GUIDEWIRE SOFTWARE, INC. Investor Day 2026

Thank you, Alex. Hello, everybody.

Hello. Hello. Yeah, I couldn't tell it was on.

It's on now, yeah? We're good. Okay, great. Okay, so apologies a little bit if some of this stuff is repetitive to those of you who were able to join us for the keynote this morning, but I wanted to make sure that whenever we do this event and whenever we do this presentation, I just want to make sure that we cover some standard ground about Guidewire. First of all, 25 years serving P&C insurance industry. I said this morning, I don't think that's going to change for at least the next decade. We see a very significant opportunity continuing to serve the P&C industry. It's an industry that's over $1 trillion in direct written premium, which is the really important driver of our business model. And we exist to provide a technology platform for that industry.

Technology in P&C insurance is interesting. You think sometimes, in my previous life, we would talk about back office systems, and somehow that was disconnected from the core mission of a company. But in P&C insurance, these core systems directly relate to the products that these companies can provide, the customer interactions that these customers can support, and also claims management, which is a critical function of an industry. We like to think that Guidewire acts as the heart and lungs of an insurance company, and without our core systems, they really can't operate. In the 25 years we've been in existence, we've managed to earn the trust of 9 of the top insurers in the world by direct written premium, 500 customers worldwide across 44 countries, and very proud to say, at this point, $1.6 billion in fully ramped ARR.

The other thing about our company that's very important to understand, and certainly this has evolved quite a lot in the last 7 years that I've been a part of Guidewire, is that we seek to provide these applications as a cloud service, a constantly evolving cloud service, which creates this mechanism for us to deliver innovation to our customers much more effectively than they have traditionally been able to operate. The real thing holding the industry back, or one of the things holding the industry back for a very significant amount of time, is just how slow it is to update these core applications. With what we've built now, we can keep these applications current, we can continue to deliver innovation to the industry, and we continue to make a very positive impact on our customers' competitiveness.

I want to talk a bit about our perspective on artificial intelligence and its impact on insurance. Number one, I'll start at the bottom of this slide. A lot of what governs how effective an insurance company can be is driven by development. These are technology systems. There's 20-some thousand developers in our community. These things are incredibly complicated and somewhat these are real fintech operations. AI is going to and has now accelerated the work that these developers do. The IT programs, the SI programs that underlie Guidewire implementations are speeding up with AI. We've worked incredibly hard over the past year or so to make sure that our platform was AI-ready, and this is a critical accelerator of what I think is a real driver behind the future of the company.

The other two sides of the triangle, the way that I want you to think about this, is not so much products, but functions at an insurance company. What makes an insurance company special is that they understand risk and they underwrite that risk, and then when a loss occurs, they pay the claim. The processes that you need to follow in order to do this effectively, in order to do this profitably, are very, very unique to P&C insurance, and both of these things are going to be dramatically impacted, I think in a positive way, by artificial intelligence. A lot of people say P&C insurance is generally less efficient than maybe other industries, but it's because the nature of what these companies do just resists the traditional business process workflow automation.

It just requires a very deep understanding of what oftentimes is unstructured information, both on the underwriting side and on the claims side. And what artificial intelligence does is it provides this incredible unlock to that unstructured information. These things together we think create a very, very significant market opportunity for Guidewire. I am going to go top to bottom on this slide, in thinking about what I think is, call it the total addressable market that we face right now, the opportunity that we see going forward. So number one is the business that we are in. There is a legacy tech debt in the industry, is very significant. Consumer expectations continue to increase, and technology is really the key driver behind the efficiency of the industry.

We serve this demand with, we think, the leading core system platform in the world, and we think that that creates a $30 billion TAM, and you can think of that as 1% of direct written premium. This is the business that we are in. This is a business that I think we are winning. This is a business that I am very proud of leading. Basically, I would say from an investment perspective, this is how you should generally think about Guidewire, at least over the last seven years of my tenure at the company. These next two bars are incremental and are unlocked in a very significant way by artificial intelligence. The next one is about controlling indemnity. It is about creating better customer experiences when losses occur. It is about operational efficiency. You could call it agentic claims.

If you were watching the presentation this morning, you saw a demo that I thought was genuinely profound. It was like two years ago, we were at Connections, and at the last minute, somebody, I think it was OpenAI, launched a real-time API voice channel, and we said, "Hey, can somebody slap together a demo and see if this works?" I remember it was like, we stayed up all night before the keynote, and we made a demo of how you could talk to an AI and save the result back into ClaimCenter. Two years later, we have a product in production doing this. I still watch that demo, and I am like, "I do not believe that that really works." I am the CEO of the company that is running that in production. It is amazing. You very clearly see this moment when artificial intelligence is the layer around which people and companies will interact with the insurance industry, and we will be able to create better customer experiences, better outcomes.

The industry will be able to control loss more effectively, and we think that also creates a $30 billion total addressable market. Again, rough math, 1% of direct written premium. Now, I want to caveat this is less of a software market that exists today. In order for us to arrive at that number, you have to start to think about the vast amounts of expense that are spent on claims adjusters and operations in these companies. These are the things that these artificial intelligence systems will displace, which creates an economic opportunity for us to address. Last bar on this slide is the underwriting opportunity.

You can describe this in a way sort of focusing on operational efficiency. I think the more interesting way to think about it is that what differentiates an insurance company is how effectively can they price risk. How quickly and effectively can they price and estimate loss associated with the potential risk that they would underwrite. Artificial intelligence creates now this potential for us to address something that up until this point, just resisted automation. If you start to think about the labor associated with underwriting in the market today, if you start to think about making better, more profitable decisions, we think that also creates another $30 billion market potential.