Aon plc (NYSE:AON) and Guidewire (NYSE: GWRE) announced that Aon is implementing Guidewire’s Cyence Risk Analytics risk selection and accumulation management products to help clients better quantify their risks and underwrite cyber insurance with increased confidence.
A series of high-profile events in 2021 has reinforced re/insurers’ concerns about the systemic potential of cyber attacks, and the rapid rise of ransomware events has pushed re/insurers to reassess rates, terms and conditions, and underwriting standards. In this context, the industry requires innovation – both in risk assessment tools and aggregation methodologies – to support the development of cyber capacity with a goal of long-term, stable growth.
Through leveraging Guidewire’s extensive cyber data listening and modeling collection capabilities, Aon will be able to more effectively model client portfolios and develop new solutions that directly address specific needs around underwriting and reinsuring cyber risk, while helping to mitigate their key exposures, including cyber accumulation and ripple effects – such as business interruption, higher premiums, and new legislation.
Jon Laux, head of cyber analytics for Aon’s Reinsurance Solutions, said: “The risk of ransomware and other types of cyber attacks has risen dramatically, and so we are augmenting our 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.”
“We admire Aon’s use of Cyence to further its work to help clients reduce volatility and build more resilient businesses, governments, and communities,” said Paul Mang, chief innovation officer, Guidewire Software. “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.”
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.