Guidewire Software (GWRE – Free Report) recently announced that it is one of the founding members of the Critical Software as a Service (SaaS) Special Interest Group (CSaaS SIG) launched by IT-ISAC (Information Technology-Information Sharing and Analysis Center).
Along with Guidewire in this endeavor, fellow founding members include – MongoDB, Okta, Oracle SaaS, ServiceNow, Workday and Zscaler.
Incorporated in 2000, IT-ISAC is a nonprofit organization with a mission to evolve a diverse community of companies, harnessing the power of IT and with a common commitment to cyber security. IT-ISAC serves as a force multiplier that enables collaboration and sharing of relevant, actionable cyber threat information and effective security policies and practices for the benefit of all. The IT -ISAC global membership base is comprised of industry -leading companies from three critical infrastructure domains – IT, food and agriculture and elections.
CSaaS SIG is the sixth special interest group of IT-ISAC, including the Election Industry, Food and Agriculture, Internal Threat, Security Intelligence and Physical Security Special Interest Groups.
Benefits of Critical SaaS SIG
In today’s world, there has been a rapid increase in supply-chain attacks, which continue to target several organizations around the world. Amidst this scenario, the Critical SaaS SIG model will provide smaller, trusted forums for members to address common security challenges. It will serve as a platform for CSaaS companies to join forces in a collective defense strategy to enhance the security and strength of their services and share intelligence information with the wider industry as a whole.
The critical SaaS SIG will enable companies to share cyber threat intelligence and effective security practices. It will also provide a framework for these companies to collaborate on future security issues.
In addition, Critical SaaS SIG will not only allow CSaaS vendors to address common security challenges unique to them but will also provide access to the comprehensive range of IT-ISAC member benefits.
The development of Critical SaaS SIG will serve as a great opportunity for CSaaS providers like Guidewire to use and grow their individual security investments to protect their customers. By doing so, it will increase the level of faith that customers can have in these organizations and in the larger SaaS industry.
Guidewire relies heavily on being a founding member of this significant group. GWRE’s involvement in this initiative will help it promote security and operational resiliency for its insurance customers in a coordinated manner with other CSaaS vendors. This will develop a deeper level of customer confidence and greater strength across the insurance sector.
Bright Prospect of Guidewire
San Mateo, CA -based Guidewire is a leading provider of software solutions for P&C insurers. With the new normalization of digital transformation in the insurance industry, the company’s cloud-based subscription products have witnessed traction. Guidewire is benefiting from the robust use of the InsuranceSuite Cloud platform as insurers are increasingly seeking digitalization of their business processes. Moreover, a less competitive market and regular customer addition are tailwinds.
As a cloud-based solution provider, GWRE provides enhanced flexibility and configurability to adapt to changing market needs and customer expectations. The company offers omnichannel service throughout the insurance lifecycle, makes personalized customer journeys in record time and supports instant digital experiences.
Recently, Guidewire was selected by Tradition Mutual Insurance Company to automate and simplify the latter’s business processes. Guidewire will offer policy management, underwriting, client data, ratings, reinsurance, claims, billing and enterprise-wide data management and analytics to Tradition Mutual to automate its processes and speed up workflow . It will deliver an enhanced omnichannel digital experience to Tradition Mutual brokers, policyholders and vendors.
Guidewire currently has Zacks Rank #3 (Hold). You see the complete list of Zacks #1 Rank (Strong Buy) stocks is now here.
GWRE shares fell 12.7% against industry growth of 11.3% on the previous year.
Photo Source: Zacks Investment Research
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