their estimated 300,000 employees with dedicated safety and injury management service teams from
About PwC
At PwC, our purpose—to build trust in society and solve important problems—is at the core of everything we do. It guides how we serve our clients, our people and the world. To help our clients build trust and deliver sustained outcomes, PwC provides professional services across two segments: Trust Solutions and Consulting Solutions. Within these segments we bring a range of capabilities to help organizations solve faster, solve more and realize more value. These capabilities include cloud and digital, deals, ESG, cybersecurity and privacy, governance/boards, risk, transformation, tax services and much more. Across our global network of nearly 328,000 professionals in 152 countries, we are committed to advancing quality in everything we do.
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 http://www.guidewire.com/ and follow us on X (formerly known as Twitter) and LinkedIn.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240611378242/en/
Diana Stott
Director, Communications
Guidewire Software, Inc.
+1.650.781.9955
dstott@guidewire.com
Lily Hanstein
Senior Vice President, Strategy & Communications
MEMIC
(207) 791-3949
lhanstein@memic.com
Source: Guidewire Software
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