Zurich Insurance Group has selected Guidewire’s Cyence Risk Analytics solution to prospect, underwrite and price cyber risks.
Zurich will launch Cyence globally with a focus on enhanced analytics and intelligence for risk selection.
Zurich cyber risk global head Lori Bailey said: “After conducting a thorough search, we found that the capabilities of Guidewire Cyence Risk Analytics, combined with Zurich’s risk insights, will strengthen the way we address the challenges of today’s rapidly-changing cyber risks.
“We are focused on helping our customers assess these cyber risks, and this product will help us make better underwriting, pricing, and enterprise risk management decisions so we can meet that goal.”
The nature of risk across the P&C insurance industry has now shifted with technological advances. Cyber risks present unique challenges including limited availability of traditional actuarial data needed to model these risks, said Guidewire.
Cyence is claimed to combine economic modeling, cybersecurity, machine learning and internet scale data collection to help risk takers assess the financial impact of cyber risk.
Guidewire stated that its Cyence Risk Analytics will help Zurich to enhance its underwriting precision and efficiency through data driven risk selection tools.
Furthermore, the solution can help the insurer quantify financial impact of cyber risk at an individual company and portfolio level and help in achieving improved growth opportunities due to its ability to offer insights needed to design new insurance products and go-to-market strategies.
Guidewire chief data officer George Ng said: “We are pleased that Zurich has extended their relationship with us through this selection. We are looking forward to working with them to infuse data analytics to help them achieve their strategic goals around growth and enterprise risk management.”
Zurich Insurance Group and its regional entities are existing Guidewire customers of one or more InsurancePlatform products in 10 countries.
Established in 2001, Guidewire is a provider of back-end software for property & casualty insurance providers. The company claims that its services are used by more than 350 companies in 32 countries.