MEMIC Selects Guidewire to Modernize Policy Administration, Underwriting, and Billing Operations
11 June 2024 - 10:55PM
Business Wire
Workers’ compensation insurer to leverage
Guidewire Cloud to increase business agility and deliver more value
to customers
The MEMIC Group (MEMIC), workers’ compensation insurance
specialists, and Guidewire (NYSE: GWRE) announced that MEMIC
selected Guidewire PolicyCenter and Guidewire BillingCenter as its
new systems for policy administration, underwriting, and billing
management. The company will implement the products on Guidewire
Cloud simultaneously beginning with the state of Maine, followed by
the rest of the states where it operates. Guidewire PartnerConnect
Consulting Global Premier member PwC has been selected to lead the
implementation project.
“We were looking for a true business partner for our journey
with a solution that fit our business needs and future plans.
Guidewire met both of those requirements,” said MEMIC Senior Vice
President and Chief Information Officer Jack Yao. “The flexibility
of Guidewire Cloud will enable us to facilitate our business growth
plans by simplifying our operations and shifting system maintenance
to Guidewire so we can stay current with the latest technological
innovations. We’ll be able to leverage the best practices offered
by a seasoned solution provider like Guidewire, and utilize the
training, resources, business expertise, and technical
infrastructure offered by Guidewire’s strong customer success and
support infrastructure. We’ll also be able to easily integrate the
best-in-class insurtech solutions that are part of the
industry-leading Guidewire Marketplace and the PartnerConnect
ecosystem into our workflows to handle increased business volume
with more accuracy and efficiency.”
MEMIC Senior Vice President, Chief Financial Officer, and
Treasurer Eileen Fongemie added, “Modern systems are foundational
to our strategic technology ecosystem and will enable our swift
response to a competitive market. PolicyCenter and BillingCenter
will improve the ease of doing business for our agency partners by
leveraging analytics and rules logic to support straight-through
processing and policy issuance, thereby increasing efficiencies to
streamline the new business and renewal processes and enhancing the
policyholder experience by reducing wait times. By partnering with
Guidewire, we are setting MEMIC up for a successful future.”
“We are delighted that MEMIC has chosen PwC to lead their cloud
transformation journey with the implementation of PolicyCenter and
BillingCenter on Guidewire Cloud,” expressed PwC Global Guidewire
Practice Leader Imran Ilyas. “In today's fast-paced and
ever-changing business environment, cloud transformation has become
an imperative rather than a luxury. We remain dedicated to
providing MEMIC with unparalleled expertise and support as they
embark on this transformative project.”
“We thank MEMIC for its trust in Guidewire and our cloud
platform,” said Guidewire Chief Sales Officer David Laker. “We are
pleased to work with MEMIC across underwriting, risk selection and
pricing, and core operations to provide the balance of relevant
innovation and reliable operations to help make workers’
compensation work better through an approach rooted in compassion,
trusted partnerships, and a relentless commitment to workforce
safety.”
MEMIC also selected Guidewire Explore to gather and curate near
real-time PolicyCenter data to empower teams to make informed
business decisions across underwriting, sales, and service
management.
About MEMIC
The MEMIC Group includes MEMIC Indemnity Company, MEMIC Casualty
Company, and parent company Maine Employers’ Mutual Insurance
Company; all rated “A” (Excellent) by A.M. Best. The MEMIC Group
holds licenses to write workers’ compensation across the entire
country. The group insures and serves more than 20,000 employers
and their estimated 300,000 employees with dedicated safety and
injury management service teams from Maine to Florida. For more
information, please visit https://memic.com/.
About PwC
At PwC, our purpose—to build trust in society and solve
important problems—is at the core of everything we do. It guides
how we serve our clients, our people and the world. To help our
clients build trust and deliver sustained outcomes, PwC provides
professional services across two segments: Trust Solutions and
Consulting Solutions. Within these segments we bring a range of
capabilities to help organizations solve faster, solve more and
realize more value. These capabilities include cloud and digital,
deals, ESG, cybersecurity and privacy, governance/boards, risk,
transformation, tax services and much more. Across our global
network of nearly 328,000 professionals in 152 countries, we are
committed to advancing quality in everything we do.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and machine learning to deliver our platform as a cloud
service. More than 540 insurers in 40 countries, from new ventures
to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with more than 1,600 successful projects, supported
by the largest R&D team and partner ecosystem in the industry.
Our marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
For more information, please visit http://www.guidewire.com/ and
follow us on X (formerly known as Twitter) and LinkedIn.
NOTE: For information about Guidewire’s
trademarks, visit https://www.guidewire.com/legal-notices.
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version on businesswire.com: https://www.businesswire.com/news/home/20240611378242/en/
Diana Stott Director, Communications Guidewire Software, Inc.
+1.650.781.9955 dstott@guidewire.com
Lily Hanstein Senior Vice President, Strategy &
Communications MEMIC (207) 791-3949 lhanstein@memic.com
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