US insurer Amica Mutual modernizes product rating with support from Sollers Consulting
Richmond/Warsaw, April 12, 2022: Amica Mutual has gone live with the first products rated with Guidewire PolicyCenter. This is a milestone in a project to modernize the rating system backed by Sollers experts. Transitioning to a new rating solution will help the insurer bring products to market faster and more efficiently. The project is facilitated by agile project management and close collaboration between underwriters, actuaries and IT staff.
Amica Mutual is rolling out a new pricing module to better support business growth in the U.S. As part of a lean project management approach, the insurer is steadily transitioning from its current rating system to Guidewire across all lines of business. The implementation of the new rating engine is part of the company’s plans to move its core systems to the cloud. With support from Sollers Consulting specialists, multiple lines of business have already begun using the new rating module.
“We congratulate Amica on this important step in the company’s digital transformation. The insurer’s management has a strong digital vision, and we are honored to contribute to this effort. The new rating engine empowers actuaries to self-manage and enables the insurer to automate testing. This will greatly help speed up business processes and increase the quality of their results,” says Michal Trochimczuk, Managing Partner of Sollers.
“We’d like to express our gratitude to the teams at Sollers Consulting for their support as we move to a more sophisticated rating engine in the business,” says Johnna Nigh, Assistant Vice President at Amica.
The replacement of the existing legacy system is part of a larger restructuring for the longest-standing mutual automobile insurer in the U.S. The modernization includes core product upgrades and a move away from self-managed deployments. By decommissioning the previous rating system, Amica is reducing implementation complexity and shortening time to market.
“Amica has accomplished a lot to prepare for increasingly competitive markets. The new rating system allows for rapid introduction of new products and quick adjustments in pricing. Getting the system ready for 49 states involved a tremendous number of requirements. I would like to thank the joint teams for what has been achieved and look forward to further cooperation with Amica,” comments Trochimczuk.
“Sollers’ experts have been integral to the success of our rating system’s transition,” Nigh says. “With an expertise in insurance pricing solutions, their support allowed us to execute on a complex project. We appreciate their significant contributions to the project’s success.”
About Amica Insurance
Amica is the longest-standing mutual insurer of automobiles in the U.S. A direct writer, Amica also offers home, life, marine and umbrella insurance, as well as annuities.
Founded on principles of outstanding service, Amica creates peace of mind and builds enduring relationships with its customers. That mission is shared and supported by thousands of employees across the country. Visit Amica.com.