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Guidewire Extends Use of Advisen Data in its Cyber Rating Model

Guidewire Extends Use of Advisen Data in its Cyber Rating Model

Combining internet-scale data collection with Advisen’s proprietary fact-based cyber loss dataset, Guidewire Cyence Risk Analytics for Cyber Risk enables companies to evaluate exposure and face risks proactively through data science and economic modeling
SAN MATEO Calif., 24 octobre 2019

Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, and Advisen, provider of data, media, and technology solutions for the Commercial Property and Casualty insurance market, today announced they have signed a multi-year agreement for Guidewire to continue leveraging Advisen data in the mix of the data used by the Guidewire Cyence™ Risk Management (Cyence) data model. Advisen data has been included in Cyence Risk Analytics since the product’s creation in 2015. Collectively, the data in the model provides insurers with the ability to measure the financial impact of cyber risks. By combining external data sources with Advisen’s proprietary fact-based cyber loss dataset, Cyence enables companies to evaluate exposure and face risks proactively through data science and economic modeling insights.

“We are at the forefront of measuring probable maximum loss by harnessing a variety of key data sets to establish the correlation of cyber risk in a portfolio with the potential losses to that portfolio from disaster scenarios. Understanding risk accumulation is crucial for insurers managing the long-term stability and soundness of their portfolios,” explained Paul Y. Mang, General Manager, Analytics and Data Services, Guidewire Software.

“Our differentiation lies in the completeness and sophistication of our end-to-end cyber-risk solution. Advisen’s Cyber Loss data, combined with data from our proprietary data collection and other sources, supports our ability to parameterize models and deliver the most comprehensive view of cyber risk to our customers,” said George Ng, Cyence co-founder and chief technology officer, Analytics and Data Services, Guidewire Software. “This leads to greater confidence when selecting, assessing, and pricing risks, managing portfolio risk accumulations, and developing new insurance products.”

“Analytics firms are increasingly incorporating Advisen’s loss data to validate their risk accumulation models for cyber risk. Guidewire’s application of our data is rather unique. We value our relationship and look forward to continuing to work with Guidewire and the Cyence team through their next wave of innovation in providing a comprehensive view of cyber risk for insurers’ cyber portfolios,” added Jim Blinn, EVP Client Solutions at Advisen.

A propos de Guidewire Software

Guidewire est la plateforme à laquelle les assureurs IARD font confiance pour communiquer,
innover et se développer efficacement. Nous associons les applications cœur de métier, le digital, l’analytique et l’IA dans notre plateforme sous forme de service cloud. Qu’ils soient jeunes et de petite envergure ou parmi les plus grands et plus complexes au monde, plus de 400 assureurs utilisent Guidewire.

En tant que partenaire de nos clients, nous sommes en constante évolution pour assurer leur réussite. Nous sommes fiers de nos résultats inégalés en matière d’implémentations, avec à notre actif plus de 1 000 projets réalisés avec succès et bénéficiant du soutien de la plus grande équipe de R&D, et l’écosystème de partenaires le plus vaste du secteur. Notre marketplace compte des centaines d'applications qui accélèrent l'intégration, la localisation et l'innovation.

Pour plus de renseignements, consultez le site www.guidewire.fr et suivez nous sur Twitter: @Guidewire_PandC.

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