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TheStreet Open House

Guidewire Software' Management Presents At The Citi Technology Conference (Transcript)

So, who is our market? Insurance really is everywhere. The insurance industry is the fourth largest industry in the world, and so it's based on kind of like two or three different segments, personal lines, which all of us buy insurance for our own autos and home. Commercial lines, where people buy insurance for cars and for building and then also really what's considered kind of workmen's comp, which is a segment of the commercial lines, where you pay for insurance for your employees.

It's a huge industry. In 2010, we think it's about $1.2 trillion industry, and really in this market, the Americas which includes Canada and South America, EMEA and then Asia-Pac, and that's our go-to-market strategy as well. We've built these products actually to be able to service this global industry and has been successful actually in being able to capture customers around global.

This industry spends a tremendous amount of money on IT. Now, most of it today is still going to services. It's going to the system integrators, it's going to IT shops, it's going to the BPOs, and our goal is to take some of that wallet share and actually sell it as software instead, which should be a most much more effective way for the insurance industry to run its core applications, so this is legacy.

Read the rest of this transcript for free on seekingalpha.com

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