London Market insurer sees TCO benefits in cost efficiency and speed
Specialist insurer Beazley, Guidewire Software, Inc. (NYSE: GWRE), the platform general insurers trust to engage, innovate, and grow efficiently, and Sollers Consulting (Sollers), Guidewire PartnerConnect Consulting partner, today announced that Beazley has successfully finalised its claims transformation programme, powered by Guidewire ClaimCenter .
ClaimCenter is now fully integrated with the London Market Electronic Claims File Write-Back (ECF). Beazley has worked closely with Guidewire to add ECF Write-Back to Guidewire’s London Market claims functionality. This functionality affords Lloyd’s Syndicates and the London company market the benefits of the shared electronic claims file system; meaning enriched pre-agreed data, transparency, tailored claims views, and significantly shortened claims lifecycles.
“The launch of the Lloyd’s Blueprint, the impact of the pandemic on our industry, and how we do business going forward have made improving efficiency and automation even more important to delivering greater value and service for our clients,” said Beth Diamond, Group Head of Claims, Beazley. “We are very pleased that the ECF integration initiative addresses this need.”
“The ECF Write-Back production release was the final step of our reimplementation programme,” said Steve Flood, Group Claims Platform Lead, Beazley. “We are already seeing a substantial increase in claims processing productivity due to faster access to our claims file data and document repository. Financial limits authorisation at the point of transaction response is another benefit of this implementation, enhancing our operational control capabilities. In addition, we are better positioned strategically for future cloud deployment.”
“Being one of the very first in the market with Guidewire’s ECF Write-Back integration offered us an opportunity to contribute to the development of the industry standard. As an integrator working together with Guidewire for over a decade, we’ve learned that a pioneering and innovative approach is worth it,” said Grzegorz Podleśny, Partner at Sollers Consulting. “As we appreciate the benefits brought to insurers by close interaction with the ECF and Insurance Market Repository (IMR), we were happy to support this process from both a technical and a business perspective and translate it into a significant automation opportunity for Beazley. We believe that the Guidewire platform is a leader in Lloyd’s, and the broader London Market, and we look forward to working with other Managing Agents to bring the same benefits to their policy and claims operations.”
“We congratulate Beazley on their ClaimCenter upgrade and are delighted they are seeing demonstrable benefit from the digitalization of their claims management in what has been traditionally a paper-heavy environment,” said Mark Williams, vice president, Professional Services – EMEA, Guidewire Software. “Beazley is long known for its innovative approach to insurance products, and we are delighted to be part of that and their progress in support of a modern and digital London Market.”