Guidewire Software, Inc. has announced the acquisition of FirstBest Systems, Inc., a provider of underwriting management software to P&C insurers.
The addition enables Guidewire to offer its specialty insurance customers greater support in assessing risk, according to the company. Currently, underwriters rely too heavily on manual processes and spend a majority of their day gathering and reviewing data. FirstBest’s underwriting management system will enhance submission intake, risk analysis and improve the collaboration capabilities of policy administration systems, it said.
“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, in a statement. “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.”
Celent analyst Donald Light says Guidewire's announcement has some similarities with Duck Creek's recent acquisition of Agencyport.
"While there are many differences between the two recently acquired companies; the common thread is that each gives the acquiring firm a robust and mature set of front-end, new business capabilities – and of course an established client base," he said. "Now Guidewire and Duck Creek will both be addressing the technology and client migration/integration challenges of their recent acquisitions."
The aquisition of FirstBest is expected to close in the next four weeks, Guidewire said.
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