Montana State Fund, the entity responsible for providing workers’ compensation insurance in Montana, has decided to overhaul its technological infrastructure by transitioning to Guidewire InsuranceSuite on Guidewire Cloud.
This transition is part of a strategy to enhance core business operations, streamline IT functions, swiftly adapt to changing market demands, and deliver enhanced value to stakeholders such as policyholders and agency partners.
Having been a Guidewire customer since 2006, the organisation will now move its InsuranceSuite from an on-premises setup to a cloud-based model. The migration process will start with the integration of Guidewire ClaimCenter.
Montana State Fund chief information officer Matt Coy said: “We selected Guidewire Cloud based on our 18 years of success with using Guidewire on-premises and are confident with Guidewire’s cloud maturity and roadmap.
“By leveraging InsuranceSuite on Guidewire Cloud, we will be able to shift system maintenance to Guidewire and stay current on the latest innovations while decreasing our reliance on third-party on-premise technology infrastructure. This will enable our IT staff to focus on tasks that deliver value to our policyholders, injured workers, and agency partners.”
Guidewire InsuranceSuite is a suite of core applications that cover policy administration, billing, and claims management. These tools can be utilised separately or as a comprehensive package to facilitate end-to-end processes for property and casualty insurers across various lines of business.
The capabilities provided by InsuranceSuite include product definition, allowing for rapid product launches and updates using user-friendly design tools and pre-built content, thereby reducing the time required to bring new offerings to market.
In terms of market distribution, insurers can connect with customers through preferred channels, leveraging digital experiences and API connectivity with distribution partners. For underwriting, the suite provides enhanced risk selection and pricing through comprehensive submission views and an agile rating engine, with analytics insights embedded into workflows.
Policy management becomes streamlined as it allows for comprehensive oversight from submission to renewal on a unified platform, facilitating quick adaptations to meet policyholder requirements. Moreover, claims servicing is enhanced through increased efficiency in processing with automation and integrated analytics insights, improving customer interactions.
As part of this upgrade, Montana State Fund will also implement Guidewire Predict to segment risks based on their potential impact on loss ratios, aiming to improve competitive positioning. Additionally, the introduction of the Guidewire Jutro Digital Platform seeks to develop personalised user experiences across different distribution channels.
Guidewire chief commercial officer David Laker said: “We thank Montana State Fund for their trust in our technology and welcome them to the Guidewire Cloud. We look forward to facilitating a smooth migration project and helping the company continue to provide financial protection for its policyholders and prompt payment of benefits to injured workers.”
