Cyence for Small Business

Enabling profitable growth with a frictionless experience for small-business owners

The small and medium-sized business segment represents a compelling growth opportunity for most insurers. More and more small businesses are starting every year, and they’re increasingly buying insurance online. Although all businesses need some kind of insurance protection, most insurance products are hard to understand, hard to buy, or hard to use—and therefore under-bought.

An Opportunity for the Untapped Market of Small Business

Guidewire Cyence™ for Small Business helps expand your risk appetite by augmenting the traditional underwriting process with out-of-the-box risk models powered by machine learning and non-obvious external data—all while enabling a streamlined, frictionless experience for small-business owners.

Accessed via a RESTful API, Cyence for Small Business is an on-demand risk-assessment engine that provides both a risk rating and a set of risk factors that drive that rating. These outputs leverage internet-scale data collection and sophisticated risk modeling to gather non-obvious, company-specific data to create a risk assessment.

Cyence for Small Business for Workers' Compensation

Guidewire Cyence™ for Small Business for Workers' Compensation provides risk differentiation for small businesses by augmenting basic company fundamentals with behavioral insights, social media sentiment, and environmental influences, resulting in better underwriting triage and smarter business decisions.

Cyence for Small Business for Cyber

Guidewire Cyence™ for Small Business for Cyber is engineered to focus on relevant cyber data for the small and medium-sized enterprise (SME) with a fine-tuned model that reflects cyber risk in this segment. The solution collects and analyzes data on demand and returns SME risk ratings, risk factors, and peer comparison in less than two minutes.

The solution also enables insurers to offer individually tailored health check reports alongside recommendations to mitigate cyber risk. These reports not only educate the insured with better understanding of cyber hygiene, but also help establish insurers as trusted advisors in this new market.

Continuous Digital Underwriting

On-demand risk information delivered by Cyence for Small Business enables continuous digital underwriting for insurers to help them realize the following advantages:

  • Marketing: Focus acquisition spending on high-value customers by fine-tuning segmentation.
  • Underwriting: Automate underwriting processes using on-demand, non-obvious data, thereby enabling underwriters to focus more time on more complex risks.
  • Pricing: Differentiate similar risks via new data sources and comprehensive data coverage.