Guidewire Congratulates 2014 Innovation Award Winners – CAA Insurance Company, LV=, Missouri Employers Mutual, PZU SA, and TD Insurance

Guidewire Software, Inc. (NYSE:GWRE), a provider of software products to Property/Casualty insurers, congratulates the winners of its 2014 Innovation Awards: CAA Insurance Company, LV=, Missouri Employers Mutual, PZU SA, and TD Insurance. This year’s winning companies are being recognized for the innovative projects that have played a role in helping them transform their business, resulting in key business value delivered to their respective organizations.

All Guidewire customers, whether in the process of implementing or extending their production-proven capabilities, were eligible for consideration. The awards were organized into four categories: Process Innovation, Service Innovation, Business Transformation, and Change Management Innovation.

Winners were announced during Guidewire’s tenth annual user conference – Connections 2014. The recognized projects demonstrate Guidewire technology at work helping these insurers deliver insurance their way.

The 2014 winners are:

CAA Insurance Company (Business Transformation Innovation) – Business transformation that saw the replacement of its legacy systems for all lines of business with Guidewire InsuranceSuite™ which included more than nine system integrations and the creation of a complete data warehouse solution in under 14 months.

As a result of this transformation initiative, CAA has become more responsive to its customers, increased its agility, and lowered operational costs. The company has seen a 50 percent reduction in overall sales and services processing time and a 30 percent increase in straight-through processing for underwriting. In terms of agility, CAA was able to expand to several new provinces in fewer than three months per province, a project that would have previously taken years. The independence and flexibility that CAA now has allows the company to make rapid product changes and offer new products to the market. In the first nine months after going live, CAA has made 14 product and rate changes and 142 changes and enhancements in total. CAA has also dramatically reduced the training time for new employees from three weeks to 3-5 days. CAA has been an in-production InsuranceSuite customer since 2012.

For additional information on CAA Insurance Company, visit www.caasco.com/Insurance.aspx.

LV= (Change Management Innovation) – Detailed business case to justify the largest operational transformation in the history of LV= which translated into realized benefits for the company.

The business case and tracking tools that were put in place for the ClaimCenter implementation have been recognized as being best in class, and have set the standard for future strategic projects in LV=.

Claim handlers have been freed up to help LV=’s customers in their time of need. The company has seen improved customer satisfaction scores as claims are settled more quickly and with greater customer focus. Supplier relationships have been strengthened through higher quality, automated interactions. Since ClaimCenter has been fully implemented, benefits are tracking ahead of the target and payback is likely to be achieved in 2014, a year ahead of plan. LV= has been an in-production ClaimCenter customer since 2011.

For additional information on LV=, visit www.lv.com/insurance.

Missouri Employers Mutual (Process Innovation) – Transformed a multi-step, labor-intensive, manual claim reserve paper form into a single-step, electronic worksheet.

Prior to the new reserve worksheet implementation, updating reserves was done on a paper form and required multiple entries, a process that could take over 24 hours. Now, there is an automated process within ClaimCenter that allows a single-system entry so that the reserve worksheet can be completed immediately.

The new reserve worksheet has helped Missouri Employers Mutual realize many benefits including ease of use, simplified training, reserving consistency, and reduction of reserving errors.

These specific benefits result in a more efficient process, increase reserve accuracy, help users better understand financial impact, and provide excellent support for auditor and actuary activities. Missouri Employers Mutual has been an in-production ClaimCenter customer since 2008, and an in-production PolicyCenter and BillingCenter customer since 2011.

For additional information on Missouri Employers Mutual, visit www.mem-ins.com.

PZU SA (Business Transformation) – Business transformation initiative that will replace 21 systems and initiate a long-term process for changing behaviors and organizational culture.

With its massive PZU 2.0 transformation, the Polish insurer has propelled its 200-year-old business into the future. It has done this by transforming both its business processes and IT architecture, and by working together as one united team and in an agile way.

The business transformation project, appropriately called “Everest,” has already replaced 14 systems, with 45 integration points, and 750,000 code lines.

So far the project has already:

• Transformed the organization to be more business-oriented and client focused;
• Fostered effective cooperation between business and IT; and
• Introduced emerging technology to the company.

PZU SA has been an in-production PolicyCenter and BillingCenter customer since 2013.

For additional information on PZU SA, visit www.pzu.pl/relacje-inwestorskie.

TD Insurance (Service Innovation) – Enhanced usage of Guidewire Live Claim CanvasSM with the addition of layers containing flood maps, categorized claims, and Preferred Vendors, enables them to deliver high-quality customer experiences.

TD Insurance has been an in-production ClaimCenter customer since 2011.

For additional information on TD Insurance, visit www.tdinsurance.com.

“On behalf of the Guidewire team, I congratulate our Innovation Award winners,” said Marcus Ryu, chief executive officer, Guidewire Software. “It is a continual source of inspiration to us to see how our customers are using Guidewire’s products as a platform for business transformation and to be able to help them better meet the needs of their customers.”

About Guidewire Software

Guidewire builds software products that help Property/Casualty insurers replace their legacy core systems and transform their business. Designed to be flexible and scalable, Guidewire products enable insurers to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite™ provides the core systems used by insurers as operational systems of record. Additional products provide support for data management, business intelligence, anytime/anywhere access and guidance and monitoring. More than 180 Property/Casualty insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: @Guidewire_PandC.

NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire PolicyCenter, Guidewire BillingCenter, Guidewire InsuranceSuite, Guidewire DataHub, Guidewire InfoCenter, Guidewire Live, Before & After, Guidewire PartnerConnect, Guidewire SolutionConnect, Deliver Insurance Your Way, and the Guidewire logo are trademarks, service marks, or registered trademarks of Guidewire Software, Inc. in the United States and/or other countries.