GUIDEWIRE SOFTWARE, INC. - GWRE STOCK NEWS

Guidewire (NYSE: GWRE) announces that Builders Insurance Group selected its InsuranceSuite on Guidewire Cloud to enhance core systems and adapt to market demands. The implementation aims to improve speed-to-market and underwriting efficiencies. Builders will leverage InsuranceSuite’s capabilities to better engage with agents and policyholders while expanding product offerings. This initiative, led by PwC, underscores Builders' commitment to delivering superior insurance solutions and supports its ongoing evolution as a financially strong mutual with over $1 billion in assets. Builders operates in 22 states with more than 18,000 policies in force.

Guidewire (NYSE: GWRE) announced its Q2 fiscal 2023 results, reporting a total revenue of $232.6 million, a 14% increase from Q2 2022. Subscription and support revenue rose by 25% to $105.8 million, while services revenue increased by 6%. Despite a GAAP net loss of $9.2 million, an improvement from $40.7 million the previous year, non-GAAP income saw growth. Annual recurring revenue (ARR) reached $707 million, up from $664 million. The company provided an outlook for Q3 2023, forecasting ARR between $715 million and $720 million and total revenue between $211 million and $216 million.

Guidewire (NYSE: GWRE) will release its financial results for the second quarter of fiscal year 2023 on March 6, 2023, after market close. A conference call will follow at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results. This event will be accessible via live call and webcast, with a replay available shortly after. Guidewire serves over 500 insurers across 38 countries, providing a robust platform for P&C insurers, integrating digital, core, analytics, and machine learning functionalities.

Guidewire (NYSE: GWRE) welcomes Photocert as its newest Solution partner in the Guidewire PartnerConnect ecosystem. This partnership aims to improve claims and underwriting processes for property and casualty insurers by automating visual inspections and reducing fraud through Photocert's Ready for Guidewire integration with ClaimCenter. Photocert's AI technology enhances the trustworthiness of visual data, addressing the rising fraud risks associated with digital media. Guidewire leads the P&C industry with over 175 solution partners, enabling insurers to innovate and deliver better services.

Guidewire (NYSE: GWRE) announced that RVOS Farm Mutual Insurance Company has selected InsuranceNow to enhance agent services and expand its operations. This cloud-based system aims to modernize RVOS’s infrastructure, providing seamless data access for agents and improving efficiency. With over $15 billion in insurance in force, RVOS's integration of InsuranceNow is expected to streamline operations without complex configurations. The collaboration signifies a commitment to service excellence and innovation in the Texas insurance market, enhancing RVOS's ability to adapt to changing needs.

Guidewire (NYSE: GWRE) has awarded 11 specializations to six PartnerConnect Consulting partners in Q1 of fiscal year 2023. Notable partners include Capgemini, EY, Hexaware, LTIMindtree, PwC, and Zensar, recognized for their skills in various Guidewire solutions. A new Rapid Implementation specialization has been introduced, aimed at partners who complete cloud implementations within six months. This brings the total specializations to 161, enhancing partner visibility to insurers seeking guidance in cloud transformation. Guidewire emphasizes the importance of cloud certifications in identifying capable talent for clients.

Guidewire and Assurant have partnered to enhance the insurance verification process through the Guidewire PartnerConnect program. Assurant's Carrier Direct Endorsement and HOIVerify solutions aim to automate homeowners insurance verification and expedite claim check endorsements. The goal of this collaboration is to streamline data exchange, saving time and effort for insurers and improving customer experience. Guidewire claims it supports over 500 insurers globally, indicating a significant market presence.

Guidewire and Skopenow have launched the Pre-Check Accelerator, a new solution to streamline investigations and combat insurance fraud, which costs over $300 billion annually in the U.S. This integration with ClaimCenter allows SIU investigators to automate checks and prioritize cases based on a subject's digital footprint. Key features include enhanced querying, direct result integration, and a Digital Score for informed decision-making. The collaboration aims to improve efficiency and effectiveness in fraud investigations within the insurance sector.