Allianz bolsters cyber risk analysis and modelling with new partnership

Allianz Global Corporate & Specialty (AGCS) has partnered with Silicon Valley-based cyber risk analytics and modelling firm Cyence in order to improve its cyber risk analysis and capabilities.

Cyence's cyber analytics platform will combine with AGCS's underwriting processes, allowing the insurer to analyse cyber exposures at a company level for large businesses.

This is aimed at providing a more detailed understanding of the large companies' cyber risks, allowing AGCS to tailor coverage to fit specific customer profiles.

Furthermore, AGCS also plans to integrate Cyence's cyber risk analytics into new digital distribution platforms that enable the automated underwriting of cyber policies for medium-sized companies.

Both companies are also developing a new predictive modelling tool for cyber-driven business interruption risks.

“We are moving our underwriting approach from hindsight to foresight,” explains AGCS Board Member Hartmut Mai. “The future of underwriting and practical risk management will be based on the intelligent use of technology and data. AGCS has always been known for its industry-specific expertise, but going forward we must complement our technical know-how and experience with extensive data-driven insight and predictive modelling if we want to keep ahead of new risks such as cyber, supply chain, or emerging liability exposures. After an extensive evaluation of various partners, AGCS is excited to partner with Cyence for their market leading capabilities.”

This follows AGCS's previous announcement of partnership with liability modelling specialist Praedicat.

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