Definity Becomes the First Canadian P&C Insurer to Transition Core Insurance Platform to Guidewire Cloud
New Cloud Solution Allows Agility, Scale, and Innovation While Enhancing Security
WATERLOO, ON and SAN MATEO, Calif., Sept. 7, 2022 /CNW/ - Definity Financial Corporation ("Definity") (TSX: DFY) and Guidewire (NYSE: GWRE) announced that Definity has successfully transitioned the Economical digital broker offering, Vyne, and its digital direct platform, Sonnet, to the latest cloud-based technologies. As the first Canadian P&C insurer to have its core insurance platform take advantage of Guidewire Cloud capabilities, Definity expects to be better positioned to continue to scale its business, enhance the quality of service to broker partners and customers, and continue to innovate with agility.
As a newly public company, resulting from the largest Canadian IPO of 2021, and as Canada's leading digital insurer, Definity aspires to stay on the forefront of business innovation by working with like-minded organizations to find new ways of making insurance better. The transition to cloud-based services is expected to give Definity early access to products, features, capabilities, and broader connectivity with insurtech ecosystems with minimal interruption to brokers and customers.
"At Definity, we are focused on being Canada's leading digital insurer poised for sustainable growth and profitability," said Tatjana Lalkovic, SVP and CIO, Definity. "Modernizing our core infrastructure brings opportunity for agility, scale, and innovation alongside Guidewire's partner ecosystem."
This is a milestone in the collaboration between Definity, Guidewire, and Deloitte in the Definity cloud transformation journey. Running on Amazon Web Services (AWS) cloud technology, Guidewire Cloud will give Definity the ability to efficiently scale the platform to integrate innovative technologies as it pursues its business objectives of organic and inorganic growth. Cloud solutions are expected to enhance security and reduce planned and unplanned outages while addressing accelerating cyber security risks.
Definity has a strategic objective to be one of the top five P&C insurance providers in Canada and has been investing in innovative technologies to achieve this objective. Building on its industry-leading investments in Sonnet and Vyne, the multi-cloud architecture foundation being put in place will help support the resiliency and scalability that will be required to pursue growth in agile, innovative, and cost-effective ways. Sonnet and Vyne were both recognized as Guidewire Innovation Award winners in 2016 and 2018, respectively.
"Definity is a leading force in the Canadian P&C insurance industry ― Guidewire truly admires the company's industry vision and its commitment to innovation, and ultimately its mission of creating exceptional value for its brokers, partners, policyholders, employees, and shareholders," said Christina Colby, Chief Customer Officer, Guidewire. "We thank Definity for its continued trust in Guidewire and our cloud services capabilities and look forward to our ongoing collaboration and shared success."
Definity Financial Corporation is incorporated under the Insurance Companies Act (Canada), and is the parent company of Definity Insurance Company, Family Insurance Solutions Inc., Petline Insurance Company, and Sonnet Insurance Company.
Definity Financial Corporation, through Definity Insurance and Family Insurance Solutions, distributes property and casualty insurance through a wide network of broker partners, and directly to consumers through Sonnet Insurance and Petline Insurance.
This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada, which reflects Definity's current expectations regarding future events, including statements concerning the impact of the implementation of certain technology solutions on the performance and security of Definity's operations. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control. Results could differ materially from those projected herein. Definity does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.
NOTE: For information about Guidewire's trademarks, visit https://www.guidewire.com/legal-notices.
SOURCE Definity Financial Corporation
Diana Stott, Director, Communications, Guidewire Software, Inc., +1.650.781.9955, [email protected]; Definity media inquiries: Mathieu Genest, Manager, Public and Media Relations, (C) 647-224-8975, [email protected]; Definity investor inquiries: Dennis Westfall, Head, Investor Relations, (C) 416-435-5568, [email protected]
Share this article