The success of NFP Partners is based on our clients, both Abila MIP Fund Accounting software clients and Accounting Services Clients. We are excited to highlight one of our newest Abila MIP Fund Accounting Software clients, Western Guaranty Fund Services (WGFS).
Western Guaranty Fund Services (WGFS) is a voluntary, non-profit, unincorporated association formed for the purpose of managing and paying claims for property and casualty insurance guaranty associations.
WGFS’s history begins in 1984, when a group of western United States insurance guaranty associations united with a common goal. Their goal was to centralize the management of their property while also serving their administrative needs as economically as possible.
Over the course of their existence, WGFS has managed over 28,000 property and casualty insurance claims on behalf of its member guaranty associations, paying over $440 million to claimants and policy holders
This volume of transactions, as well as, many manual processes and an outdated accounting software package lead the Executive Management team to begin searching for other solutions.
“MIP’s focus on the non-profit industry was important. It also has a very flexible reporting system and, given our complicated accounting process and reporting requirements, we felt it would meet our needs.” -Lorraine Segedie
According to WGFS Controller, Lorraine Segedie, that search is what brought them to Abila MIP Fund Accounting Software and NFP Partners.
“Our current system is 20 years old, runs off a pervasive data base, won’t function with current technologies, required manual allocations and did not have the reporting capabilities we needed,” Segedie said.
One of the state guaranty associations has used MIP for the last eight years and highly recommended the software to Lorraine and her team. That recommendation alone did not make their decision. Other factors that Lorraine said were included in the decision making process involved the software’s relation to the non-profit industry.
Western Guaranty Fund Services, welcome to the NFP Partners Team!!
WGFS is proud to serve their Guaranty Association Members:
The Nebraska P&L Insurance Guaranty Association