Workers' compensation insurer to leverage Guidewire (NYSE:GWRE) Cloud to increase business agility and deliver more value to customers
PORTLAND, Maine & SAN MATEO, Calif.--(BUSINESS WIRE)--The MEMIC Group (MEMIC), workers' compensation insurance specialists, and Guidewire (NYSE: GWRE) announced that MEMIC selected Guidewire PolicyCenter and Guidewire BillingCenter as its new systems for policy administration, underwriting, and billing management. The company will implement the products on Guidewire Cloud simultaneously beginning with the state of Maine, followed by the rest of the states where it operates. Guidewire PartnerConnect Consulting Global Premier member PwC has been selected to lead the implementation project.
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 Maine to Florida. For more information, please visit https://memic.com/.
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