OWATONNA, Minn. & FOSTER CITY, Calif.--(BUSINESS WIRE)--Federated Insurance, a direct writer of Property and Casualty (P&C) insurance products, and Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to P&C insurers, today announced that Federated has selected Guidewire products to help modernize and transform the way it operates across its commercial lines of business. The company selected Guidewire PolicyCenter™ and Guidewire Rating Management™ as its new underwriting, policy administration, and rating management system.
Federated Insurance sought to increase its flexibility and take advantage of the real-time functionality and built-in best practices of the Guidewire systems. The company will begin implementing PolicyCenter for its workers’ compensation line of business, followed by its commercial package policy (CPP) and business owners policy (BOP) lines of business. PolicyCenter will eventually be implemented across all commercial lines of business in the 48 states where Federated operates.
“Guidewire’s product maturity, market share, and track record of successful implementations were important factors in our decision-making process,” said Jeff Fetters, chairman of the board and chief executive officer, Federated Insurance. “We are confident that our strategic relationship will help Federated continue providing dependable insurance coverage to our commercial policyholders.”
Brian Carlson, information system manager, application development & support, Federated Insurance, said, “From a technical perspective, we’re excited at the prospect of having a modern policy administration system in place, giving us the potential for a vast number of technical and business benefits through our use of the product and relationship with Guidewire in general.”
PolicyCenter will enable Federated to:
- Enhance operational efficiency and productivity throughout the organization by standardizing policy administration on a modern technology platform designed to grow and change with its business;
- Reduce total cost of ownership by reducing effort required for making policy changes; and
- Increase business agility by bringing new products and product enhancements to market more quickly.
“We welcome Federated Insurance to the Guidewire customer community,” said Steve Sherry, chief sales officer, Guidewire Software. “We admire the company’s dedication to protecting its policyholders, and we look forward to helping them meet their current and future business objectives.”
About Federated Insurance
Founded in 1904, Federated Insurance is a national insurance and risk management organization that serves the property, casualty, and life insurance needs of clients in select industries. The organization has more than 500 recommendations from state, regional, and national associations and buying groups and is rated A+ (Superior) by industry analyst A.M. Best® Company.
At Federated Insurance, It’s Our Business to Protect Yours.® For more information, please visit https://www.federatedinsurance.com/.
About Guidewire Software
Guidewire delivers the software that Property and Casualty (P&C) insurers need to adapt and succeed in a time of rapid industry change. We combine three elements – core operations, data and analytics, and digital engagement – into a technology platform that enhances insurers’ ability to engage and empower their customers and employees. More than 300 P&C insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: @Guidewire_PandC.
NOTE: For all information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.