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.”
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