PZU, The Largest Insurance Company In CEE, Deploys Guidewire Solution For Rating, Underwriting, Policy Administration, Billing, Reinsurance And Client Data Management
Guidewire PolicyCenter and BillingCenter support largest business transformation project in CEE insurance industry
PZU Insurance Group SA (PZU), Poland’s largest insurer and Guidewire Software , Inc. (NYSE: GWRE) a provider of software products to general insurers, today announced that PZU has successfully implemented Guidewire PolicyCenter® and Guidewire BillingCenter® as its next generation platform for non-life sales, underwriting, policy administration and billing operations. Additionally PZU has incorporated Guidewire Rating Management™, Guidewire Reinsurance Management™, and Guidewire Client Data Management™ into this transformation effort.
Everest transformation, supported by the new platform that replaces 21 current systems, initiates a long-term process and culture change, and also facilitates significant competitive advantage. The implementation is an important milestone in executing PZU 3.0 strategy, building a solid foundation for further growth. Everest is delivered as an Agile project, allowing for flexibility and faster delivery of business value.
The Everest platform supports all channels, including exclusive agents, multi-agents and brokers, across core business processes from sales, customer service and renewals to payments and commission settlement. The Everest platform is currently used by over 11,000 exclusive agents and branch employees and in 2016 the number of intermediaries will increase to 20,000.
"The successful implementation of this project supports PZU in delivering high quality customer service, now and in the years to come," said Andrzej Klesyk, chief executive officer, PZU. "We are delighted with what is a truly multi-channel, automated infrastructure."
PolicyCenter, BillingCenter and other Guidewire products are enabling PZU to transform its business processes and IT architecture to:
- Support customer-centricity throughout its business;
- Increase speed to market by enabling the fast launch of new products; and
- Develop its reputation as a modern and forward-looking insurer.
"We applaud PZU on the successful implementation of this strategic project," commented Mike Polelle, chief customer officer, Guidewire Software. "We are pleased to partner with this forward-looking company as it transforms its business processes and IT architecture to deliver modern and cohesive service to its customers."
Guidewire PolicyCenter™ was designed to empower general insurers to meet the needs of a rapidly changing industry with efficient underwriting and agile policy and product management. Its robust functional depth enables advanced underwriting, complete policy lifecycle management — from product definitions to underwriting, quoting, binding, endorsements, and renewals, and access to the information that insurers need to deliver high-quality service profitably. PolicyCenter is available as a standalone system or as part of Guidewire InsuranceSuite™, and can be integrated to an insurer’s legacy systems or third party applications.
Guidewire BillingCenter™ was developed to enable general insurers to better engage and empower their customers through efficient billing management. With exceptional flexibility in billing and receivables management, BillingCenter automates the billing lifecycle, enables the design of a wide variety of billing and payment plans, manages agent commissions, and provides easy access to the information that insurers need to deliver fast, accurate service to customers and agents. BillingCenter is available as a standalone system or as part of Guidewire InsuranceSuite™, and can be integrated to a general insurer’s legacy systems or third party applications.
PZU’s new strategy 3.0 is based on the assumption that by the end of 2020 the PZU Group will reach and maintain the leading position in all of its key business areas: insurance, investments and healthcare. The following tools will be applied to reach these objectives: claims handling procedures, second to none in Poland, products that are clear and easy to understand, a network of private healthcare centers, growing importance of the PZU Group’s international business, complementary offers of the PZU and LINK4 brands, full implementation of a digital operating system, to name just a few. In accordance with this strategy, for 2 years PZU has been acquiring selected providers of medical services in order to create its own network of partnering medical centers. In 2015, the PZU Group also acquired Alior Bank to serve as the foundation for an institution that will be among the top 5 players in the Polish banking market.
PZU is the market leader in the Polish insurance services market, particularly in non-life insurance, with a 32.9% (together with Link 4) market share as at the end of Q2 2015. It is the oldest Polish insurance group offering a broad range of insurance and financial products. The principal product group offered by PZU is motor insurance for retail and corporate clients. PZU Życie is the market leader in Polish life insurance services in terms of regular gross written premiums – a 43.4% market share as at the end of Q2 2015. PZU and PZU Życie each have an A financial strength rating and counterparty credit rating from Standard & Poor’s, with a stable outlook for both companies. This is the highest rating available to Polish companies. For more information, please visit www.pzu.pl .
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