Guidewire Garmisch Release Reimagines Insurance Product Design, Speeds Integrations, and Expands Commercial Lines Offerings

Rhea-AI Summary

Guidewire (NYSE: GWRE) has announced its latest cloud release, Garmisch, which enhances the capabilities for P&C insurers. Key features include:

• Advanced Product Designer (APD) for dynamic claims experiences.
• New integration templates for cost-effective upgrades.
• Expansion of Guidewire GO content for quicker market entry.

The release aims to increase the cadence of updates to three times a year, enhancing speed and agility in the insurance lifecycle. The Garmisch platform focuses on improving integration, data insights, and product deployment, supporting over 500 insurers globally.

Positive

• Launch of Garmisch enhances platform capabilities for insurers.
• Increased cloud release cadence from two to three times per year.
• New self-service tools and integration features improve efficiency.
• Significantly faster time-to-market for commercial property lines.

Negative

• None.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) announces Garmisch, its latest market-defining cloud release.* New platform capabilities, application enhancements, and content updates in Garmisch enable P&C insurers to:

• Create dynamic claims experiences quickly with Advanced Product Designer (APD), extending the first-of-its-kind approach to product-driven development across the complete insurance lifecycle.**
• Build upgrade-safe integrations quickly, easily, and more cost-effectively with new integration templates and a redesigned user interface for Integration Gateway.
• Accelerate speed to market for commercial lines with expanded Guidewire GO content and a new solution for parametric insurance.

For more details about the new capabilities Garmisch delivers, visit www.guidewire.com.

Platform: Streamline development and operations with a new Integration Gateway user experience, more self-service tools, ClaimCenter Software Development Kit (SDK) on Jutro, and the addition of new data partners.

Garmisch makes building upgrade-safe integrations faster and easier with a new Integration Gateway user experience to better manage the integration development lifecycle and starter templates that accelerate implementation.

Garmisch continues to deliver on Guidewire’s commitment to providing developers with more self-service tools on the Guidewire Cloud Console. These new tools enable smoother production deployments and provide developers with greater control over the build pipeline.

Insurers can quickly design and deploy seamless, digital claims experiences leveraging a new ClaimCenter SDK on the Jutro Digital Platform.** Jutro enables insurers to rapidly design and deploy auto-generated digital experiences that fully integrate with InsuranceSuite.

Garmisch accelerates time-to-insight across the enterprise with ready-to-use bulk data connectors from leading global data platforms (including Google Cloud BigQuery and Analytics Hub, Celonis, Hubio, and Analytics on AWS) using Cloud Data Access (CDA), a data service that provides secure, low latency access to Guidewire InsuranceSuite data for data warehousing, reporting, and analytical use cases.

“Guidewire continues to innovate at an unprecedented pace with six releases and more than 1,500 feature enhancements and new capabilities added over the last three years. With Garmisch, we will be increasing our cloud release cadence from two to three releases each year, delivering innovation faster so our customers can drive greater speed, agility, and innovation across the insurance lifecycle,” said Diego Devalle, chief product development officer, Guidewire.

Applications: Drive growth and efficiency with the extension of APD functionality into claims, new cloud APIs, and expansion of property risk insights.

New functionality for claims setup with APD extends Guidewire’s holistic, product-driven approach to P&C insurance processing to span the complete insurance lifecycle from product planning through claims handling and resolution.** This fosters collaboration between policy, underwriting, and claims teams to rapidly deliver optimal claims experiences for the associated product line.

Insurers can simplify data sharing (ClaimCenter), improve customer acquisition and reduce abandoned quotes (PolicyCenter), and enable customers to view and pay invoices conveniently (BillingCenter) with new InsuranceSuite cloud APIs.

Underwriters and actuaries can now assess the potential risk of fire damage for individual locations rather than for the entire district with a new HazardHub Fire Suppression Score (FSS). This will enable them to make more informed decisions on the risk exposure of single structures.

Content: Accelerate time-to-market for commercial lines with expanded Guidewire GO packaged content.

Insurers are able to launch a commercial property line of business in the U.S. market up to 50 percent faster with a new GO product for InsuranceNow. Guidewire GO content, a library of pre-packaged product line models to jump-start the product design process, is available for download from the Guidewire Marketplace.

Garmisch continues Guidewire’s investment, particularly for insurers operating in the London Market, improving underwriting precision with no-code risk classification configuration and improved message handling.

Garmisch adds a new solution for parametric insurance that will enable insurers to narrow the coverage gap, reduce risk, and improve cost-to-serve for parametric lines of business.

“Insurers are looking for ways to get to market faster and that’s why we’re focused on providing ready-to- use, out-of-the-box content,” said Eugene Lee, senior vice president and general manager, InsuranceSuite, Guidewire. “Our content-focused innovations in Garmisch demonstrate our commitment to addressing our customers’ need for speed when it comes to launching new products and expanding into new markets.”

For more information about Guidewire, Guidewire Cloud Platform, or the Garmisch release, visit guidewire.com and read the Garmisch overview blog.

*Garmisch release is expected to be generally available on April 3, 2023.
**Indicates product feature is available for Early Access customers only.

About Guidewire

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 500 insurers in 38 countries, 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 and LinkedIn.

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 general availability of features, programs, services, and tools related to Garmisch mentioned in this press release such as HazardHub Fire Suppression Score, Integration Gateway, and Guidewire GO and early access features, programs, services and tools related to Garmisch such as ClaimCenter SDK on the Jutro Digital Platform, and Advanced Product Designer. 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 Guidewire 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; seasonal and other variations related to our customer agreements and related revenue recognition may cause significant fluctuations in our results of operations, ARR 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 and security; recent global events (including, without limitation, the continuing COVID-19 pandemic, the ongoing conflict between Russia and Ukraine, inflation higher than we have seen in decades, and supply chain issues) and their impact on our employees and our business and the businesses of our customers, system integrator (“SI”) partners, and vendors; data security breaches of our cloud-based services or products or unauthorized access to our customers’ data, particularly in connection with our transition to a hybrid in-person and remote workforce; our competitive environment and changes thereto; 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; the impact of new regulations and laws, including tax laws and accounting standards; assertions by third parties that we violate their intellectual property rights; 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. Guidewire 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005365/en/

Melissa Cobb, Senior Public Relations Manager

Guidewire Software

+1 650-464-1177

mcobb@guidewire.com

Source: Guidewire

FAQ

What is the Garmisch release by Guidewire?

The Garmisch release enhances Guidewire's cloud platform, introducing new features like Advanced Product Designer and faster integration capabilities.

When was the Garmisch release launched?

The Garmisch release was launched on April 3, 2023.

What benefits does Garmisch provide to P&C insurers?

Garmisch allows for faster product deployment, improved integration capabilities, and enhanced data insights, helping insurers innovate and grow.

How does Garmisch impact Guidewire's cloud service offerings?

Garmisch represents a commitment to increasing the frequency of cloud releases and enhancing functionalities that benefit insurers' operational efficiency.