As part of an ongoing IT-driven transformation, workers' compensation carrier New Mexico Mutual Group (Albuquerque; about $60 million in premium income) selected Guidewire (San Mateo, Calif.) ClaimCenter as its new claim system. The carrier vetted several vendors to prepare to take on claims, according to Tim Thackaberry, the insurer's director of IT.
In addition to meeting NMM's functionality requirements, "The biggest thing that sold Guidewire was how easy it is to customize," Thackaberry says. "You can change the way claims are processed in a very straightforward fashion."
Guidewire ClaimCenter will replace a legacy system Thackaberry describes as "one level above green screen." Currently, the company relies on IT to make changes to the system - which is cumbersome and costly, given that a third of the company is dedicated to claims processing, according to Thackaberry. "We want to get to a world where the business folks are driving workflow decisions and changes," he says.
Thackaberry notes that the new system will cost 15 percent to 20 percent of the carrier's capital budget for 2005.
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