Guidewire Software (San Mateo, Calif.) has announced the availability of Guidewire ClaimCenter 6.0, the latest version of its P&C claims system. The vendor describes the product as an end-to-end claims system that manages the entire claims lifecycle from first notice of loss through settlement, litigation and recovery.
ClaimCenter 6.0 features Claims Performance Monitoring, a visual display of claim health metrics, according to Guidewire. Providing single-click access from anywhere within ClaimCenter, Claims Performance Monitoring brings real-time actionable information to claims personnel at all levels in a consistent and easy-to-use manner, the vendor asserts. Claims Performance Monitoring automatically tracks key metrics within each individual claim, eliminating the multi-step reporting process insurers currently take to learn how their claims operations are performing. By using a combination of insurer specific claim health metrics, high risk indicators, and claims summary screens, adjusters and managers are able to ascertain claim health and make rapid diagnoses to determine if the claim is being processed efficiently or whether additional consideration is needed, Guidewire claims.
Other enhancements to ClaimCenter in version 6.0 include streamlined claims management processes, such as deductible handling and support for key lines of business; greater visibility into catastrophe exposures in adherence to catastrophe management and reinsurance procedures; the ability to readily identify and track reinsurance recovery opportunities for large losses; provision of localization packs for key geographic regions to ease configuration for language, calendar, documents and currency; the ability of business users to configure parameters and thresholds, thus minimizing their reliance on IT.
"Easy accessibility to comprehensive information is increasingly important in every area of insurance operations, including claims," comments Karlyn Carnahan, a principal at Novarica (New York). "Improving visibility in the claims process allows insurers to monitor and affect performance in real time, and to continuously improve their claims handling processes."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio