Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that Guidewire InsuranceNow™ has been positioned in the Challengers quadrant in Gartner, Inc.'s “Magic Quadrant for P&C Core Platforms, North America1” for the second consecutive year. InsuranceNow is designed for U.S. P&C insurers writing low complexity business, who may be constrained with limited IT resources and need a streamlined, ready-to-go, cloud-based core solution that supports the P&C insurance lifecycle.
“Gartner continues to see strong adoption by buyers of cloud-based deployment models. Among the new customer wins for platform solutions in 2016, 62% were for cloud-based deployments. This percentage grew in 2017 to 70%. Although the rate of adoption varies by tier and is lower for Tier 1, across all tiers more than 50% of new wins were for cloud-based deployments,” wrote Jeff Haner, a Gartner research director, and author of the report. “These percentages alone do not present a full picture, they are a clear indicator of a dramatic shift in buyer preferences in this market in favor of cloud deployment over just the past two to three years.”
“We believe that Gartner’s continued recognition of InsuranceNow as a Challenger in its Magic Quadrant for P&C Core Platforms, North America, is confirmation of the increasing demand for cloud-based core solutions that streamline deployment and maintenance. With its rapid implementations, cloud operations and assurance services, and regular upgrades, InsuranceNow provides insurers the freedom to focus on innovation and service,” said Zachary Gustafson, Business Owner, InsuranceNow, Guidewire.
The report evaluated 15 vendors in the P&C core platform market in North America that qualified for inclusion. Guidewire was also recognized as a leader for InsuranceSuite based on its ability to execute and completeness of vision.