Guidewire to provide predictive analytics products specifically
designed for Property/Casualty insurers
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
to Property/Casualty insurers, today announced that it has agreed to
acquire EagleEye Analytics, a provider of SaaS-based predictive
analytics products specifically designed for Property/Casualty insurers.
The transaction is expected to close imminently. With this acquisition,
Guidewire will enable its customers to apply predictive analytics to
make better decisions across the insurance lifecycle. Guidewire will
support the complete predictive analytics process including data
preparation, model building, operational deployment, performance
monitoring, and analytic feedback.
EagleEye’s products will be renamed Guidewire Predictive Analytics™ and
will be available as part of Guidewire’s Data and Analytics product
family. Two predictive analytics products will be available:
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Guidewire Predictive Analytics for Claims addresses claims
management decisions such as claim severity potential, claim routing
and assignment, and identifying claims with litigation/subrogation
potential.
-
Guidewire Predictive Analytics for Profitability addresses
underwriting and distribution objectives such as accurate ratemaking
and risk selection, underwriting cost reduction, maximizing customer
lifetime value, and portfolio optimization.
“We welcome the EagleEye team to Guidewire, where their expertise in
Property/Casualty processes and data science will advance our mission of
enabling insurers to adapt and succeed in a time of significant change,”
said Marcus Ryu, chief executive officer, Guidewire Software. “Their
products, as with the others built by our Data and Analytics team, will
leverage and further differentiate the capabilities of Guidewire's
insurance platform, the most broadly adopted in the industry.”
“We are excited about how this acquisition will enable us to serve our
customers,” said Neil Betteridge, vice president, Strategy, Guidewire
Software. “Adding advanced Property/Casualty predictive analytics
functionality to our Data and Analytics products will enable carriers to
make significantly better, faster decisions, leading to better outcomes
for insurers and their policyholders.”
“This is a very exciting day for the EagleEye team. As a leader in
providing predictive analytics for Property/Casualty insurance we see
the fit with Guidewire as ideal,” said Wade Bontrager, CEO, EagleEye
Analytics and incoming vice president, Predictive Analytics, Guidewire
Software. “We look forward to accelerating our journey in providing
insurers with a comprehensive predictive analytics system that spans the
insurance lifecycle and doing so as part of the Guidewire team.”
EagleEye was selected by insurers to receive a 2015 Vanguards in
Insurance Practices (VIP) award* in the Predictive Analytics category.
EagleEye has more than 30 insurance customers in North America and
Europe. Nine of these customers are also existing Guidewire customers.
The company is headquartered in Columbia, South Carolina with offices in
London, UK. A privately held company, EagleEye is backed by FirstMark
Capital in New York.
Guidewire Predictive Analytics will be available to insurers in the
Americas, Europe, Australia, and New Zealand, either standalone or to
complement Guidewire PolicyCenter®, or ClaimCenter.
Guidewire does not expect this transaction to have a material impact on
revenue or non-GAAP profitability in the third quarter or full year
fiscal 2016.
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 processing, 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 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 our ability to close this transaction imminently or at all and
the impact of this transaction on our future results. 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 the Company 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: the
market for our software may develop more slowly than expected or than it
has in the past; quarterly and annual operating results may fluctuate
more than expected; seasonal and other variations related to our revenue
recognition may cause significant fluctuations in our results of
operations and cash flows; our reliance on sales to and renewals from a
relatively small number of large customers for a substantial portion of
our revenues; our services revenues produce lower gross margins than our
license and maintenance revenues; assertions by third parties that we
violate their intellectual property rights could substantially harm our
business; we face intense competition in our market; weakened global
economic conditions may adversely affect the P&C insurance industry
including the rate of information technology spending; our product
development and sales cycles are lengthy; the risk of losing key
employees; changes in foreign exchange rates; general political or
destabilizing events, including war, conflict or acts of terrorism; 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. The Company 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.
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.
*2015
Vanguards in Insurance Practices (VIP) awards were sponsored by
Insurance Networking News and Celent.
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