Definity Becomes the First Canadian P&C Insurer to Transition Core Insurance Platform to Guidewire Cloud

Rhea-AI Summary

Definity Financial Corporation and Guidewire have successfully transitioned the Economical digital broker platform, Vyne, and the direct platform, Sonnet, to cloud-based technologies. This move positions Definity as the first Canadian P&C insurer to utilize Guidewire Cloud Platform, aimed at enhancing scalability, service quality, and innovation. The collaboration, also involving Deloitte, leverages Amazon Web Services to improve security and operational efficiency. Definity aims for organic and inorganic growth and aspires to be among Canada's top five P&C insurers.

Positive

• Definity is the first Canadian P&C insurer to adopt Guidewire Cloud Platform, enhancing scalability and innovation.
• Transition to cloud services is expected to improve security and reduce operational outages.
• Definity aims to be one of Canada's top five P&C insurance providers, indicating strong growth aspirations.

Negative

• None.

New Cloud Solution Allows Agility, Scale, and Innovation While Enhancing Security

WATERLOO, Ontario & SAN MATEO, Calif.--(BUSINESS WIRE)-- Definity Financial Corporation (“Definity”) (TSX: DFY) and Guidewire (NYSE: GWRE) announced that Definity has successfully transitioned the Economical digital broker offering, Vyne, and its digital direct platform, Sonnet, to the latest cloud-based technologies. As the first Canadian P&C insurer to have its core insurance platform take advantage of Guidewire Cloud Platform capabilities, Definity expects to be better positioned to continue to scale its business, enhance the quality of service to broker partners and customers, and continue to innovate with agility.

As a newly public company, resulting from the largest Canadian IPO of 2021, Definity aspires to stay on the forefront of business innovation by working with like-minded organizations to find new ways of making insurance better. The transition to cloud-based services is expected to give Definity early access to products, features, capabilities, and broader connectivity with insurtech ecosystems with minimal interruption to brokers and customers.

“At Definity, we are focused on being Canada’s leading digital insurer poised for sustainable growth and profitability,” said Tatjana Lalkovic, SVP and CIO, Definity. “Modernizing our core infrastructure brings opportunity for agility, scale, and innovation alongside Guidewire’s partner ecosystem.”

This is a milestone in the collaboration between Definity, Guidewire, and Deloitte in the Definity cloud transformation journey. Running on Amazon Web Services (AWS) cloud technology, Guidewire Cloud will give Definity the ability to efficiently scale the platform to integrate innovative technologies as it pursues its business objectives of organic and inorganic growth. Cloud solutions are expected to enhance security and reduce planned and unplanned outages while addressing accelerating cyber security risks.

Definity has a strategic objective to be one of the top five P&C insurance providers in Canada and has been investing in innovative technologies to achieve this objective. Building on its industry-leading investments in Sonnet and Vyne, the multi-cloud architecture foundation being put in place will help support the resiliency and scalability that will be required to pursue growth in agile, innovative, and cost-effective ways. Sonnet and Vyne were both recognized as Guidewire Innovation Award winners in 2016 and 2018, respectively.

“Definity is a leading force in the Canadian P&C insurance industry ― Guidewire truly admires the company’s industry vision and its commitment to innovation, and ultimately its mission of creating exceptional value for its brokers, partners, policyholders, employees, and shareholders,” said Christina Colby, Chief Customer Officer, Guidewire. “We thank Definity for its continued trust in Guidewire and our cloud services capabilities and look forward to our ongoing collaboration and shared success.”

ABOUT DEFINITY FINANCIAL CORPORATION

Definity Financial Corporation is incorporated under the Insurance Companies Act (Canada), and is the parent company of Definity Insurance Company, Family Insurance Solutions Inc., Petline Insurance Company, and Sonnet Insurance Company.

Definity Financial Corporation, through Definity Insurance and Family Insurance Solutions, distributes property and casualty insurance through a wide network of broker partners, and directly to consumers through Sonnet Insurance and Petline Insurance.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada, which reflects Definity's current expectations regarding future events, including statements concerning the impact of the implementation of certain technology solutions on the performance and security of Definity’s operations. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control. Results could differ materially from those projected herein. Definity does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

About Guidewire Software

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: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005275/en/

Diana Stott

Director, Communications

Guidewire Software, Inc.

+1.650.781.9955

dstott@guidewire.com

Definity media inquiries:

Mathieu Genest

Manager, Public and Media Relations

(C) 647-224-8975

mathieu.genest@definity.com

Definity investor inquiries:

Dennis Westfall

Head, Investor Relations

(C) 416-435-5568

dennis.westfall@definity.com

Source: Guidewire

FAQ

What recent partnership announcement involves Guidewire and Definity?

Definity Financial Corporation has transitioned its Vyne and Sonnet platforms to Guidewire Cloud, becoming the first Canadian P&C insurer to do so.

How does the cloud transition impact Definity's operations?

The transition is expected to enhance scalability, improve service quality, and increase security.

What technology is guiding Definity's transition to the cloud?

Definity is utilizing Guidewire Cloud services and Amazon Web Services (AWS) for its digital platforms.

What are Definity's goals following the cloud transition?

Definity aims for sustainable growth and profitability to be among the top five P&C insurance providers in Canada.

When was the partnership between Definity and Guidewire announced?

The partnership announcement was made on September 7, 2022.