Guidewire has partnered with Plug and Play to foster innovation in property and casualty (P&C) insurance.
Plug and Play is a global startup ecosystem and venture fund specializing in the development of early-to-growth stage technology startups in 12 verticals. Guidewire joins as a Corporate Partner focused on the Insurance vertical.
Guidewire will engage with a select group of Plug and Play startups to provide executive mentoring, domain and technical expertise, and the potential opportunity to be showcased in Guidewire Marketplace as value add extensions to its InsurancePlatform.
Guidewire SoftwareStrategic Ventures and Innovation vice president Lerk-Ling Chang said: “Insurers recognize the importance of innovation to their survival in today’s era of engagement. They strive to improve the experiences of their agents, employees, and most importantly their customers, and are embracing the importance of innovation now more than ever.
"We are excited to extend our strong history of innovation – with our insurer customers, solution providers, and other start-ups – to our collaboration with Plug and Play, its startups, and its member companies, as we collectively work to provide the solutions the industry needs."
Plug and Play InsurTech global head Ali Safavi said: “We have had the pleasure of hosting Guidewire customers at Plug and Play in Silicon Valley for a few years. Guidewire’s major R&D presence in Silicon Valley, and history of fostering innovation, make them an ideal addition to our ecosystem and we welcome them.
“We respect their global expertise and industry leading position, and are excited about collaborating with them for the benefit of the P&C insurance industry.”
Guidewire Software chief product officer Ali Kheirolomoom said: “Guidewire is committed to providing an industry marketplace and we see our role as that of curator, bringing tech providers together to provide the best solution options for P&C insurers.
“Our work with the Plug and Play team, its startups, and its member companies, will enable insurers to remain focused on their businesses while we take on more of the heavy lifting in bringing innovative ideas to reality. We are pleased to be building on our more than 15 years of P&C industry innovation as a supporting part of the Plug and Play ecosystem and are excited to share the results of our efforts with our customers and the industry.”