Guidewire Congratulates 2023 Innovation Award Winners – Definity, Tryg, and Westfield Specialty ®
CONNECTIONS CONFERENCE– Guidewire (NYSE: GWRE) congratulates the winners of its 2023 Innovation Awards: Definity with Deloitte and Google Cloud, Tryg with Hexaware, and Westfield Specialty with Deloitte and ValueMomentum. In its seventeenth year, this year’s awards honor Guidewire customers that are adapting to an accelerating pace of industry change and evolving customer needs in innovative ways. Winners were announced during Connections, Guidewire’s annual customer conference.
The 2023 winners are:
Definity for driving innovation by optimizing its multi-cloud environment to enhance business agility and service quality while improving the experience of its customers and broker partners.
Definity is using a strategic mix of technology and ecosystem partners to maintain its reputation for digital leadership and business innovation, and improve the experience for its customers, brokers, and employees. Furthering its cloud transformation journey with Guidewire has enabled the company to build and scale with resiliency, agility, and security, while delivering new capabilities and providing quality service to the market.
The company is seeing compelling evidence of both quantitative and qualitative benefits from this initiative:
- Economical Insurance, part of Definity, has seen a great improvement in broker quote response time;
- Sonnet Insurance, also part of Definity, has experienced strong adoption of digital FNOL (First Notice of Loss), increasing the number of Sonnet claims that are submitted digitally, saving customers time and offering a simpler claims experience; and
- Through Guidewire Cloud’s inherent resiliency, flexibility, and elasticity, the organization no longer requires long upgrade periods and can take advantage of new capabilities and offerings quickly through Guidewire releases, significantly improving speed-to-market.
For additional information about Definity, visit www.definityfinancial.com. For more information on Deloitte Canada, visit https://www2.deloitte.com/ca/, and for more details on Google Cloud, please visit cloud.google.com.
Tryg for creating “Follow My Claim,” a claims communication solution that lets the company communicate with its customers securely, increasing customer satisfaction and efficiency in the claims process.
Tryg is dedicated to being a leader in claims handling and leveraging technology to achieve this goal. Leveraging Guidewire ClaimCenter, Tryg built a claims communication product, Follow My Claim, to make its claims handling process more efficient and enable the company to communicate with its customers in a safe, secure, and structured way.
“Follow My Claim” keeps customers regularly informed of the status of their claim in a secure manner and increases transparency and customer engagement in a GDPR-compliant manner.
Additional benefits of “Follow My Claim” include:
- Customers are engaged in the whole claims process and are regularly informed in an easy, personal, and friendly manner, reducing the need for them to reach out with inquiries about the status of their claim. In addition, customers can assist themselves by uploading documents, writing notes and completing claim relevant tasks – and have everything directly uploaded in ClaimCenter from their cell phones.
- The claims handling process via “Follow My Claim” is more efficient than more traditional forms of communication like email, letters, and phone calls, and allows Tryg to close claims faster, saving staff valuable time and improving the customer experience. Using this tool for all claims communication also enables some automation for claims that are more complex.
Westfield Specialty leveraged Guidewire Cloud to launch its first specialty line business unit in a little over four months, as part of its ambitious growth plan.
In the fall of 2021, Westfield entered the specialty insurance market as Westfield Specialty, transforming the U.S.-based property and casualty company into a global insurer. Historically, the team had relied on basic, disconnected tools to support underwriting, policy processing, and document management needs. Processes were manual and labor-intensive to complete. With a very ambitious growth target for specialty lines over five years, the team recognized the need for a platform with an integrated, seamless user experience that addressed speed-to-market and enabled the organization’s future.
The Westfield Specialty enablement program focused on building operations and processes from the ground up. IT was tasked with innovating and optimizing processes to allow them to take advantage of rapidly changing market conditions. In addition to leveraging Guidewire technology, Westfield Specialty built an end-to-end, state-of-the-art, custom-built account, submission, clearance, and forms management system to boost efficiency.
The requirements of serving unique specialty lines of business, coupled with the need for an agile end-to-end system, drove an ambitious timeline of 4 and a half months for the implementation of all products for the first business unit. An early investment in a robust foundation allowed Westfield Specialty to go live with subsequent products at an average pace of 4 weeks for each business unit. From inception to go live, PolicyCenter and ClaimCenter were rolled out to all 5 business units in 8 and a half months.
Additional benefits include:
- The quote and bind production time has dropped from 15 minutes to 5 and policy issuance time from 45-60 minutes to 10. Submissions are processed 25% faster overall.
- The new platform enables Westfield Specialty to scale business, keeping operations costs lower proportionate to growth and decreasing overall maintenance and infrastructure costs, upgrades, and service/support.
For additional information about Westfield Specialty, visit www.westfieldinsurance.com/insurance/specialty. For more information on Deloitte, visit https://www2.deloitte.com/us/, and for more details on ValueMomentum, please visit www.valuemomentum.com.
“Congratulations to this year’s Innovation Award winners, and thank you to all of the insurers who made submissions. We were truly impressed with the outstanding quality of the entries,” said Brian Desmond, CMO, Guidewire. “The achievements of these award recipients serve as a compelling showcase of Guidewire customers consistently pushing the boundaries of agility and innovation.”
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.
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