Guidewire Software GWRE ClaimCenter solution was recently adopted by Gore Mutual Insurance Company, a Canada-based mutual insurer, to enhance claims management capabilities.
Gore Mutual will deploy and deliver ClaimCenter solution through Guidewire Cloud. Moreover, Guidewire Cloud and ClaimCenter are expected to complement Gore Mutual’s personalized ClaimCare approach.
Notably, ClaimCenter is a comprehensive insurance claims lifecycle management solution, which encompasses underwriting, policy holder services and loss-report intake processes. The solution is designed to benefit insurers with streamlined claims management processes, enabling them to boost operational efficiencies.
ClaimCenter is increasingly being adopted by insurers to leverage the offering’s scalability, and security features and provide customers with data-driven analytical insights in claims operations.
We believe that rapid adoption of Guidewire’s solutions will aid the company in boosting subscription revenues, consequently enabling it to expand total addressable market.
Strategic Initiatives to Bolster Adoption Hold Promise
Guidewire’s solutions are aimed at enabling property and casualty (P&C) insurers to expand business with data-driven decision making and improve customer engagement. The company is strategically improving the scope of its InsurancePlatform via acquisitions and product enhancements. This favors the company’s prospects as P&C industry is digitally transforming and embracing cloud-based solutions over traditional on-premise offerings.
Notably, Guidewire Cloud facilitates deployment of InsurancePlatform suite of services in a scalable SaaS-based framework. Further, Guidewire Cloud runs on Amazon’s AMZN cloud computing platform, Amazon Web Services (AWS), which is a major positive given the robust data security capabilities and dominance of AWS.
Management remains confident regarding strong adoption of its several cloud-based products. The company is investing to address the expected increase in demand for cloud-delivered offerings to leverage the robust technology services by on-demand cloud-infrastructure vendors including Microsoft MSFT Azure and AWS.
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 uses Guidewire Underwriting Management, Amerisure Mutual Insurance Company and Westfield Insurance have implemented 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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