AXA XL has partnered with Guidewire Software, Inc. in order to have global access to the Silicon Valley-based company’s Guidewire Cyence Risk Analytics (Cyence) modelling solution for cyber exposures.
Cyence is designed to help quantify the financial impact of cyber risk exposures, and AXA XL’s Cyber Insurance unit has utilised the product in North America to enhance its offering.
Following this success, the new partnership renews and expands on the previous arrangement, making Cyence available to AXA XL’s underwriters and pricing specialists globally and across business lines.
To date, AXA XL states that by leveraging Cyence it has been able to significantly enhance its underwriting process and provide more bespoke solutions to its customers.
John Coletti, Chief Underwriting Officer (CUO), Cyber & Technology, Media & Telecommunications (TMT) for AXA XL in North America, said: “Cyber risk is very different from the traditional risks the industry has been covering for decades, if not centuries. It is continually evolving and because it brings a real-time element to our clients’ risk landscape, it requires a new way of thinking. Through our partnership with Guidewire’s Cyence team, we are able to support our brokers and clients in understanding the cyber threat in a live environment and, ultimately, to take insurance from an annual transaction to a real-time interaction.”
James Tuplin, Head of Cyber & TMT, International at XL Catlin, now part of AXA XL, added: “I am very pleased at the extension of our relationship with Guidewire. Providing cyber underwriters globally access to Guidewire’s Cyence solution will allow the team to better support our clients across all jurisdictions and to keep our products and pricing at the forefront of this nascent industry as our cyber portfolio expands outside of the US.”
While Paul Mang, General Manager, Analytics and Data Services, Guidewire Software, said: “Cyber risk is a common and understandable concern for property and casualty insurers, and one that can be challenging to identify. Through Cyence’s data listening process, vast amounts of technical and behavioural data are collected and curated through machine-learning techniques, to provide individualized cyber modelling for 21st century risk.”
