Infotech Lead Asia: SBI Insurance has implemented Guidewire InsuranceSuite for its Cancer Insurance (for medical treatments not covered by health insurance).
SBI Insurance started offering Cancer Insurance in August 2012.
This marks the first implementation of InsuranceSuite by a Japanese Property/Casualty insurer.
The deployment of the suite is part of SBI Insurance’s plan to build a new core system for its new Cancer Insurance offering. The new system is expected to have a system architecture that would enable scalability, in line with SBI Insurance’s information systems policy of compact systems and compact operations.
“SBI Insurance has focused on delivering customer-centric services since the company was founded. We have endeavored to provide our customers with high-quality services that leverage the benefits of web-based services at the lowest insurance rates in the industry,” said Kazunosuke Fujioka, director, SBI Insurance.
“Guidewire’s product vision is very close to our own. Guidewire provides well thought-out solutions and consulting services that will allow us to reach self-sufficiency in operating the system. As a result, we will be able to implement a system that meets our demands in terms of superior quality, agility and cost-effectiveness,” Fujioka added.
SBI Insurance, in the first phase of the project, implemented PolicyCenter (underwriting and policy administration system) and BillingCenter (billing and receivables management system). SBI Insurance recently went live with ClaimCenter, the third system of the suite, completing the entire project in nine months.
“We congratulate SBI Insurance on becoming the first company in Japan to implement Guidewire InsuranceSuite,” said Ian Tavener, vice president, Asia Pacific, Guidewire Software. “SBI Insurance proactively implemented an advanced system to help the company deliver the best service to its customers.”
Guidewire InsuranceSuite is designed using a modular approach, enabling insurers to select individual applications — Guidewire PolicyCenter, Guidewire BillingCenter, and Guidewire ClaimCenter — or a pre-integrated set, driven by their requirements and priorities.
Moreover, InsuranceSuite provides the flexibility insurers need to deliver insurance the way they want to, by rapidly delivering better products and service to their policyholders and agents, while improving underwriting discipline and lowering operational costs.