Specialist insurer Beazley has selected Guidewire Software’s Cyence product to help improve underwriting, capital and pricing efficiencies.
Cyence offers a data listening and risk analytics solution that combines curation of external data with machine learning and risk modelling.
Beazley will implement Cyence data models to augment its existing data modelling applications for its cyber insurance line of business, with plans to expand to other lines of business in the future.
“We are pleased that Beazley has expanded its Guidewire relationship with the selection of Cyence, and applaud the company’s global mission of providing its clients with the highest standards of underwriting and claims service,” said Mike Rosenbaum, Chief Executive Officer, Guidewire Software.
“Guidewire is committed to bringing smart insurance solutions to the market. We look forward to working with Beazley to infuse data analytics to help achieve its strategic goals around enterprise risk management and overall business growth.”
Adam Rich, Head of Underwriting Technology at Beazley, added that, ”After conducting a review of data analytics services available in the market, we found that Cyence’s data science capabilities and engineering expertise offered us the best solution to address the challenges of today’s data-driven world.”
“We have been a longtime Guidewire ClaimCenter customer and Cyence’s smart data collection will enhance our ability to capture and analyze claims data to deliver insight that can help design new products and go-to-market strategies.”