Aug. 4, 2016 12:30 UTC
Acquisition will enable Guidewire to expand underwriting management
support for complex commercial, specialty, and workers’ compensation
lines
FOSTER CITY, Calif. & BEDFORD, Mass.--(BUSINESS WIRE)--
Guidewire Software, Inc. (NYSE:GWRE), a provider of software products to
Property/Casualty (P/C) insurers, and FirstBest® Systems, Inc., a
provider of an underwriting management system to P/C insurers, today
announced they have entered into a definitive agreement for Guidewire to
acquire FirstBest. The addition of FirstBest’s technology and people
will enable the expansion of the Guidewire Insurance Platform™ by
providing insurers in the U.S. and Canada writing complex commercial,
specialty, and workers’ compensation lines greater support for their
risk assessment and decision-making processes.
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Insurers recognize the potential profitable growth offered by commercial
lines, and are looking for technology to help them address challenges
and adapt rapidly to pursue market opportunities. Commercial and
specialty lines underwriters currently rely on manual processes,
multiple different data sources, and disjointed systems and tools to
help them evaluate and underwrite large and complex risks, and to
collaborate across internal teams and with agents. They can spend a
significant part of their day accessing various sources and tools simply
gathering and reviewing data. Underwriting management systems, like
FirstBest UMS, complement and enhance the submission intake, risk
analysis, underwriting process, and collaboration capabilities of policy
administration systems. Pairing FirstBest with Guidewire PolicyCenter®
or other policy admin systems is a natural fit for many commercial
insurers.
“Like Guidewire, FirstBest has been committed from its founding to
advancing the strategic goals of P/C insurers through modern software,”
said Marcus Ryu, chief executive officer, Guidewire Software. “Their
expertise in complex risk analysis, and the informational and workflow
needs of commercial underwriters will deepen our ability to serve this
vital constituency within the industry. We welcome the FirstBest team as
well as their customers and partners to the Guidewire community.”
“We are excited to bring our expertise and innovative technology to
Guidewire,” said John Belizaire, CEO and founder, FirstBest Systems.
“Our team has been focused on delivering transformative solutions for
underwriters for over a decade and we look forward to continuing to do
so as part of Guidewire.”
“Adding a robust, hosted underwriting management application to
complement InsuranceSuite will strengthen our support for commercial
insurers,” said Neil Betteridge, vice president, Strategy, Guidewire
Software. “Expanding focus on the underwriter was already a major theme
on our roadmap, and we are excited to accelerate delivering on this
aspect of our product strategy.”
The transaction is expected to close in approximately four weeks.
Guidewire does not expect the acquisition of FirstBest to have a
material impact on its financial results for fiscal year 2017.
About FirstBest Systems
FirstBest
Systems is the leading provider of insurance software solutions and
services that help property/casualty insurance companies improve
underwriting profitability, scale their business, and achieve high
service levels with agents and brokers. The patented and proven
FirstBest Suite™ powers the underwriting operations of leading
commercial property/casualty, specialty, and workers’ compensation
insurers, processing more than $23 billion in quotes. FirstBest helps
insurers institutionalize risk-assessment knowledge and best practices.
With FirstBest solutions, all constituents in the underwriting process
can rapidly collaborate to quote, bind, and issue business on a single,
data-powered, real-time platform. For more information, please visit www.firstbest.com.
About Guidewire Software
Guidewire delivers the software that Property/Casualty (P/C) insurers
need to adapt and succeed in a time of rapid industry change. We combine
three elements – core operations, data and analytics, and digital
engagement – into a technology platform that enhances insurers’ ability
to engage and empower their customers and employees. More than 200 P/C
insurers around the world have selected Guidewire. For more information,
please visit www.guidewire.com.
Follow us on twitter: @Guidewire_PandC.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to
expectations, plans, and prospects including expectations relating to
our ability to close this transaction and the benefits that will be
derived from this transaction. These forward-looking statements are
based upon the current expectations and beliefs of Guidewire’s
management as of the date of this release, and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements
including, without limitation, the risk of adverse and unpredictable
macro-economic conditions and risks related to closing this transaction
and integration of the companies. All forward-looking statements in this
press release are based on information available to the Company as of
the date hereof, and Guidewire disclaims any obligation to update these
forward-looking statements.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, and Guidewire BillingCenter are registered trademarks of
Guidewire Software, Inc. in the United States and/or other countries.
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