As part of an ongoing digital transformation, Seguros SURA Colombia, the largest Colombian insurance company, recently deployed a series of new software solutions aimed at improving its underwriting, claims, policy administration, analytics, reinsurance, and other processes.
In its most recent overhaul, the Medellín-based insurer, which is a subsidiary of Suramericana S.A. rolled out four new solutions from Guidewire Software, an insurance software provider in Foster City, California, that SURA first partnered with on software for its auto line business.
Overall, SURA says it is planning to implement the company’s software into 15 separate lines of business in a move to upgrade what David Andres Cardona, director of core project architecture at SURA, calls an “aging core system.” The recent rollout included the implementation of the company’s Guidewire InsuranceSuite, Guidewire Client Data Management, Guidewire Rating Management, and Guidewire Reinsurance Management.
“InsuranceSuite is helping us modernize and transform the way we do business by standardizing using best practices,” said Cardona.
Among the improvements are increasing the speed with which SURA can bring new products and add-ons to market. He said the software also helps SURA “better handle large group policy transactions that carry a lot of risk, as well as different currencies for multichannel and international products.”
There is also an automation element to InsuranceSuite that can increase efficiency, says Valentina Sierra Toro, director at SURA.
“We are able to simplify the underwriting process by automating manual processes, thereby increasing operational efficiency, employee productivity, and collaboration,” she said.