Insurance Corporation of British Columbia Deploys Guidewire Solution for Underwriting and Policy Management

Guidewire PolicyCenter® implemented on time and on budget, increasing business agility and streamlining staff training time

VANCOUVER, British Columbia & FOSTER CITY, Calif.--(BUSINESS WIRE)-- Guidewire Software, Inc. (NYSE:GWRE), a provider of software products to Property and Casualty (P&C) insurers, today announced that the Insurance Corporation of British Columbia (ICBC), a provincial Crown corporation and sole provider of universal compulsory auto insurance in British Columbia (BC), has successfully implemented Guidewire PolicyCenter® as its new underwriting and policy management solution. Guidewire PartnerConnect™ Consulting member Ernst & Young LLP assisted with the implementation.

ICBC selected PolicyCenter to replace its previous policy administration system as the company needed more agility and flexibility to handle its changing business needs. The change would also help the company decommission its major legacy applications, reducing a substantial amount of technology risk. ICBC successfully deployed PolicyCenter for its personal and non-fleet commercial auto line of business, and today has thousands of internal and external users using the new system. ICBC had previously successfully implemented Guidewire ClaimCenter® as its new claims handling system.

“The implementation of PolicyCenter at ICBC was the last major project of our multi-year business transformation program and was one of the largest and most complex system renewal initiatives to-date, both at ICBC and in the industry – as such, Guidewire proved to be the perfect partner for this massive undertaking,” said Gary Eastwood, Chief Information and Technology Officer, ICBC. “We have already successfully processed more than two million transactions using PolicyCenter – a significant result for a system of this size and complexity.”

PolicyCenter is enabling ICBC to:

• Increase business agility by bringing new products and product enhancements to market more quickly;
• Leverage Guidewire to explore new opportunities in terms of service options and analytics to support improved pricing;
• Streamline the training of staff as a result of PolicyCenter’s intuitive interface.

“PolicyCenter has been stable since going live, and I commend the Guidewire and EY technical and account teams, who were trusted partners providing valuable advice and support throughout the implementation,” said Nicolas Jimenez, Vice President, Insurance Strategy, Products & Pricing, ICBC. “This implementation is a significant step in our journey to build out our product and pricing capabilities, giving us the speed-to-market and agility necessary to achieve our business strategy.”

“We are honored ICBC entrusted us with the transformation of its Policy Administration system,” said David Connolly, Principal, Ernst & Young LLP. “We look forward to watching them expand their business capabilities, ultimately empowering future growth.”

“We congratulate ICBC on their successful PolicyCenter deployment,” said Mike Polelle, chief delivery officer, Guidewire Software. “We are honored to provide the technology foundation that will help them adapt and succeed in the rapidly-changing insurance industry marketplace.”

About Insurance Corporation of British Columbia

The Insurance Corporation of British Columbia is a provincial Crown corporation established in 1973 to provide universal auto insurance to B.C. motorists. We're also responsible for driver licensing, and vehicle licensing and registration. For more information, please visit www.icbc.com.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About Guidewire Software

Guidewire delivers the software that Property and Casualty (P&C) insurers need to adapt and succeed in a time of rapid industry change. We combine three elements – core operations, data and analytics, and digital engagement – into a technology platform that enhances insurers’ ability to engage and empower their customers and employees. More than 260 P&C 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, are registered trademarks of Guidewire Software, Inc. in the United States and/or other countries.

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Guidewire Software, Inc.

Diana Stott, +1-650-356-4941

Director, Communications

[email protected]

or

EY

John La Place, +1-212-773-1705

Associate Director

[email protected]

Source: Guidewire Software, Inc.