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Guidewire's (GWRE) InsuranceNow Is Being Used by Velocity Risk
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Guidewire Software (GWRE - Free Report) announced that Velocity Risk Underwriters (Velocity Risk), an insurance agency specializing in catastrophe-focused property coverage, has adopted Guidewire InsuranceNow.
Velocity Risk will leverage InsuranceNow to introduce new insurance products, adapt to the evolving market requirements, expand its operations, and enhance value for its agents, brokers and customers. The implementation primarily pertains to Velocity Risk's small commercial lines of business, which are executed with the guidance of Cognizant.
InsuranceNow will also offer insights about customer behavior and product performance, which will improve processing efficiency in Velocity Risk’s small commercial business, resulting in time savings. Additionally, Velocity Risk’s profitability has doubled over the last two years due to accurate pricing decisions facilitated by the rapid response provided by InsuranceNow.
The adoption of InsuranceNow has also led to a 70% reduction in support ticket volume compared to their previous system, per the company report. The integration will also enable Velocity Risk to incorporate insurtech solutions from Guidewire Marketplace and the PartnerConnect ecosystem into their workflows.
Guidewire is a provider of software solutions for property and casualty insurers. The company's solutions aid in reducing risk via increased productivity, bringing speed to market, digital engagement and simplifying IT infrastructure.
In June, Guidewire announced that its Guidewire InsuranceSuite on Guidewire Cloud had been selected by Texas Mutual Insurance Company to power its core systems and adapt to changing market demands and simplify its IT operations.
Prior to that, Guidewire announced that its Guidewire InsuranceSuite on Guidewire Cloud had been selected by Alberta Motor Association to diversify its product and services and planned to launch its latest “usage-based” insurance product. AMA will have access to DataHub, Explore and Predict by utilizing Guidewire Cloud. This will likely help AMA to manage and analyze data across the organization, helping the company make informed decisions.
Presently, Guidewire carries a Zacks Rank #2 (Buy). Shares of the company have gained 6.2% compared with the sub-industry’s growth of 2.6% in the past year.
The Zacks Consensus Estimate for Woodward’s fiscal 2023 EPS has increased 15.9% in the past 60 days to $4.15.
WWD’s long-term earnings growth rate is 13.5%. Shares of WWD have gained 26.1% in the past year.
The Zacks Consensus Estimate for Aspen Technology’s fiscal 2024 EPS has increased 5.8% in the past 60 days to $6.58.
Aspen Technology’s long-term earnings growth rate is 17.1%. Shares of AZPN have declined 8% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has increased 6.3% in the past 60 days to $2.86.
Badger Meter’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 6.7%. Shares of BMI have surged 61% in the past year.
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Guidewire's (GWRE) InsuranceNow Is Being Used by Velocity Risk
Guidewire Software (GWRE - Free Report) announced that Velocity Risk Underwriters (Velocity Risk), an insurance agency specializing in catastrophe-focused property coverage, has adopted Guidewire InsuranceNow.
Velocity Risk will leverage InsuranceNow to introduce new insurance products, adapt to the evolving market requirements, expand its operations, and enhance value for its agents, brokers and customers. The implementation primarily pertains to Velocity Risk's small commercial lines of business, which are executed with the guidance of Cognizant.
InsuranceNow will also offer insights about customer behavior and product performance, which will improve processing efficiency in Velocity Risk’s small commercial business, resulting in time savings. Additionally, Velocity Risk’s profitability has doubled over the last two years due to accurate pricing decisions facilitated by the rapid response provided by InsuranceNow.
Guidewire Software, Inc. Price and Consensus
Guidewire Software, Inc. price-consensus-chart | Guidewire Software, Inc. Quote
The adoption of InsuranceNow has also led to a 70% reduction in support ticket volume compared to their previous system, per the company report. The integration will also enable Velocity Risk to incorporate insurtech solutions from Guidewire Marketplace and the PartnerConnect ecosystem into their workflows.
Guidewire is a provider of software solutions for property and casualty insurers. The company's solutions aid in reducing risk via increased productivity, bringing speed to market, digital engagement and simplifying IT infrastructure.
In June, Guidewire announced that its Guidewire InsuranceSuite on Guidewire Cloud had been selected by Texas Mutual Insurance Company to power its core systems and adapt to changing market demands and simplify its IT operations.
Prior to that, Guidewire announced that its Guidewire InsuranceSuite on Guidewire Cloud had been selected by Alberta Motor Association to diversify its product and services and planned to launch its latest “usage-based” insurance product. AMA will have access to DataHub, Explore and Predict by utilizing Guidewire Cloud. This will likely help AMA to manage and analyze data across the organization, helping the company make informed decisions.
Presently, Guidewire carries a Zacks Rank #2 (Buy). Shares of the company have gained 6.2% compared with the sub-industry’s growth of 2.6% in the past year.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks in the broader technology space are Woodward (WWD - Free Report) , Aspen Technology (AZPN - Free Report) and Badger Meter (BMI - Free Report) . Woodward presently sports a Zacks Rank #1 (Strong Buy), whereas Aspen Technology and Badger Meter currently carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Woodward’s fiscal 2023 EPS has increased 15.9% in the past 60 days to $4.15.
WWD’s long-term earnings growth rate is 13.5%. Shares of WWD have gained 26.1% in the past year.
The Zacks Consensus Estimate for Aspen Technology’s fiscal 2024 EPS has increased 5.8% in the past 60 days to $6.58.
Aspen Technology’s long-term earnings growth rate is 17.1%. Shares of AZPN have declined 8% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has increased 6.3% in the past 60 days to $2.86.
Badger Meter’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 6.7%. Shares of BMI have surged 61% in the past year.