Pekin Insurance Implements Guidewire Cloud for Expense Management and Improved Platform Support
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Insights
The migration of Pekin Insurance's InsuranceSuite to Guidewire Cloud represents a significant technological advancement for the company. The shift from a self-managed environment to a cloud-based platform is a strategic move that aligns with the broader industry trend towards cloud computing. This transition is expected to enhance operational efficiency by reducing the need for in-house maintenance and allowing for more agile responses to market changes. Additionally, the adoption of cloud technology can lead to cost optimization through scalable resources and potentially lower upfront capital expenditures.
Furthermore, the integration of Guidewire ProducerEngage and Guidewire Predict is likely to refine Pekin Insurance's risk segmentation and improve their loss ratio. By leveraging predictive analytics, the company can better assess risk profiles and tailor pricing more accurately, which can lead to more competitive product offerings. The enhanced user interface mentioned by the Assistant Vice President of IT could also improve agent experience, fostering stronger relationships and potentially increasing sales and retention rates.
Pekin Insurance's implementation of Guidewire Cloud is a move that could have significant implications for its competitive positioning within the P&C insurance sector. By utilizing advanced data analytics and digital applications, Pekin Insurance is poised to gain a deeper understanding of customer behavior and preferences. This can translate into more personalized insurance products and services, which is a key differentiator in today's market.
The ability to quickly integrate with insurtech solutions through the Guidewire Marketplace and PartnerConnect ecosystem could also enable Pekin Insurance to adopt innovative technologies and stay ahead of industry trends. The potential for increased underwriting agility and external rating capabilities suggests that Pekin Insurance is focusing on enhancing its underwriting accuracy and pricing sophistication, which are critical factors in maintaining profitability in the insurance industry.
From a financial perspective, the successful migration to Guidewire Cloud by Pekin Insurance could lead to improved financial performance over the long term. The initial investment in cloud infrastructure may be offset by the reduction in ongoing IT operational costs. Additionally, the improved loss ratio through better risk segmentation could result in lower claims expenses and higher underwriting profits.
Investors and stakeholders should monitor the company's future financial statements for evidence of these potential benefits. It will be important to look for decreased expense ratios and improved combined ratios, which are key indicators of profitability in the insurance industry. The company's ability to capitalize on Guidewire's latest innovations could also provide a strategic advantage, potentially leading to market share growth and stronger financial outcomes.
A Guidewire customer since 2015, the company migrated InsuranceSuite from a self-managed environment to Guidewire Cloud simultaneously for all of its lines of business in the states where Pekin Insurance operates. The company is also using the Guidewire ProducerEngage digital application and Guidewire Predict to improve its loss ratio with better risk segmentation.
“We chose to migrate our Guidewire products onto Guidewire Cloud to better optimize our costs and improve platform support,” said Pekin Insurance Chief Information Officer and Vice President Amy Bingham. “We’ve now transferred platform maintenance to Guidewire so we can utilize regular ongoing updates and take advantage of Guidewire’s latest innovations much more quickly and seamlessly than when we were using Guidewire on premise.”
Pekin Insurance Assistant Vice President of Information Technology Kim Bandeko added, “We’ve received positive feedback from our agents, specifically around the user interface which is visually appealing. We’re looking forward to increased external rating and underwriting agility, leveraging the data and analytics products that are available on Guidewire Cloud, and integrating with the best-in-class insurtech solutions through the Guidewire Marketplace and PartnerConnect ecosystem across our insurance product lifecycles.”
“Pekin Insurance has a 103-year history of offering financial protection for businesses, personal autos, homes, and families through their P&C and life insurance products,” said Michael Mahoney, senior vice president and head of professional services, Guidewire. “We congratulate the company on its successful cloud transformation through its InsuranceSuite migration to Guidewire Cloud. We look forward to Guidewire Cloud serving as the technology foundation to support Pekin Insurance’s mission of providing peace of mind to its agents and policyholders, delivering innovation and excellence in its products and services, and remaining dedicated to going Beyond the expected®.”
About Pekin Insurance
With nearly 700 employees, Pekin Insurance has been in business since 1921 and is one of the leading insurers in the state of
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/20240212547901/en/
Diana Stott
Director, Communications
Guidewire Software, Inc.
+1.650.781.9955
dstott@guidewire.com
Source: Guidewire Software, Inc.
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