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Guidewire Software Inc (NYSE: GWRE) provides mission-critical software solutions for property and casualty insurers worldwide. This dedicated news hub offers investors and industry professionals centralized access to official announcements, strategic developments, and operational updates from the insurtech leader.
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Guidewire Software, Inc. (NYSE: GWRE) has announced that Wawanesa Mutual Insurance Company will transition to Guidewire Cloud to enhance its digital operations. This change, building on a partnership since 2010, allows Wawanesa to streamline IT operations, adapt swiftly to market demands, and improve service to brokers and policyholders. The cloud transition eliminates the need for large capital investments in data centers and accelerates product updates, equipping Wawanesa to meet evolving customer requirements effectively.
Guidewire Software (NYSE: GWRE) has welcomed Cambridge Mobile Telematics (CMT) as a Solution partner in its PartnerConnect program. CMT's DriveWell accelerator is now available on the Guidewire Marketplace. This integration allows insurers to implement telematics-based insurance programs quickly, addressing rising distracted driving issues, with phone distraction increasing by 15% since 2017. CMT's platform helps insurers accurately assess driving risks and set premiums based on actual behavior, enhancing customer satisfaction and promoting safer driving.
Guidewire Software (NYSE: GWRE), a leading platform for Property & Casualty insurers, announced its participation in several upcoming investor conferences. The Virtual ICR Conference will take place on January 11, 2021, at 11:30 a.m. ET. Following that is the Goldman Sachs Technology & Internet Conference on January 12, 2021, at 5:20 p.m. ET, and the Needham Virtual Growth Conference on January 13, 2021, at 4:15 p.m. ET. Live webcasts and replays will be available on their investor relations website.
Texas Mutual Insurance Company has selected Guidewire Cloud to enhance its core operations, transitioning from a self-managed, on-premises solution. This shift is expected to streamline IT functions, improve adaptability, and increase value delivered to policyholders. The partnership, which commenced in 2014, aims to leverage Guidewire’s evolving offerings and best-in-class partners to achieve business objectives efficiently. Texas Mutual, serving over 72,000 businesses and 1.5 million employees in Texas, anticipates enhanced agility and delivery capabilities through this collaboration.
Guidewire Software (NYSE: GWRE) announced the awarding of 13 specializations to seven PartnerConnect Consulting partners across various regions including AMER, APAC, EMEA, and LATAM. Notable partners such as Accenture, EY, and Tata Consultancy Services received recognitions for their competencies in Guidewire products. This initiative highlights the expertise needed for insurers to engage effectively with proven consulting capabilities. The specializations enhance market clarity and enable better promotion of each partner's skills in delivering Guidewire solutions.
Guidewire Software (GWRE) reported its fiscal Q1 2021 results with total revenue of $169.8 million, an 8% increase from the prior year. Subscription and support revenue rose 18% to $58.0 million, while license revenue grew 20% to $65.3 million. However, GAAP net loss was $20.2 million, worsening from $15.0 million a year ago. Annual recurring revenue (ARR) slightly decreased to $513 million. The company anticipates Q2 total revenue between $168 million and $172 million and a full-year revenue outlook of $723 million to $733 million.
Guidewire Software (NYSE: GWRE) will report its fiscal Q1 2021 financial results on December 8, 2020, after market close. The conference call will start at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results, followed by a webcast accessible on their website. Additionally, the webcast will be archived for three months. Guidewire continues to support over 400 insurers by providing a platform that integrates digital, core, analytics, and AI services.
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