Guidewire (NYSE: GWRE) today announced Elysian, the latest in a
series of market-defining cloud releases. Elysian innovations equip
insurers to quickly connect third-party apps, including insurtech
solutions, with Integration Gateway, launch lines of business fast
with Guidewire GO and Advanced Product Designer (APD), and expand
distribution with a new Embedded Insurance Solution for travel.
Enter: Elysian, the Guidewire Elysian Release Launch event, will
stream live at 8:00 am PT on May 19. It will also be available
on-demand. For details about what’s new in Elysian, visit
guidewire.com/Elysian.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220518005412/en/
Expanded capabilities for London Market
insurers delivered in PolicyCenter. (Source: Guidewire)
Connect Apps Easily with Integration Gateway
Elysian reduces integration complexity and increases developer
efficiency with Integration Gateway, a cloud micro-service that
externalizes integration logic and orchestrates calls to and from
InsuranceSuite and third-party applications, making it easier to
integrate with 170+ partner apps on the Guidewire Marketplace.
“The cost and time required to integrate core systems with
third-party apps significantly impacts speed to market. Integration
Gateway sets a new bar for openness and reinvents how easy it is
for developers to integrate to Guidewire,” said Diego Devalle,
chief product development officer at Guidewire.
Launch Products Fast with Guidewire GO and APD
Elysian accelerates speed to market with expanded
country-specific content across lines of business now available in
Guidewire GO, a library of pre-packaged product definitions to
jump-start the product design process. Guidewire GO content is
available for download from the Guidewire Marketplace.
- Underwrite risk flexibly with new commercial lines content and
messaging integration for the London Market.
- Process claims efficiently in the French motor market with full
IRSA, IRCA, and bodily injury support, including allocation of
claims, real-time asynchronous messaging, and payment
processing.
- Excel in the Australian personal motor market with full support
of regional addresses, currency, product structures, data models
and rules, and regulatory data and tax collection.
- Launch products quickly with 1,000+ ISO SBT updates. Reduce
product configuration and maintenance effort with new AAIS
Commercial Inland Marine products for insurers in North
America.
- Implement farm insurance in the U.S. market up to twice as fast
with a new GO Product for InsuranceNow.
Elysian features enhancements to APD, a visual configuration
cloud service for product model definition that supports the entire
insurance lifecycle, simplifying configuration and accelerating
product launches. Elysian adds new functionality that enables
insurers with existing PolicyCenter LOBs to auto generate the
creation of cloud-ready APIs and integration views that streamline
the transition to Guidewire Cloud.
“Elysian demonstrates our continued investment in high-value
industry content, expanding our insurance product library with new
Guidewire GO out-of-the-box product lines and commercial, personal,
and country-specific content to help insurers get to market
faster,” said Eugene Lee, senior vice president and general manager
at Guidewire.
Expand Distribution with Embedded Travel Insurance
According to a report from InsTech London, the embedded
insurance market is expected to grow to $722 billion in gross
written premium (GWP) within eight years – six times its size
today. And Lightyear Capital has reported that the U.S. market
value of embedded insurance is expected to increase from $5 billion
in 2020 to $70.7 billion in 2025.
Elysian introduces market-specific solutions that are
pre-configured to address key line-of-business requirements so
insurers can launch embedded insurance for travel in 12 weeks and
deliver an end-to-end solution from quote to claim. The Guidewire
Embedded Insurance Solution for travel combines the data and
functionality of Guidewire Cloud Platform (GWCP) with integrated
capabilities from its partner ecosystem to provide support across
the entire travel insurance lifecycle.
“Guidewire customers trust us to respond quickly to evolving
market demands,” said Devalle. “With the introduction of our first
Embedded Insurance Solution, insurers can quickly activate another
distribution channel on GWCP.”
For more information about Guidewire, Guidewire Cloud Platform,
or the Elysian release, visit guidewire.com. And, read more about
Guidewire’s Embedded Insurance Solution for travel here.
About Guidewire
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and AI to deliver our platform as a cloud service. More
than 450 insurers, from new ventures to the largest and most
complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with 1,000+ successful projects, supported by the
largest R&D team and partner ecosystem in the industry. Our
marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow
us on twitter: @Guidewire_PandC.
NOTE: All products mentioned in this announcement are Guidewire
products. Not all products are available in every geography or to
self-managed customers. Any unreleased services or features
referenced in this or other press releases or public statements are
not currently available and may not be delivered on time or at all.
Customers who purchase Guidewire applications should make their
purchase decisions based upon features that are currently
available.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the future availability of the Elysian
release, the general availability of features, programs, services,
and tools related to Elysian mentioned in this release such as,
Integration Gateway, Guidewire GO, and Embedded Insurance Solution
for travel. These forward-looking statements are made as of the
date they were first issued and were based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management. Words such as “expect,” “anticipate,”
“should,” “believe,” “hope,” “target,” “project,” “goals,”
“estimate,” “potential,” “predict,” “may,” “will,” “might,”
“could,” “intend,” variations of these terms or the negative of
these terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve
factors or circumstances that are beyond Guidewire’s control.
Guidewire’s actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in
Guidewire’s most recent Forms 10-K and 10-Q filed with the
Securities and Exchange Commission as well as other documents that
may be filed by the Company from time to time with the Securities
and Exchange Commission. In particular, the following factors,
among others, could cause results to differ materially from those
expressed or implied by such forward-looking statements: quarterly
and annual operating results may fluctuate more than expected; the
impact of the COVID-19 pandemic on our employees and our business
and the businesses of our customers, system integrator (“SI”)
partners, and vendors; seasonal and other variations related to our
customer agreements and related revenue recognition may cause
significant fluctuations in our results of operations and cash
flows; our reliance on sales to and renewals from a relatively
small number of large customers for a substantial portion of our
revenue; our ability to successfully manage any changes to our
business model, including the transition of our products to cloud
offerings and the costs related to cloud operations; our products
or cloud-based services may experience data security breaches; we
face intense competition in our market; our services revenue
produces lower gross margins than our license, subscription and
support revenue; our product development and sales cycles are
lengthy and may be affected by factors outside of our control;
changes in accounting guidance, such as revenue recognition, which
have and may cause us to experience greater volatility in our
quarterly and annual results; assertions by third parties that we
violate their intellectual property rights could substantially harm
our business; weakened global economic conditions may adversely
affect the P&C insurance industry including the rate of
information technology spending; general political or destabilizing
events, including war, conflict or acts of terrorism; our ability
to sell our products is highly dependent on the quality of our
professional services and SI partners; the risk of losing key
employees; the challenges of international operations, including
changes in foreign exchange rates; and other risks and
uncertainties. Past performance is not necessarily indicative of
future results. The forward-looking statements included in this
press release represent Guidewire’s views as of the date of this
press release. The Company anticipates that subsequent events and
developments will cause its views to change. Guidewire undertakes
no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing Guidewire’s views as of any date subsequent to
the date of this press release.
For information about Guidewire’s trademarks,
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version on businesswire.com: https://www.businesswire.com/news/home/20220518005412/en/
Melissa Cobb, Senior Public Relations Manager Guidewire Software
+1 650-464-1177 mcobb@guidewire.com
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