risk

Insurance companies are organic institutions that evolve over time. The industry trailblazers in using predictive analytics faced new challenges and had to find their own solutions, but they experienced the benefit of first-mover status. Because the technology available was simultaneously evolving at a rapid pace, competitive advantages were found in investing in cutting-edge expertise and tools. ... Read More >
The effects of COVID-19 on the U.S. economy have been dire and far reaching. National gross domestic product (GDP) is forecasted to contract 30% in the second quarter of 2020, 30 million Americans have filed for unemployment, and, in April, Goldman Sachs forecasted that S&P 500 firms will decrease cash spending by 33% as liquidity is prioritized, leading to a 27% decline in capital expenditures (CAPEX). ... Read More >
For tech-forward insurers, predictive risk analytics has become key to profitable underwriting in the enormous market for small-business workers’ compensation insurance. But in the age of COVID-19, the competitive importance of these technologies may very well become a make-or-break proposition. ... Read More >
While COVID-19 mitigation efforts justifiably focus on humanitarian concerns, businesses in the financial and insurance industries may not be aware of the associated cyber-risk implications of dealing with the COVID-19.  There is bad news and good news from a cyber risk perspective. ... Read More >
Our aspiration at Guidewire Cyence is to enable insurers to establish themselves as the ultimate cyber risk transfer destinations for their clients. Guidewire Cyence Risk Analytics is the most advanced cyber solution available—an economic cyber risk modeling solution that adjusts as the cyber landscape shifts. Guidewire Cyence continuously gathers data and updates economic models based on changing circumstances, delivering tangible benefits to insurers and their customers as they face the volatility generated from evolving 21st-century risks. ... Read More >
In September 2019, the world’s oldest insurance marketplace made yet another announcement about how it would transform itself for the future. The announcement of the Lloyd’s Blueprint One had been well signalled when Lloyd’s announced the Future of Lloyd’s Prospectus back in May. This was followed by a consultation exercise that wrapped up in July.... Read More >
The adoption of cyber insurance is on the rise. According to a recent Marsh & McLennan survey, 47% of organizations indicated that they have cyber insurance, up from 34% in 2017*. In addition, 89% of them were confident that their policies would cover losses caused by a cyber event. But, although cyber insurance has gained significant momentum, investment in traditional cyber prevention technology has far outpaced cyber insurance spending.... Read More >
To quickly grow their business in a highly competitive market, insurers frequently consider adding a new insurance line or entering a thriving new market. Why not do both? For example, they can launch an insurance product that covers new and evolving cyber risk specifically for the underserved market of small and medium-sized enterprises (SMEs).... Read More >
Guidewire Cyence™ Risk Analytics recently announced the general availability of the fourth-generation update to our risk model (Model 4) for Guidewire Cyence™ for Cyber Risk Management. While developing this new model, our team collected additional data and reviewed a significantly larger set of claims.... Read More >
The small- and medium-sized business (SMB) segment represents a compelling growth opportunity for insurers. However, due to the lack of information on small businesses, a common challenge for insurers in the small business workers’ compensation market is identifying risk differentiation between similar types of small venture entities.... Read More >

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