Guidewire Announces Cortina Release Introducing New Integration Framework, Analytics, and Application Services to Accelerate Insurance Innovation

Rhea-AI Summary

Guidewire Software, Inc. (NYSE: GWRE) announced the release of its Cortina cloud platform at Connections Reimagined on May 11-12, with general availability set for May 14, 2021. Cortina introduces advanced features like an API-first Integration Framework, closed-loop analytics, and enhanced Application Services, enabling faster automation and innovation for P&C insurers. Notable offerings include the Guidewire Cloud Console for IT self-service, Claims Autopilot for automated claims handling, and the Data Studio for better data management. Guidewire continues to lead in core platforms as per Gartner's Magic Quadrant.

Positive

• Introduction of Cortina cloud platform enhances automation and innovation capabilities for insurers.
• Guidewire was named a Leader in the Gartner Magic Quadrant for P&C Core Platforms for the sixth consecutive time.
• Cortina's features like Cloud Console significantly reduce provisioning time, enhancing operational efficiency.

Negative

• Sales dependence on a small number of large customers may impact revenue stability.
• Potential risks due to COVID-19 and intense competition in the P&C insurance market.

Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced the latest release of its market-leading cloud platform. Cortina will be unveiled at Connections Reimagined on May 11 and 12.* To register, visit connections.guidewire.com.

Cortina’s event-based, API-first Integration Framework accelerates the connection of Guidewire to other services enabling teams to automate more workflows, driving faster innovation. Closed-loop analytics delivers specific insights across the insurance lifecycle to help claims and underwriting professionals make better, faster decisions. And platform innovation across Application Services empowers developers to experiment and build faster to keep pace with evolving customer demands.

“The significant platform innovations in Cortina set a new bar for openness and reinvent how easy it is to integrate to Guidewire,” said Diego Devalle, chief product development officer, Guidewire. “Customers can quickly capitalize on market opportunities, handle claims in new ways, and offer new products in record time —like usage-based insurance with our recently announced UBI Solution—while developers are empowered to further innovate on top of Guidewire. We are, in essence, simplifying the business of insurance technology.”

Expanded Application Services makes integrations and other InsuranceSuite interactions easier to build and maintain.

• Guidewire Cloud Console—Enhanced tooling to enable IT self-service with provisioning and deployment, as well as database backups and restores. What used to take two people 20 days now takes one person 15 minutes to provision and deploy.
• Guidewire Claims Autopilot**—Cloud-based claims service that allows for an automation-first approach to claims handling, enabling insurers to leverage artificial intelligence, analytics, and digital technologies to deliver better customer experiences, while lowering operating expenses.

Insurers are empowered to make better-informed decisions with closed-loop analytics enabled by Data Studio.**

• Closed-loop analytics—Two holistic solutions, Initial Segmentation for Auto/Motor Claims in ClaimCenter and Underwriting Submission Prioritization for BOP in PolicyCenter, improve claims processing efficiency and underwriting profitability.
• Data Studio**—A new data management tool to access, create, and publish business-ready data sets to enable insurers to leverage their data wherever it’s needed.

Integration Framework reduces the complexity of integrations across the P&C lifecycle.

• InsuranceSuite Cloud API expansion—Broader functional coverage enables apps to do more using the APIs. Further improving the Guidewire developer experience, the ClaimCenter API reference is now publicly available for developers to explore at developer.guidewire.com.
• Integration Gateway**—A new integration service that orchestrates calls to and from InsuranceSuite and third-party applications. Reduced integration complexity enables developers to drive more innovation.
• Application Events**—A new integration service enabling developers to easily publish event streams from InsuranceSuite that “push” data and events to external systems. This service automates more processes and enables insurers to create their own differentiating ecosystem of connected apps and services.

InsuranceNow is now on Guidewire Cloud Platform. InsuranceNow customers can benefit from Guidewire’s cloud platform investments, delivering on the company’s commitment to improve the experiences of all 400+ Guidewire customers with improved observability and auto-scaling capabilities.

Since the launch of Aspen in May 2020, the company has been increasing the value of its platform with twice-yearly releases. Insurers are selecting Guidewire Cloud to upgrade from self-managed deployments, power greenfield implementations, and transition their core business. Thirty-three Guidewire InsuranceSuite customers have selected Guidewire Cloud and 12 are live.

Guidewire was recently positioned as a Leader for the sixth consecutive time in Gartner, Inc.'s Magic Quadrant for P&C Core Platforms, North America¹ for InsuranceSuite and was named a Challenger for the fourth consecutive time in the same report for InsuranceNow. In addition, Guidewire has been positioned as a Leader in Gartner, Inc.’s most recent Magic Quadrant for Non-Life Insurance Platforms, Europe,² for the third consecutive year for InsuranceSuite.

To learn more about Cortina, visit our website and read the Cortina overview blog.

*Cortina release will be generally available on May 14, 2021.

**Indicates product feature is available for Early Access customers only.

¹ Gartner, Magic Quadrant for P&C Core Platforms, North America, Venkatesh Padmanabhan, James Ingham, Sham Gill, October 20, 2020

² Gartner, Magic Quadrant for Non-Life-Insurance Platforms, Europe, Sham Gill and Manav Sachdeva, September 21, 2020

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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 400 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. 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 Cortina release, the general availability of features, programs, services, and tools related to Cortina mentioned in this release such as, Guidewire Cloud Console, InsuranceSuite Cloud API expansion, closed-loop analytics, and InsuranceNow on Guidewire Cloud Platform, and early access features, programs, services and tools related to Cortina such as Guidewire Claims Autopilot, Data Studio, and a new event-based, API-first Integration Framework. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of the COVID-19 pandemic on our employees and our business and the businesses of our customers, system integrator partners, and vendors; 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; intense competition in our market; weakened global economic conditions may adversely affect the P&C insurance industry including the rate of information technology spending; and other factors detailed in Guidewire’s most recent Form 10-Q filed with the Securities and Exchange Commission. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005560/en/

FAQ

What is the latest release from Guidewire Software, Inc. (GWRE)?

Guidewire Software announced the release of its Cortina cloud platform, available generally on May 14, 2021.

What are the key features of Guidewire's Cortina platform?

Cortina includes an API-first Integration Framework, closed-loop analytics, and enhancements in Application Services.

How does Guidewire's Cortina improve operational efficiency?

The Guidewire Cloud Console reduces provisioning time from 20 days to 15 minutes, significantly streamlining processes.

What recognition has Guidewire received for its platform?

Guidewire was positioned as a Leader in Gartner's Magic Quadrant for P&C Core Platforms, marking its sixth consecutive recognition.

What is the significance of closed-loop analytics in Cortina?

Closed-loop analytics provide insurers with insights to improve claims processing efficiency and underwriting profitability.