Guidewire Kufri Release Expands HazardHub Internationally, Enabling Insurers in 19 More Countries to Assess Property Risk in Seconds

Rhea-AI Summary

Guidewire (NYSE: GWRE) has announced its latest cloud update, Kufri, which expands HazardHub to 19 additional countries. HazardHub, the most comprehensive property risk data and peril risk scoring tool in the P&C insurance industry, now offers four risk peril scores (flood, wildfire, wind, and hail) and 65 new data elements for more granular property risk assessments in Europe, Australia, New Zealand, and South Africa.

The Kufri release also includes enhancements to underwriting and billing processes, facilitates cloud migrations, and streamlines developer experiences. Key improvements include more agile submission intake and pricing processes for commercial lines underwriters, streamlined non-bureau business billing for London Market insurers, and new Jutro templates for faster delivery of digital experiences.

Positive

• Expansion of HazardHub to 19 additional countries, providing more comprehensive risk assessment capabilities
• Introduction of four risk peril scores and 65 new data elements for more granular property risk assessments
• Enhancements to underwriting and billing processes for commercial lines and London Market insurers
• New Jutro templates for faster delivery of digital experiences
• Introduction of Cyence Model 7 for more comprehensive cyber risk assessment
• New billing migration tool for smooth transition to Guidewire Cloud
• Optimization of core data access and business-driven data curation in Guidewire Data Platform

Negative

• None.

Market Research Analyst

Guidewire's Kufri release marks a significant expansion of its HazardHub service, now available in 19 additional countries. This move positions Guidewire to capture a larger share of the global property and casualty (P&C) insurance market, particularly in Europe, Australia, New Zealand and South Africa.

The expansion of HazardHub is timely and strategically important given the increasing frequency and severity of natural disasters worldwide. By providing insurers with comprehensive risk data and peril scoring for flood, wildfire, wind and hail, Guidewire is addressing a critical need in the industry for more accurate risk assessment tools.

The endorsement from Atrium Underwriters lends credibility to HazardHub's effectiveness, potentially accelerating adoption among other insurers. This could lead to increased revenue streams for Guidewire in the medium to long term.

However, the success of this expansion will depend on:

• The accuracy and relevance of the risk data in new markets
• Guidewire's ability to adapt to local regulatory environments
• The company's marketing and sales efforts in these new territories

Investors should monitor Guidewire's customer acquisition rates in these new markets over the next few quarters to gauge the success of this expansion.

Tech Expert

The Kufri release showcases Guidewire's commitment to innovation and cloud-based solutions. The enhancements to underwriting, billing processes and cloud migrations demonstrate the company's focus on improving operational efficiency for insurers.

Key technical advancements include:

• Streamlined non-bureau business billing for London Market insurers
• New Jutro templates for faster digital experience delivery
• Enhanced Cyence Model 7 for comprehensive cyber risk assessment
• Improved data management capabilities with Guidewire Data Platform
• The new Guidewire Home interface for unified DevOps activities

These improvements address critical pain points in the insurance industry, potentially reducing operational costs and improving decision-making speed for Guidewire's clients. The focus on data-driven insights and cloud optimization aligns well with current industry trends towards digital transformation.

The addition of gender-inclusive data collection fields also demonstrates Guidewire's awareness of evolving social norms, which could positively impact client satisfaction and retention.

From a technical standpoint, these enhancements should strengthen Guidewire's competitive position in the insurance software market. However, the real test will be in the adoption rates and customer feedback on these new features, which investors should closely monitor in upcoming quarterly reports.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) announces Kufri release, its latest cloud update, which extends Guidewire HazardHub to 19 additional countries, enhances underwriting and billing processes, facilitates cloud migrations, and streamlines developer experiences.

HazardHub is the most comprehensive set of property risk data and peril risk scoring in the P&C insurance industry. Insurers use HazardHub data to underwrite quickly and more accurately, as well as to improve pricing.

“This is a challenging time for property insurers around the world. With increasing natural disasters, evolving regulatory requirements, and the growing complexity of risk management, insurers need robust tools to quickly make informed decisions,” said Leo Tenenblat, Senior Vice President and General Manager, Guidewire. “We are pleased to expand HazardHub to insurers in Europe, Australia, New Zealand, and South Africa, providing them four risk peril scores (flood, wildfire, wind, and hail) and 65 new data elements for more granular property risk assessments.”

“HazardHub helps Atrium assess and manage risks associated with homeowners and commercial properties in the United States,” said Simon Lewis, Head of Digital Underwriting and ARMS President, Atrium Underwriters Ltd. “We look forward to seeing the expansion of HazardHub's risk data and peril scores because we trust the data and know it will help Atrium to make even more insightful underwriting decisions across the globe.”

Kufri includes several additional capabilities, providing benefits for:

• Commercial lines underwriters - More agile submission intake and pricing processes, including the ability to easily adjust premiums for complex commercial lines.
• London Market insurers - BillingCenter now offers a streamlined solution for managing non-bureau business billing and accounting more efficiently.
• Policyholders - New Jutro templates accelerate delivery of engaging policyholder and agent digital experiences.
• Cyber risk insurers - Cyence Model 7 provides even more comprehensive views of trends and losses, including details on the latest threats, incidents, and claims data. Model 7 also classifies nation-state cyber attacks and system failure events.
• IT teams - A new billing migration tool ensures the smooth transition of on-premises billing data to Guidewire Cloud.
• Data architects - Guidewire Data Platform optimizes core data access, enabling business-driven data curation to drive faster insights and unlock innovation potential. Data management teams can also share data via integrations with other platforms.
• Insurers and policyholders - New data collection fields in Guidewire BillingCenter, ClaimCenter, and PolicyCenter support gender inclusivity.
• Developers - The new Guidewire Home interface provides a unified, personalized launch and navigation experience to streamline DevOps activities across the entire Guidewire Cloud portfolio.

“Kufri is another important milestone in delivering on our promise to help our customers engage, innovate, and grow efficiently,” said Michael Howe, Chief Product Officer, Guidewire. “By providing advanced analytics tools and expanded platform capabilities, we enable smart decision-making, improve operational efficiency, and deliver the agility insurers need to respond swiftly to market changes.”

For more detailed information, please visit www.guidewire.com/Kufri and read the Kufri overview blog.

About Guidewire Software

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 540 insurers in 40 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 1,600+ 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 X (formerly known as Twitter) and LinkedIn.

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

Cautionary Language Concerning 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 Kufri mentioned in this press release (including, without limitation, HazardHub, Cyence Model 7, and Data Platform). 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 and ARR; 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, cybersecurity, product development, and services; the timing, success, and number of professional services engagements and the billing rates and utilization of our professional services employees and contractors; recent global events (including, without limitation, ongoing conflicts such as the wars between Israel and Hamas and between Russia and Ukraine, escalating tensions in the South China Sea, high inflation, economic volatility, bank failures and associated financial instability and crises, 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 employees’ or our customers’ data; our competitive environment and changes thereto; issues in the development and use of artificial intelligence and machine learning combined with an uncertain regulatory environment; 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, without limitation, security, privacy, artificial intelligence and machine learning, tax regulations and 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 in countries such as Argentina; and other risks and uncertainties. Past performance is not 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/20240801815356/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.464.1177

mcobb@guidewire.com

Source: Guidewire

FAQ

What is the Kufri release by Guidewire (GWRE) and what does it offer?

The Kufri release is Guidewire's latest cloud update that expands HazardHub to 19 additional countries, enhances underwriting and billing processes, facilitates cloud migrations, and streamlines developer experiences. It offers four risk peril scores and 65 new data elements for property risk assessments in Europe, Australia, New Zealand, and South Africa.

How does the Kufri release benefit commercial lines underwriters using Guidewire (GWRE)?

The Kufri release provides commercial lines underwriters with more agile submission intake and pricing processes, including the ability to easily adjust premiums for complex commercial lines. This enhances their ability to make informed underwriting decisions.

What improvements does the Kufri release bring for London Market insurers using Guidewire (GWRE)?

For London Market insurers, the Kufri release introduces a streamlined solution in BillingCenter for managing non-bureau business billing and accounting more efficiently, improving their operational processes.

How does the Kufri release enhance cyber risk assessment for insurers using Guidewire (GWRE)?

The Kufri release includes Cyence Model 7, which provides more comprehensive views of trends and losses in cyber risk, including details on the latest threats, incidents, and claims data. It also classifies nation-state cyber attacks and system failure events.