You probably think software is very dull, until it fails because the ancient creaking box of Jenga blocks that powers your website suddenly collapses – ouch! One way to avoid that grisly fate is to dispose of outdated back office legacy IT systems, which belong in the dustbin of history. Here’s some good news from Guidewire:
Guidewire Software, Inc, a provider of the industry platform general insurers rely upon, today announced that LV= General Insurance (LV= GI), one of the UK’s largest personal lines insurers, has successfully deployed Guidewire Core and Data solutions in the largest transformation the business has ever undertaken. LV= completely replaced their core legacy systems and implemented multiple new products, including Guidewire PolicyCenter™, Guidewire BillingCenter™, and Guidewire DataHub™ for underwriting, policy administration, billing management, and data management.
The transformation for LV= was completed in two and a half years, and they are now selling all Motor and Home insurance products on the new platform, as well as migrating all their existing customers.
“We have simplified many of our core transactional processes, making us more efficient and productive, while at the same time reducing operating expenses. On the new system, we have also successfully launched a number of new products, and integrated our new rating and customer fulfillment capabilities. All of this has made it much easier for our customers to do business with us which, in turn, has resulted in our customer satisfaction scores improving significantly.”
Guidewire’s Core and Data solutions have enabled LV= to:
- Train employees to do more for customers (producing fewer call transfers and telephone numbers) through modern systems and simple processes;
- Create quote validation to improve customer experience, as well as reduce operational expenses;
- Boost call centre efficiency and enable digital ambitions, by redesigning the customer journey, making it simpler and more efficient for customers and frontline employees; and
- Successfully monitor business performance across both legacy and new platforms.
“We congratulate LV= on their successful deployment of Guidewire Core and Data products,” said Sheridon Glenn, vice president, Field Consulting, Professional Services, Guidewire Software. “Already a long-standing Guidewire ClaimCenter™ customer, we are gratified they chose to extend their relationship with us, and that InsurancePlatform is enabling them to provide the high-quality and flexible service their customers expect.”