Guidewire Software, Inc. (NYSE: GWRE), a provider of the industry platform general insurers rely upon, has been named Risk Modeller of the Year at the recent Reactions London Market Re/insurance Awards 2018 ceremony for its Guidewire Cyence™ Risk Analytics (Cyence) product. These awards recognize excellence in the London Market, and are voted upon by a group of worldwide insurance and reinsurance market professionals. Guidewire was acknowledged by the Reactions judging panel for advancing the insurance industry’s ability to quantify this evolving and complex risk.
Cyence is a cloud-native economic cyber risk modelling solution built to help the insurance industry quantify cyber risk exposures; to prospect, underwrite, and price risks. It also enables insurers to manage portfolio exposure accumulations and develop new products with confidence.
"In the past, actuarial science has been used by insurers to project future risk," said Yoshi Yamamoto, director, Cyence Risk Modelling, Guidewire. "With 21st century risks, like cyber, reputation, and some business interruption, historical claims data may be limited or non-existent, and the challenge for insurers is to understand and quantify these risks. Cyence combs multiple data sources, curates, and refines the output into meaningful data, relevant to risk quantification and modelling. We are honoured that Reactions, and the judging panel for this prestigious award, have recognized the significant capabilities our Cyence Risk Analytics solution brings to the market."