Guidewire at 45th Annual William Blair Growth Stock Conference: Cloud Transition Focus

On Thursday, 05 June 2025, Guidewire Software Inc (NYSE:GWRE) presented at the 45th Annual William Blair Growth Stock Conference. The company provided a strategic overview highlighting its ongoing cloud transition and financial performance. While the outlook remains positive with strong Q3 results, challenges persist in migrating the remaining customer base to the cloud.

Key Takeaways

• Guidewire reported a strong Q3, driven by larger cloud deals and increased platform confidence.
• Over 50% of its customer base is now on the cloud, but significant migration opportunities remain.
• The company aims for an 80% subscription and support gross margin and a 40% operating margin in the long term.
• Strategic investments focus on cloud platform innovation and AI to enhance offerings.
• The pricing model aligns with insurer value, supporting sustainable growth.

Financial Results

Guidewire’s Q3 performance exceeded expectations, with bookings surpassing those of Q2, defying typical seasonal trends. The company is on track to meet its FY25 and FY28 financial targets, now considered near-term goals. Key financial highlights include:

• Subscription and support gross margin increased from 44% due to platform efficiencies and automation.
• Ambition to achieve an 80% subscription and support gross margin and a 40% operating margin.
• Guidewire aims to maintain a durable, mid-teens growth profile, with ARR growth outpacing overall growth.

Operational Updates

Guidewire’s cloud transition is a central focus, with over half of its customers already on board. However, a significant portion of the industry still relies on legacy systems, presenting a major migration opportunity. Key operational insights include:

• Larger customer commitments are being observed, with insurers adopting Guidewire across multiple lines of insurance.
• A robust partner ecosystem supports implementation and integration with the Guidewire platform.
• Services revenue exceeds $200 million, with strategic services capacity maintained.
• GenAI is used to enhance process efficiency, particularly in submission intake and code development.

Future Outlook

Guidewire is focused on completing its cloud transition and expanding its product offerings. The company is confident in its total addressable market and long-term growth trajectory. Strategic initiatives include:

• Continuing to aggregate the industry on a common cloud platform.
• Exploring new products and expanding into pricing and rating.
• Prioritizing R&D investments, especially around GenAI.

Q&A Highlights

During the Q&A session, several key points were discussed:

• The primary driver for cloud adoption is the referenceability of the platform.
• Guidewire competes with private equity-owned companies in the market.
• The pricing model is based on basis points of an insurer’s direct written premiums, aligning with delivered value.
• The partner ecosystem plays a crucial role in innovation and M&A opportunities.

In conclusion, Guidewire’s presentation at the William Blair conference highlighted its strategic focus on cloud transition and innovation. Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Dylan Becker, Research Analyst, William Blair: you, everybody. My name is Dylan Becker. I am the research analyst here at William Blair that covers Guidewire software. We have the CFO, Jeff Cooper, here with us today. Jeff, thank you for joining us.

Prior before we get started, he’s got a presentation. He’ll run through about ten or fifteen minutes on background on the business. Before that, all of the necessary disclosures for this presentation and the conversation can be found on WilliamBlair.com. With that, Jeff, I’ll pass it to you.

Jeff Cooper, CFO, Guidewire: Great. Yeah. Thank you. Appreciate everyone joining me today. I will run through these slides pretty quickly, and then, we’ll get to the q and a session.

But so Guidewire is a software company, a % focused on one mission, and that is delivering agility to the p and c insurance industry through a cloud based platform that focuses on the core operations of an insurance company. We sell policy administration, claims management, billing systems into the insurance industry, and we do that via our cloud delivered platform, which you might hear us call Guidewire Cloud Platform. The industry that we serve is a very important one, and it is one that is pretty concentrated at the high end, but then highly federated as you kinda move down in the tiers of insurers. And, you know, Guidewire has done a good job over the life of the company meeting the needs of some of the largest and most complicated insurers and so has done a a really good job tackling that top of the pyramid, that 80 insurers that make up a very meaningful part of the industry, but also delivering a platform that serves the needs of kinda what we call tier two and tier three and below. We kinda operate across the P and C insurance market, and that would include both personal lines and commercial lines.

These are obviously many of these lines of insurance are nondiscretionary, so highly durable end market that that we service. And it’s an industry that’s going through a lot of change. You know, we’ve been seeing inflationary impacts, regulatory impacts, and so our platform is here to help them address all of those all of those requirements and and make sure they operate efficiently. This is a view the many of these arrangements that we we sell into are are quite complicated. And at a larger insurer, our software really sits at the center of their operations, and it’s not uncommon for there to be upwards of a hundred or 200 integration points into our software.

Many of those integration points are to one of a kind systems, legacy systems that exist within an insurer’s IT landscape. So this is a very hard problem to solve and a and a hard problem to solve in a cloud context. You know, we have spent and and some of you may have been along the journey with us as we’ve kinda transitioned the business to the cloud, but invested quite heavily in our cloud platform to support our ability to deliver these core transactional systems of record to in a cloud context. It’s a hard problem, and and we’re just talking about the the the throughput and what our engineering team has been able to deliver because I think it is is really tremendous what they’ve been able to accomplish. But these are, you know, very kind of important systems with with many touch points.

This is a view into kinda how we think about our our our suite of applications. The big investment that we’ve made over the last five years is on this cloud infrastructure side and the core services side that support our application layer. And and now we have a lot of core services that have been kind of delivered more as a cloud data microservice that is helping a lot with the efficiency in terms of how we deliver our core applications. But the business applications are the ones that I mentioned, policy centers, policy administration, claims centers, claims management, and billing center is the is the billing system to support the core functions of an insurer. InsuranceNow is a product that we sell to smaller insurers.

It covers all of those kind of core functions in a in a single suite, and that’s the the core of our our product portfolio. And then we sell some analytics applications and other applications that are attach opportunities to the core suite. We maintain a very robust ecosystem. A big part of our strategy is working with the global SIs to help us modernize this industry together. We intend to deliver the software, and we are happy to have them kinda tackle the very important services work.

We do maintain a a highly strategic services organization as well, but that they do a a very small fraction of the overall work that’s being done in the industry. And more and more as we deliver a common cloud platform and service to the industry, we’re creating an opportunity for third party software vendors to to build and integrate into that common cloud platform, and that’s creating a marketplace of ISVs that we work with as well. So this is creating a pretty exciting ecosystem for us that we we we sit at the center of. The momentum has been strong recently. So we’ve had this is an industry that is conservative in nature and risk averse, and the shift to the cloud is a very consequential one, especially in this use case.

And so we have seen a very measured approach to the cloud, but we are now starting to see the impact of the investment and the referenceability of some of our early cloud customers is helping accelerate demand, and that is a big part of this industry. Word-of-mouth and referenceability is is something that is very important. And, you know, we get asked a lot around kind of other macro drivers that’s driving this acceleration right now, and the answer is no. The answer is this is really the micro of the blocking and tackling of delivering the platform, proving the referenceability so that CIOs at large insurance companies can feel confident that this is a good time to make this shift. I need to modernize my stack.

This is something I’ve been delaying for too long, and now is a good time to go. And so that’s showing through in how we think about ARR, but also subscription and support revenue. And the margin story as well, if you go if you look at the subscription support gross margins, you can see not too long ago, we were at 44%. That was coming out of a pretty meaningful investment cycle. We also knew how important referenceability was at the early part of this journey, and we invested in building out a cloud operations function to make sure that all of those early cloud customers were successful.

So we threw headcount at the problem initially and then worked to kinda deliver the platform that would drive more efficiency and automation, and that strategy has played out. Those early cohorts were absolutely critical to make sure that they were successful, and now we’re realizing a lot of the investments we made in the platform, and that is showing through to the gross margin line. Subscription and support gross margin line is the most important number on this page. It drives overall gross margin and operating margin in a meaningful way. And then we just had our our earnings call on Tuesday.

It was our our q three. It was a very strong q three for us. From a seasonality perspective, q two is our q four is always our strongest quarter, and then it’s usually q two and then q three and then q one. But this q three had had the the nice designation of being more meaningful than q two for us, which is a little bit unique. And our CEO referenced that it was our third strongest bookings quarter in history.

Our q fours are always very strong, so you can but that was something that we’re excited about. And then we were able to update our guidance ranges for the fiscal year. And this is just the reconciliation page, and then I think we can move to q and a. Perfect.

Dylan Becker, Research Analyst, William Blair: Maybe that’s a a good place to start as well, Jeff. You highlighted kind of the recent strengths, in in the quarter that you guys just reported earlier this week. We’ve talked about the investments that have taken place to kinda get to this point from a cloud perspective. Can you maybe kinda double click on why all of that is resonating now from a market perspective, and what’s giving carriers the confidence to invest in these cloud core systems?

Jeff Cooper, CFO, Guidewire: Yeah. I think, you know, this was an industry that is very measured and very thoughtful and very pretty slow to go into the cloud, especially for the for this use case. And, you know, we it was a very this is a hard decision for us as a as a as a company to think through when do we because we had a very highly profitable business on prem. We were viewed as the market leader, but we knew long term that was not the optimal way to deliver software to the industry. It was not the optimal way to deliver innovation to the industry.

And so when do we kinda think about this transition and how do we make the switch? We moved I think when we got finally kinda said we’re gonna go down this path, we moved with a lot of intention. But it did change how the industry thought about adopting core. I think you saw insurers decide to sit on the sidelines for a period of time and wait and see how the cloud transition would play out, maybe doing smaller initiatives, kinda testing the water style initiatives. And then and then we’ve kinda worked through that over the last two or three years, and now we have enough referenceability on the platform.

We have enough customers on the platform that we’re seeing a higher confidence that, okay, now is a good time to make bigger commitments. Two years ago, we were seeing I’m gonna take, you know, one of my lines of insurance to the cloud, or I’m gonna do policy center in this line, but I’m not gonna do claim center. And so now we’re seeing much bigger commitments, and so that’s that’s that’s an exciting place to be.

Dylan Becker, Research Analyst, William Blair: And and maybe it’s a good point because I think that was a big takeaway out of their earnings in and of itself was not only deal velocity has stepped up, but also the size of those commitments to your point. How do you think about I think you mentioned earlier in the presentation that hundred to 200 kinda integration points within the core today, what that looks like from a vendor consolidation kinda opportunity for the business over time as you get more of those core components across the end to end nature of a book, from a P and C perspective.

Jeff Cooper, CFO, Guidewire: Yeah. I what we are we are certainly seeing more willingness to adopt more broadly Guidewire throughout. And we’re we are seeing it’s not uncommon for, especially, large insurance companies that have been acquisitive to have, in some cases, you know, five or six different core system vendors and pockets of their business. And so cleaning some of that up and standardizing is something that we’re seeing a bit right now and is is working to our benefit. And and and then and then there’s, like if you think about all those integration points, most of those are kind of internal systems, and so not something that a vendor would consolidate.

But there is a lot of stuff that we’re doing with our Insurtech partners to bring more innovation to the marketplace as well. But but yeah. Is that is that Yeah.

Dylan Becker, Research Analyst, William Blair: Yeah. Yeah. For sure. And and maybe, obviously, the momentum is very clear, but how should we think about kind of the overall opportunity ahead? Where do we sit relative to the cloud transition as it is today and then the opportunity to continue capturing share

Jeff Cooper, CFO, Guidewire: as well? We’re still early. And, you know, when we think about our strategy, phase one of the strategy is executing on this cloud transition and aggregating a meaningful part of the industry on a common cloud platform, and then that opens up just so much opportunity for us to sell through and kind of bring new products there. But in terms of the phase one, I think we’re seeing really healthy momentum. We have now about 50%, a little over 50% of our customers are on the cloud journey with us, but that there’s still 50% that we have to go and still work through.

In addition to the amount of the industry, which, you know, we estimate is in the range of kind of 40 to 50% that still runs on mainframe based systems in terms of the workloads that exist in the industry. So there’s a lot of work to do just on kind of getting to this phase one state of aggregating the industry on a on a kind of highly efficient, highly effective common cloud platform.

Dylan Becker, Research Analyst, William Blair: And and if we think of those two pillars, not only the migration opportunity, but the ability to expand as they look to land larger as well as kind of that 50% of legacy system, What does that mean to the business from kind of a durable ARR perspective?

Jeff Cooper, CFO, Guidewire: Yeah. It just it creates a very healthy backdrop for us to feel confident in the TAM that we have just right with the core business that we’re operating in today to drive you know, we talk about being a long, durated, durable, mid teens grower. We have some metrics that around fully ramped ARR that we talk about that have been growing faster than that that give us reason to believe that maybe we can grow a little bit faster than that. But our ambition is still the same. It’s just to kinda create a very long, durated, durable grower.

Dylan Becker, Research Analyst, William Blair: Sure. And maybe from a a profitability perspective, right, we’ve seen kind of the inflection in the model as a function of this transition as well. We’ve seen highly efficient vertical software models in the past too, but how should we think about Guidewire in that context?

Jeff Cooper, CFO, Guidewire: Yeah. As we embarked on this cloud transition, we unveiled what we called our our midterm and longer term targets to help investors understand the trajectory because we did kind of negatively impact margins, and then now we’re kinda returning them to a a healthy level. And so we have those those targets set out for we now are kind of our FY twenty five was our original midterm targets, and now FY twenty eight was our original longer term targets. Those are now kind of our midterm targets. And then we have a longer ambition around what we call our eighty forty plan, which is getting to 80% subscription and support gross margin and 40% operating margins.

And, you know, everything that we see in the business, we feel confident in our kind of path to that. The timeline to that is a little bit uncertain, and there’s so much opportunity to invest in areas that are adjacent and kind of add more value to the insurance offerings that we offer to customers today that somewhat depends on kind of how growth tapers to when we ultimately get to those, those kind of terminal margins. But that that’s how we think about the long term margin potential.

Dylan Becker, Research Analyst, William Blair: Sure. And and coming from the CFO seat as well, it’s it’s a good place to be to have the opportunity to kinda pull each of those individual levers as well. But how do you think about that balance of capitalizing on what seems to be kind of an uptick in momentum from a carrier perspective and willingness to, to adopt more of the software versus that sustained kinda of margin inflection, maybe the balance between the two?

Jeff Cooper, CFO, Guidewire: Yeah. Yeah. We, as a management team, are very focused on if we can drive incremental growth, that’s what’s gonna drive most enterprise value and shareholder value. And so it’s a growth orientation, but we also recognize that we service an industry that moves at its own pace. And so we are not going to kinda throw money at growth that, you know, we don’t think will materialize.

And so we’re gonna be very disciplined about that. As we think about areas of spend within r and d, that’s where there’s the most area for us to maybe accelerate some investment. But our team there has been quite disciplined and has an orientation that adding a lot of headcount doesn’t necessarily drive incremental productivity or efficiency, and sometimes that can create disruption. And so they’ve been pretty cautious and measured about how they think through. We have the largest engineering team.

We have the largest investment. So we feel confident that we can continue to drive innovation and new product creation largely with the team that we have today. From a sales and marketing perspective, we have the largest sales and marketing organization in the industry. We service a vertical market. We know everybody in our market.

Like, we are very close to our customers and our prospects. So it’s not like we need to add breadth from sales and marketing perspective. There are investments. Like, we’ve made some investments in customer success. We’ve made some investments in in a more strategic advisory for tier one insurers that are so critical to our our ability to execute towards our TAM.

But in general, we have really good coverage, and so don’t feel the need that we need to, you know, rapidly grow sales and marketing spend. And then G and A is about, you know, just driving more operational efficiency, and so you won’t see a lot of growth. So I think as we’ve thought about our targets, we feel even if we can drive accelerating growth, not necessarily need to kind of spend a lot in order to capture that.

Dylan Becker, Research Analyst, William Blair: Sure. Sure. And you touched on kind of the the momentum that you’re seeing in tier one and tier two, a second ago as well. If we think about the competitive landscape, what does that look like? How much of it is actual other external kind of vendors?

How much of that is internal? How should we think and maybe even across the carrier segments, kinda the ecosystem here.

Jeff Cooper, CFO, Guidewire: Yeah. So there’s a there’s a healthy competitive environment. We have a number of of competitors. Most of our competitors are now private equity owned in some capacity. You know, we take we have a lot of pride in the amount that we invest and and and kinda how our engineering team is driving innovation into the industry and differentiating.

And so and our thesis in the cloud has always been that market leadership’s gonna matter a lot more in the cloud domain than it mattered on prem. It’s one thing to buy software from a vendor and run it behind your four walls. It’s quite another thing to rely on a a vendor like EyeWire to run a mission critical service for you as a service. And so, that was part of our thesis, and I think that’s playing out is this is it’s it’s hard to compete with the when you kinda build the scale and the investment that that we have with Power. There are certainly a number of of credible competitors, and we see, you know, all of these deals go to RFP.

Our win rate has just been quite strong recently as as as these investments have been realized.

Dylan Becker, Research Analyst, William Blair: Sure. Maybe you could talk to the positioning and the opportunity of the partner ecosystem in support of that kind of competitive positioning as well too. Yeah. You talked about the SI piece, but also maybe talk about kind of the technology ecosystem as well too and what that means from a platform Yeah.

Jeff Cooper, CFO, Guidewire: Is very a very exciting part of the story from my perspective. And it was a part of the story that we were just not able to unlock on prem because our customers had implemented our software in such desperate ways that it was hard for third parties to build on top of Guidewire in that in that context. And so as we move to the cloud, we get all of our customers on a common cloud architecture. We are investing aggressively in this ecosystem of Insurtech vendors that can then integrate into into that environment. Our CEO came from Salesforce and was attuned to how Salesforce built this out.

And so I think this is a very exciting part of the the the story for us. It it also creates an avenue for m and a or other activities. But getting the cloud done is the most important thing to unlocking that. And, you know, we talked about over 50% of our customers are now on the cloud journey, but a smaller number is fully running and operational in the cloud because there’s lots of work going on, implementing and going live and doing all those activities. So that’s a we’re I think the team is doing a really good job building out that marketplace and even thinking through kinda how the long term economics are would work.

But but right now, it’s still it’s still a little bit dependent on kind of running through the base of the

Dylan Becker, Research Analyst, William Blair: Sure. And and it’s very clear, the transition that has has taken place within Guidewire as a business. But if we think about the industry as well, could you talk about kind of some of the the factors that are pushing for digital change, if you will, around consumer expectations, frequency and severity, a handful of things that are helping validate the motion that Guidewire is bringing to market.

Jeff Cooper, CFO, Guidewire: Yeah. I mean, the it’s the industry is it’s a it’s a nice industry to service because there are those pressures, but it’s also very it’s such a durable, nondiscretionary industry that the industry’s kind of been adopting and reacting to those in a very measured and conservative way. As the market leader in this industry, that gives us a little bit of an advantage because we can watch how certain things are adopted, digital disruption, you know, GenAI, cloud, and other verticals that have moved faster and then apply those best practices and do that with intention rather than doing a lot of testing and other things and having failed experiments. So our experiment hit rate is very high, but but the industry is always under a lot of pressure, regulatory pressure, pricing pressure, inflationary impacts. And so, you know, the ability to have a system that can support you with more agility is becoming more and more important, especially as, you know, your your competitive set adopts those types of systems.

Dylan Becker, Research Analyst, William Blair: Sure. And if we were to think about how you go to market, kind of the pricing mechanism on a premium basis as well too. How how should investors kinda think about them?

Jeff Cooper, CFO, Guidewire: Yeah. It’s a good point. So we we price our software on basis points of an insurer’s direct written premiums or effectively their revenues, and so that is always in our pricing model. It works really well. It aligns to the value that we deliver.

It’s also how insurers think about their income statement. They think about IT spend as basis points of direct written premium, and so we fit into how they think about it. And in an environment, it’s also nice that it’s not a seat based model and kind of an environment where some seats are coming under pressure from agentic models and other types of models. So it’s been a it’s been a it’s been a a good way for us to go to market. We also capitalize on a bit on our customer success.

So as our insurers grow their premiums, they will move through baselines in the contract, and we can charge true ups as as they grow. We also grow.

Dylan Becker, Research Analyst, William Blair: Sure. And and you do have your own internal services function as well. Could you maybe speak to the strategic nature Yeah. That helps you kind of understand those problems and pain points for customers that maybe help curate a little bit of that innovation road map as well?

Jeff Cooper, CFO, Guidewire: Yeah. I think our service we’re you know, we think about ourselves as a software company first and foremost. But there’s a big part of Guidewire’s success and throughout the history of the company has been this this focus and dedication on driving successful outcomes. Core system replacement modernization projects throughout the industry are rife with failures, and our track record on this is very, very strong. And it’s a big part of kind of why we’re able to be successful.

Our partners do an amazing job. And, you know, this as global SIs do 80 to 90% of the work associated with Guidewire implementations, but our services team is kind of tip of the spear, especially as it relates to new capabilities. And, you know, they’re the best in the world, and so we can drop them in if a project starts to, you know, go a little sideways to make sure that that we drive the the right outcome. So we do a little over $200,000,000 services revenue. We try to make sure that we we want it’s very strategic for us to maintain that services capacity, and so kind of growing that, you know, much slower than software, but kind of maintaining that kinda resource, that Guidewire is very important

Dylan Becker, Research Analyst, William Blair: for us. Sure. Sure. And we kinda hinted at it a few times here as well too, but, you serve as a foundational system of record for the industry. Right?

You help facilitate a lot of those core complex workflows. How do you think about the advance and opportunity for AI to help kinda drive process efficiency Yeah. To insurance business?

Jeff Cooper, CFO, Guidewire: Yeah. It’s, you know, I I spoke earlier that this industry tends to be a technology laggard, and so that gives us the luxury of being able to watch what works other places. We may not have that luxury with GenAI or or or kind of some of these because this industry is so rife with unstructured data and manual processes that GenAI lends itself very well to helping with. In many cases, there’ll be human loop, but there’s a lot of very interesting use cases. We have investments in infusing it into the core product set.

We have investments in kind of new adjacent areas. One of the ones that we’ve talked about is the submission intake process for commercial lines of insurance, how much documentation and unstructured data goes to in those submissions, and how inefficient that process is today. And then we have use cases around, you know, how we do code development. We have use cases around how we support services engagements. One of the biggest hurdles to adopting our cloud application is the cost and uncertainty of the services program to get from point a to point b.

And we always like to say if we could bring down that cost of services associated with the cloud migration by 50%, we would double demand because that’s the often the biggest sticking point. We have a number of initiatives around kind of how we use GenAI You know? So there’s there’s a there there’s, like, endless use cases here, and, you know, we we believe that we will have permission to drive a lot of these use cases that are more horizontal across the PNC insurance industry. And then the SIs are working with customers on more kind of highly specific customer use cases.

But I I do believe that this industry is gonna be on the front foot as it thinks about adopting. And that’s good for us from an overall demand perspective because, you know, if you’re running a forty year old mainframe based system that’s on a batch processing sis arrangement, you’re not set up for success in a in a Gen AI world, and that is certainly part of the message that our sales team is delivering. And I think that’s resonating. I ask my team all the time, is this driving some of this acceleration in demand? I think that what’s it feels like what’s driving this acceleration in demand is just the referenceability of the platform and the blocking and tackling, but I also think that this backdrop is helping.

Dylan Becker, Research Analyst, William Blair: Is that maybe helping too with the conversations that you’re having with that on prem base and buy support as you kinda think about end of life and transitioning into

Jeff Cooper, CFO, Guidewire: Yeah.

Dylan Becker, Research Analyst, William Blair: Support for one singular system?

Jeff Cooper, CFO, Guidewire: Yeah. I I think that’s right. I mean, I think it’s more acute if you’re running a legacy system rather than a modern on prem system, but, you know, everybody’s thinking about how are they set up to capitalize on some of these themes.

Dylan Becker, Research Analyst, William Blair: Perfect. When and we’ve covered a lot of ground here today, and it’s been incredibly helpful, Jeff. Thank you. Maybe if we were to I mean, again, the company has come a long way as we think about kind of the initial iteration of moving to the cloud five years or so ago. If we think about what the next five or to the next ten, right, talking about durability here, can look like for the business, what excites you the most about the opportunity ahead, and what’s kinda your measure, the way that investors should think about kinda tracking that success over time?

Yeah.

Jeff Cooper, CFO, Guidewire: Yeah. I mean, I think what excites me is is once we get through this cloud transition is this opportunity. We’ve we’ve built this platform that the industry runs on and the opportunity to just flow more innovation through that platform. Some of that will be just kind of, you know, building out new capabilities on our claims center and policy center product, but a lot of that will be kinda new products that we can attach and and focus on. We did a small acquisition in the quarter for a European company that does pricing.

And so moving into pricing and rating is an area of ambition that we have. Our systems today can be thought about as being focused on what we call post bind. So once a policy is bound, it goes into our policy administration system. We manage the claims. It’s a ton of work that happens pre bind in the underwriting process, how you price and rate insurance policies that we can have a more active role in.

So there’s a lot of new opportunity out there that’s exciting for us as we look ahead.

Dylan Becker, Research Analyst, William Blair: Perfect. I think that’s a great place to wrap for now. Jeff, thank you very much. We will be carrying on the conversation upstairs in the Adler Room for those of you that would like to join us. This presentation has now finished.

Please check back shortly for the archive.

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