Mike Rosenbaum: Good question. So yes, we work with different carriers in different ways in this particular one. We have a pretty broad agreement that basically says they will sort of project by project by project modernize to Guidewire. So as opposed to doing one massive deal with us, they look at it as when this line of business is ready to modernize or this line of business is ready to launch and that project is ready to kick off. That becomes a deal that we incrementally add to our contracts with that insurance company. Not everybody wants to approach it that way, not all of our customers do. But in this case, that made the most sense. And so for sure, as experience and confidence builds, both on the platform side, but especially on the customer side, it facilitates an acceleration of those projects, right?
As you say, hey, we got that done successfully, and that’s going well. And so let’s take another bite at more of the modernization backlog and green like that project and get that started and move that to Guidewire. And so that’s basically what we’re seeing there. That’s not unique. We’ve seen that with a number of other companies. We often see this with acquisitions. We’ve seen this with a couple of different carriers over my tenure here at Guidewire where they’ve got a baseline project, but there’s an acquisition that comes sort of after the initial project has been kicked off and that acquisition creates an opportunity to do another line of business with the new implementation of Guidewire. And like I said, the name of the game for me is project go-lives, successful projects, build confidence build success, ensure that we’re just steadily executing because that increases the likelihood that that next line of business, it will just be logical to put that on to Guidewire in the platform.
Joe Vruwink: Okay. That’s all great. And then just on the new modernization activity that’s been talked about a couple of times, would be kind of a reasonable or maybe harder sales cycle that being associated with these. Is this the saying where in that you are able to in these within the next 12 months. Could you be present the potential army I don’t think it would be next year mean that to fiscal 2021?
Mike Rosenbaum: I guess, certainly, there is a potential I had to take to forecast that or predict that. When we do an assessment of the total addressable market that exists in P&C for modernization. We do see a pretty significant amount of these projects and systems that will truly occur. And as confidence builds as our experience builds, as the risk costs associated with successfully executing these monetizations, as those things get more controlled, you do see the potential, I’d say, for the pace to pick up thought, and that’s for many, many times. We’re not the only sector and the technology is not the only factor. The timing of the insurance company’s decisions around these things. They have other priorities and objectives.
And we’ve got deals that are perfectly logical and eventually are going to happen, but help pop up either on the regulatory side or on the — just the baseline insurance side sort of catastrophe like other risks and events can have an impact on this. And so there’s a lot of other factors that control the timing of these things. But we’re going to — we do our best to do our part and the increased likelihood of success and the value we’re delivering. And so that potential exists, but I’m hesitant to forecast it if that makes any sense.
Jeff Cooper: Just to add on, I mean I think this is always part of our plan. It’s very consistent with how we model this. We knew that modernization has been the bread and butter of Guidewire and needed to be a big part of how I think it’s a long-term opportunity here. we’re excited to see that start to kind of meaningful progression. And that was always — it’s kind of validating model and value how we think the opportunity.
