Guidewire Software, Inc. (NYSE:GWRE) Q1 2020 Earnings Conference Call - Final Transcript

Dec 05, 2019 • 05:00 pm ET

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Guidewire Software, Inc. (NYSE:GWRE) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Mike Rosenbaum

the close of the quarter and was the first I've had the opportunity to attend. It was an incredibly successful event and an opportunity for us to lay out our long-term plans for the Company and for the product. It was particularly useful for me as it provided an opportunity to hear direct feedback from customers and partners on our vision and plans for the future.

This was our largest Connections ever with nearly 2,400 customers, prospects, partners and employees participating in over 100 workshops, panels and breakout sessions. But the statistic most impressive for me was that nearly two-thirds of our customers were represented at the event, which I think is a great indicator of the value created through our specific and singular focus on the P&C industry.

We presented a live demonstration highlighting our product vision featuring an innovative use case for rapid design, delivering and testing of new insurance products. It was powered by advanced product designer, a low code configuration tool that will enable insurers to rapidly design, simulate and deploy new insurance products and Jutro, our new digital experience framework for rapidly designing and developing digital apps.

We expect advanced product designer for digital and Jutro will be available to Guidewire Cloud in fiscal Q3 and self-managed customers in fiscal Q4. We also outlined our plans to improve the Guidewire Cloud platform through automation, tooling, frameworks and common cloud services and the Guidewire data platform, a P&C insurance specific data repository and [Phonetic] factory that continuously collects data from internal and external sources, enabling insurers to leverage up to the minute information to make smarter, faster decisions.

We highlighted science for small business and on-demand risk assessment engine that combines Internet scale data collection, P&C specific, AI and modeling, enabling customers to quickly understand and underwrite small business risk. Insurance now customers and prospects reacted positively to the newest version of the product, which includes a new user interface and our new pre-packaged implementation option InsuranceNow GO, which we estimate will reduce implementation time and expense by 30% to 50%.

I was impressed with the team's ability to deliver our message and connect with our outstanding roster of customers and partners. So big congratulations to the team and thanks of all of our customers and partners who helped make the events such a success. Connections is not only a forum to exchange ideas and best practices, it is an event that also serves to help customers and prospects to form future purchase and implementation plans.

We are continuing to see the market shift from self-managed to Guidewire Cloud, further validating our increased investment in cloud offerings and delivery. We're still in the early stages of this multiyear transition and the nature and complexity of these transitions warrant significant consideration by our customers. Therefore, just as we experienced last year, we expect cloud demand in fiscal 2020 to be weighted towards the back half of the year.

There are a number of highlights from the first