Aon is set to implement cyber data listening and modelling collection technology offered by Guidewire Software, as the broker looks to enable improved risk quantification and improve underwriting confidence more broadly.
Aon cites a desire to more effectively model client portfolios and develop new underwriting solutions as a driving factor of the move.
Optimally reinsuring cyber risk, alongside the mitigation of key exposures and avoidance of ripple effects such as impacts on business interruption, higher premiums and new legislation are also listed as motivating factors.
Commenting on the announcement, Aon’s Reinsurance Solutions’ head of cyber analytics Jon Laux underlined how the risk of ransomware and other types of cyber attacks have risen dramatically, prompting an augmentation of Aon’s capabilities to bring even more timely and actionable insights to our clients.
“In this regard, Guidewire Cyence provides us with advanced analytical solutions to measure the financial impact of cyber risk, mitigate current and future incident trends and help clients make better decisions around pricing, risk selection, aggregation and management,” Laux added.
Paul Mang, Chief Innovation Officer at Guidewire Software, added, “We admire Aon’s use of Cyence to further its work to help clients reduce volatility and build more resilient businesses, governments and communities.
“We are pleased by their vote of confidence in our cyber capabilities and look forward to infusing data analytics to help Aon’s clients navigate the volatility in a rapidly changing cyber insurance and reinsurance market.”