Each minute of our life is a lesson but most of us fail to read it. I thought I would just add my daily lessons & the lessons that I learned by seeing the people around here. So it may be useful for you and as memories for me.
Article by Prawin and Team
Insurance is a form of risk management. It is a contract between two parties called insured & insurer. It is purchased to avoid the possibility of a large, potential future loss. Insurance is a system that enables a person, family, or business to transfer the costs of losses to an insurance company.
Guidewire Insurance Suite provides a complete set of applications to support core Insurance operations—underwriting, policy administration, billing, and claims management, helps to replace legacy systems and transform business. Insurance Suite’s comprehensive applications are built on a common platform, covering the Property/Casualty insurance life-cycle while providing the deep functionality to replace existing legacy systems. Guidewire suite is a proven solution that promotes optimized insurance operations through insights derived from an engaged global customer community, and empowers employees, agents, and customers to respond and adapt to market change
PolicyCenter is a web-based underwriting and policy administration system designed for personal and commercial line carriers in the property and casualty insurance (P&C) industry. In PolicyCenter, producers and underwriters can submit applications, renew policies, and manage policy changes. Auditing is available for certain types of policies.
BillingCenter is a web-based billing system and an enterprise software application that coordinates, executes, and records receivables and transactions. BillingCenter manages the end-to-end billing processes, including complex and customized billing arrangements
(such as group, list, or mortgage billing and multi-payer or multi-location billing).
ClaimCenter is a web-based enterprise software application designed to manage the process of reporting, verifying, and making payments on claims against a policy. It manages the claims process from FNOL through execution of financial transactions, including the payment and setting of reserves.
Contact Manager is an Integrated part in the GuideWire complete suite. ContactManager is a web-based enterprise software application designed to manage the contact details of the User’s, Agents, Vendor’s, Customer’s etc. It is like a centralized database of the contact details of all the individuals and the organization. ContactManager is integrated with Policy center, Billing Center & Claims Center. It provides a scope to retrieve the details by using search functionality
The Guidewire platform is a java-based application that is designed to be speedly customized for each customers line of business. The ability to support numerous various types of policies with just a few changes of the configuration makes Guidewire a good tool to get your insurance business up and running immediately. Guidewire offers modules that support the different facets of the insurance business, such as the Billing, Claims, and the issuance of Policies. By supplying the insurance platform as a set of modules, each organization can implement the platform over time in any order that best serves the company.
Please feel free to share your story and any lessons you learned, you experienced, you came across in your life in the comments below.