WATERLOO, Ontario & SAN MATEO, Calif.–(BUSINESS WIRE)–Definition of the company Definity Financial Corporation (“Definity”) (TSX: DFY) and Guidewire (NYSE: GWRE) announced that Definity has successfully transitioned its Economical digital broker offering, Vyne, and its digital platform, Sonnet, to the latest cloud technologies. As the first Canadian P&C insurer to have its own insurance platform take advantage of the capabilities of the Guidewire Cloud Platform, Definity looks forward to being well positioned to continue to grow its business, improve service for brokers and clients, and continue to innovate. .
As a new public company, emerging from Canada’s largest IPO of 2021, Definity aims to be at the forefront of business innovation by working with like-minded organizations to find new ways to make insurance better. The shift to cloud-based services is expected to give Definity access to the products, features, capabilities, and greater connectivity of the insurtech ecosystem with minimal disruption to vendors and customers.
“At Definity, we are focused on becoming Canada’s digital insurer poised for growth and profitability,” said Tatjana Lalkovic, SVP and CIO, Definity. “Upgrading our tools brings the opportunity to do things faster, bigger, and smarter with Guidewire’s ecosystem.”
This is a significant milestone in the partnership between Definity, Guidewire, and Deloitte in Definity’s cloud transformation journey. Running on Amazon Web Services (AWS) cloud technology, Guidewire Cloud will give Definity the ability to scale the platform to incorporate new technologies while pursuing its business goals of natural and organic growth. Cloud solutions are expected to improve security and reduce planned and unplanned outages while managing cyber security risks.
Definity aims to become one of the top five P&C insurance providers in Canada and has been investing in new technologies to achieve this goal. Building on its industry-leading assets at Sonnet and Vyne, the multi-tiered infrastructure that is being put in place will help support the resilience and stability that will be needed to continue to grow in stronger, more innovative, and cost-effective ways. Sonnet and Vyne were both recognized as Guidewire Innovation Award winners in the 2016 and 2018thus.
“Definity is a leader in the Canadian P&C insurance industry – Guidewire admires the company’s vision and commitment to innovation, and ultimately its mission to create exceptional value for its businesses, partners, policyholders, employees, and shareholders, ” said Christina. Colby, Chief Customer Officer, Guidewire. “We thank Definity for their continued confidence in Guidewire and our cloud services capabilities and look forward to our continued partnership and successful partnership.”
History of DEFINITY FINANCIAL CORP
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 large group of brokers, and directly to consumers through Sonnet Insurance and Petline Insurance.
PRINCIPLES FOR LOOKING AHEAD
This article contains “forward-looking information” within the meaning of Canadian securities laws, which reflects Definity’s current expectations regarding future events, including statements regarding the implementation of technical solutions for the performance and security of Definity’s services. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which cannot be controlled by Definity. Results may vary significantly from what is shown here. 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 by securities laws.
About Guidewire Software
Guidewire is a P&C platform that insurers believe will drive action, innovation, and growth. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from startups to the largest and most complex in the world, operate on Guidewire.
As partners with our customers, we continuously improve to improve performance. We are proud of our unparalleled implementation history, with 1,000+ successful projects, backed by the largest R&D team and collaborative environment in the industry. Our marketplace offers hundreds of applications that support integration, sustainability, and innovation.
NOTE: For more information about Guidewire’s indicators, visit https://www.guidewire.com/legal-notices.