AXA XL partners with Guidewire on cyber risk modelling
Re/insurer AXA XL has collaborated with property/casualty platform provider Guidewire Software on risk modelling solution to help quantify the financial impact of cyber risk exposures.
AXA XL said it has already used Guidewire's Cyence Risk Analytics solution in North America in predicting the probability of a cyber event for a company, and has decided to renew and expand the partnership to make it available to its underwriters and pricing specialists globally and across business lines.
“Cyber risk is very different from the traditional risks the industry has been covering for decades, if not centuries. It is continually evolving and because it brings a real-time element to our clients’ risk landscape, it requires a new way of thinking," said John Coletti, chief underwriting officer, cyber & technology, media & telecommunications (TMT) for AXA XL in North America.
"Through our partnership with Guidewire’s Cyence team, we are able to support our brokers and clients in understanding the cyber threat in a live environment and, ultimately, to take insurance from an annual transaction to a real-time interaction,” Coletti added.
James Tuplin, head of cyber & TMT, international at XL Catlin, now part of AXA XL, added: “Providing cyber underwriters globally access to Guidewire’s Cyence solution will allow the team to better support our clients across all jurisdictions and to keep our products and pricing at the forefront of this nascent industry as our cyber portfolio expands outside of the US.”
Paul Mang, general manager, analytics and data services, Guidewire Software, noted: “Cyber risk is a common and understandable concern for property and casualty insurers, and one that can be challenging to identify. Through Cyence’s data listening process, vast amounts of technical and behavioural data are collected and curated through machine-learning techniques, to provide individualized cyber modelling for 21st century risk.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news SCOR-Covéa battle set for court with new recriminations Arch-backed insurtech MGA goes live California wildfire losses soar by billions in two months PCS launches cat product supporting reinsurers and ILS in Japan
ILS grows to $93bn minimum, but it might be even higher
Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze