Guidewire chief exec reveals company’s mission

Guidewire revealed its mission is to become “the platform that property and casualty insurers trust to engage, innovate and grow efficiently”.

It has transformed from an insurance software company to a cloud service for the property and casualty industry.

The firm’s chief executive Mike Rosenbaum told journalists during a media briefing earlier this week: “It’s a big change for Guidewire and its customers. We have worked through some major milestones in the last six months.”

These “milestones” include launching the new Guidewire cloud platform and a series of six-month releases.

The technology firm has already onboarded 26 global cloud customers on its platform, including two new European customers. 

Rosenbaum continued: “It gives us a mechanism to provide innovation back to our customer base in a much more efficient way and I think it enables us to play a very different and more strategic role with our customer base.”

‘Remarkable’

Keith Stonell, Guidewire’s managing director in EMEA, added: “What insurers are looking for today is speed to market, or the ability to respond to rapidly changing market conditions – our cloud platform absolutely enables that.

“There’s been a lot of unpredictability in the insurance market globally.”

Citing the FCA’s dual pricing report and Covid-19 business interruption cases, Stonell said that to be able to respond to these situations quickly, data is needed to inform decision making and customer service.

This is why he stressed that Guidewire’s cloud proposition is of interest to a lot of UK insurers.

Speaking during his keynote at Connections Reimagined later in the week, Rosenbaum said that the progress the firm has made this year on its cloud platform has been “remarkable” and this makes it clear that it is “a very real” and ”obvious option” for insurers as Guidewire’s capabilities and momentum grows.