CLIENT OVERVIEW

The insurer is a midsize super-regional carrier that offers auto, property, life, crop, farm, and business coverage. In operation for 100 years, the insurer is headquartered in the Midwest and supports commercial lines policyholders in nearly 20 states.

BUSINESS CHALLENGE

As part of its strategic growth initiative, the insurer embarked on a modernization program that would not only move the organization onto more scalable, cloud-based solutions, but also streamline technology processes to enhance underwriting efficiency, increase quotes per agent, provide additional self-service functionality to their captive agent network, and lead to increased profitability.

The initial goals of the program were to modernize the insurer’s policy administration system (PAS), reduce manual integrations and legacy customizations, consolidate applications into a common platform, and enable more business agility and better scalability to support organizational growth goals.

To achieve these goals, the insurer wanted to begin by simplifying the new business quote and submission process as well as increasing straight-through processing (STP) capacity. Both capabilities are pivotal for increasing the number of policies in force and improving the ease of doing business for carrier representatives. In addition, the client wanted to improve its product offerings to better meet the needs of its policyholders. Business outcomes outlined for the program included a multi-state expansion for workers’ comp, faster speed to market, enhanced product bundling capabilities, and more self-service options for policyholders.

SOLUTION OFFERED

The insurer was previously live on a different core system, but it knew that its growth goals required a modern, cloud-based system. The client selected Guidewire Cloud Platform, which required a full PAS transformation, including migrating the entire existing book of business onto Guidewire.

In parallel with the PAS replacement, the client set out to redesign the overall agency engagement experience, adopting a “client-first design” mindset to better align with future customer and agent experience aspirations for both customers and agents

ValueMomentum was already a strategic partner for the insurer, having assisted with multiple initiatives previously. The project team consisted of 88 ValueMomentum employees and 35 associates from the insurer, with an additional 35 shared resources, both business and IT teams, from the carrier. The team designed and implemented the framework to migrate existing data for four commercial lines of business from the insurer’s previous core systems to Guidewire Cloud Platform using tools including Guidewire Policy Migration Tool and Informatica. Leveraging Guidewire Standards Based Templates (SBTs) enhanced the efficiency of implementing client-specific deviations that met the insurer’s business needs.

The program was conducted in a phased approach, with the first release for businessowners, workers’ comp, commercial auto, and commercial umbrella taking place from January 2024 to September 2025. Additional rollouts for new states are planned for these lines of business for completion in January 2026. In subsequent releases, the insurer plans to roll out commercial package policy (CPP) and agribusiness policy.

On top of a better agent and customer experience thanks to the faster, more seamless experience, the carrier is now achieving 80% STP for conversions.

VALUE DELIVERED

This core transformation effort streamlined the new business quote and submission process and enhanced producers’ ability to conduct their work. The updated system includes more than 50 integrations, providing more avenues for representative engagement and simplifying the process of adding new distribution channels.

On top of a better agent and customer experience thanks to the faster, more seamless experience, the carrier is now achieving 80% STP for conversions. In addition, its quote and bind time for businessowners policies has been reduced to under 10 minutes.

A month after the first release, the insurer migrated an additional seven states onto the new PAS and rolled out workers’ comp in two new states. This initiative was a major step in the insurer’s five-year growth strategy. The core modernization has not only yielded better STP rates and speed to market, but also made it easier for the insurer to further modernize its digital experience for agents and customers as well as continue its multi-state expansion for lines of business such as workers’ comp