Zurich Insurance Group has announced plans to leverage the Cyence cyber modelling solution to help prospect, underwrite, and price risks.
Cyence was acquired by Guidewire, a leading software provider to the property and casualty (P&C) market, in 2017. It combines economic modelling, cybersecurity, machine learning and Internet scale data collection to help risk takers assess the financial impact of cyber threats.
“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,” explained Lori Bailey, Global Head of Cyber Risk, Zurich.
“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.”
Zurich Insurance Group and its regional entities are existing Guidewire customers of one or more Insurance Platform products in 10 countries.
“We are pleased that Zurich has extended their relationship with us through this selection,” said George Ng, Chief Data Officer, Guidewire.
“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.”
