Mike Rosenbaum: Yes. Thanks for the question. I’m super excited you asked. It’s one of my little — it’s one of my favorite things to think about these days. The first thing I would say is I genuinely believe that this will have a big effect on every software company in the world, every person in the world. I think it’s a very, very busy. And it’s almost like new in the technology landscape has been invented, and we are all going to go find ways to leverage it super effectively. I think one obvious area is cogeneration. In fact, these systems can generate code is maybe almost miraculous in my opinion, but very, very exciting, no matter what you think. So we think that over time, we’ll improve the efficiency around implementations, maybe upgrades.
But the — but I think of it as every developer in the world will get a little bit more productive as we figure out ways leverage this effectively and leverage it reliable, it’s sure way. And that’s certainly one area of potential. There is a whole host of capabilities that you could imagine around customer interactions, claims management, quoting, the back and forth that is associated with talking to consumers about insurance policies and things like that. And I think fundamentally, the way on that side of it, I think Guidewire will certainly play a role in the innovation side of this and creative ways that we can deploy this in the features of our service. But I also — as one of our colleagues here, John Mullen pointed out to me today, actually, the fact that we have this marketplace that exists and facilitates start-ups and insurtech and smaller companies being into Guidewire deployed is a really big, big boost, I think, to Guidewire, but especially Guidewire customers.
I think I said this before, ChatGPT sort of opened everybody’s eyes to this. I said it a couple of years ago at Connections is — we really do see a world in which there’s a very significant amount of automation that can be unlocked. But I’d say, fundamentally, you’re going to need a modernized core system at the base of your operation. if you really are going to fully leverage tools like generative AI, I think that, that’s a fundamental step. And I think these insurance companies are still going to need platforms like wire on the policy claims and billing side and then you add this generative layer on top. And I think you’ll get a real improvement in the business value and the transformation these companies are able to drive. But like I said, it’s early, early days.
It is early, early days, and the excitement about it comes from the fact that, like I said, I’m not the only one that genuinely think this is a miraculous level invention. And I think the impact to the insurance industry will be profound.
Operator: The next question is from the line of Joe Vruwink with Baird.
Joe Vruwink: I want to expect to the large insurer you’re working with on the new greenfield effort. Can you maybe talk about how the nature of the greenfield engagements have changed just in either use case or maybe relative sizing of ACV? And then, I guess, related to this, how is the experience changing around follow-on activity post greenfield? Do these become the entry way to maybe getting involved with bigger lines of business subsequent to the experience on the greenfield effort.
