Stuttgart, 13 October 2020 – GFT was recently recognized by consulting and research firm Everest Group as a Major Contender, according to the results published in its Guidewire Services PEAK Matrix® Assessment 2020. GFT was also named as a Star Performer for outstanding progress it made in this sector over the past year.
The PEAK Matrix® report analysed the performance of various providers by evaluating them on two key criteria: their vision and ability to successfully deliver Guidewire services and their impact in the market.
For this 2020 edition, Everest Group has recognized GFT as a Major Contender on the PEAK Matrix. GFT was also named one of only four Star Performers in this category, based on year-over-year positive progress. In addition, GFT distinguished itself by being the firm with best-in-class Guidewire services-related revenue growth last year.
“The Guidewire Services market grew by 16-18% in 2019, with Guidewire increasing its hold as the preferred core platform for P&C insurers. The commercial SMB segment in North America and large personal insurers in Europe are driving demand for greenfield implementations, while existing Guidewire clients are actively exploring the move to the cloud,” according to Aaditya Jain, Practice Director, Everest Group. “GFT has improved its competitive positioning, earning Major Contender and Star Performer recognition on Everest Group’s Guidewire Services PEAK Matrix® Assessment 2020 as a result of significant growth in its client base and delivery capabilities, backed by synergistic gains from its acquisition of V-NEO; multiple new specializations on Guidewire products for the EMEA market; and strong recognition among its clients for serving as a strategic partner to drive innovation.”
For GFT, the insurance industry is a key market that experienced significant growth in the past year, due to an increase in its ability to offer Guidewire services. Investments made in the five specialized Guidewire delivery centres (Quebec, Costa Rica, Poland, Spain and Italy), as well as a significant increase in the number of certifications and specialisations within the teams have greatly improved the company’s performance. Specifically, the specialisations acquired on the various Guidewire modules (InsuranceSuite, PolicyCenter, BillingCenter, ClaimCenter and Digital Products) have considerably improved its competitive position in the market. The GFT team has the most Guidewire specialisations in EMEA.
Alain Lamothe, Head of GFT’s Global Insurance business, is very pleased with GFT’s progress in Guidewire services, as mirrored by the report. “Our expertise is being recognized in the market, allowing GFT to be named one of the top 10 Guidewire service providers in the world. This expertise with the Guidewire solution has, among other things, enabled us to achieve the largest implementation of the Guidewire Cloud Suite in Europe.”
Everest Group’s PEAK Matrix® reports provide companies with the analysis and information they need to decide which global service providers best meet their needs. Based on the rigorous PEAK Matrix® methodology, they follow Everest Group’s annual processes for each category, which includes an analysis of information provided in RFI questionnaires, interactions with service providers and verification of customer references they have provided.
GFT customers specifically praised their ability to partner with insurers on strategic initiatives, knowledge about Out-of-the-Box (OOTB) Guidewire features, and their innovation-driven business strategy advice. GFT’s results in this Everest Group assessment provide additional evidence to insurers of GFT’s ability to successfully execute their digital transformation project.
For more information on GFT’s Guidewire service offering, please download our PoV.