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…
