Guidewire Software (GWRE - Free Report) announced that the company’s InsurancePlatform suite of products have recently been selected by Society Insurance to enhance customer experience.
Society Insurance is a commercial insurance provider operating in Wisconsin, Illinois, Indiana, Iowa, Tennessee, and Minnesota.
Per the agreement, Society Insurance intends to substitute the preceding systems with InsurancePlatform solution across its entire business.
Notably, InsurancePlatform is a P&C industry platform, which is deployed through Guidewire Cloud joining software, services, and partner ecosystem to customer business. The solution aids risk reduction via increased productivity, bringing speed to market, digital engagement and simplifying IT infrastructure.
Notably, increasing adoption of technologies like AI, robotic process automation, cognitive intelligence or blockchain calls for a best-in-class technology to cater to customer needs. Guidewire’s InsurancePlatform solution is aiding Society Insurance’s customer-centric business model to improve insurance processes.
With the synergies of the recently selected offerings and access to Guidewire’s Marketplace, Society Insurance anticipates to provide innovative solutions and adapt to changing market demands.
We believe that rapid adoption of Guidewire’s solutions will help the company in bolstering subscription revenues, consequently aiding it to expand total addressable market or TAM.
Adoption of InsurancePlatform Bodes Well
Guidewire’s cloud-based subscription products are gaining traction as insurers are increasingly looking to digitally transform their business processes.
Moreover, the company has increased investments to enhance insurance software products via collaborations with leading on-demand cloud infrastructure vendors including Amazon’s (AMZN - Free Report) cloud computing platform, Amazon Web Services (AWS) and Microsoft (MSFT - Free Report) Azure.
Furthermore, the company added six additional InsuranceSuite Cloud customers, in the last reported quarter, which is noteworthy.
Expanding clientele comprises a wide range of customers that utilize multiple components of Guidewire offerings. For instance, Amerisafe (AMSF - Free Report) uses Guidewire Underwriting Management; Amerisure Mutual Insurance Company and Westfield Insurance have deployed ClaimCenter, to mention a few.
Guidewire is benefiting from strong adoption of cloud-based InsurancePlatform suite of services. Moreover, partnership programs and strategic collaborations enable the company to expand business.
The company’s acquisition strategy is also a major contributor to growth. The buyouts of Cyence, ISCS (now called InsuranceNow), FirstBest (now called Guidewire Underwriting Management) and EagleEye Analytics (now known as Guidewire Predictive Analytics) are not only aiding revenue growth but also helping the company to expand clientele.
In fact, the company’s growing clout in the P&C core platform market can be ascertained from market research firm Gartner’s latest “Magic Quadrant for P&C Core Platforms, North America” report where it put Guidewire’s InsuranceSuite offering in the “Leaders” quadrant.
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