Yahoo Finance Guidewire's (GWRE) InsuranceSuite Platform Selected by FMG
Guidewire Software GWRE recently announced that rural insurer company FMG has chosen Guidewire InsuranceSuite, available on the Guidewire Cloud platform, to support its core business operations.
New Zealand-based FMG is set to shift from its existing on-premise installation of InsuranceSuite to Guidewire Cloud to drive sustainable growth and deliver exceptional services to its clients. GWRE and FMG have been associated since 2012.
By migrating to Guidewire Cloud, FMG expects to streamline its IT operations significantly, allowing the organization to adapt promptly to market fluctuations and evolving customer demands, thereby facilitating its continuous expansion in the insurance market.
Headquartered in San Mateo, CA, Guidewire is a provider of software solutions for property and casualty (P&C) insurers. By integrating digital engagements, core functionalities, advanced analytics and machine learning capabilities, its cloud-based platform has won the trust of more than 540 insurance brands operating in 40 countries, ranging from new startups to industry giants.
The company’s premium solutions include InsuranceSuite Cloud, InsuranceNow and InsuranceSuite for self-managed installations. Guidewire InsuranceSuite Cloud comprises PolicyCenter Cloud, BillingCenter Cloud and ClaimCenter Cloud.
The company is witnessing strong adoption of its solutions. In May 2024, United Heritage Insurance company adopted the InsuranceNow platform to improve operations, agent and customer service and grow the business pipeline. In March 2024, a premium P&C insurer, Encova Insurance, implemented Guidewire InsuranceSuite on Guidewire Cloud to power its core business and simplify IT operations.
Focus on Guidewire Cloud is driving financial performance for the company. The company recently reported strong fiscal third-quarter results driven by solid Tier-1 deal volume and increasing migration activity, especially in Asia Pacific.
Revenues of $240.7 million soared 16% year over year. Revenues surpassed the Zacks Consensus Estimate by 4%.
The company was able to score eight deals for its cloud platform in the reported quarter. Management noted that year to date InsuranceSuite Cloud has secured 24 deals, suggesting a 33% increment from the same period in the last fiscal year.
Continued momentum across all the segments has allowed GWRE to raise its outlook for fiscal 2024. The company now expects revenues in the band of $968-$976 million compared with the prior guidance of $957-$967 million.
Guidewire currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 81.3% in the past year compared with the sub-industry’s growth of 18%.
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