Guidewire snaps up US property/casualty insurtech
Guidewire has acquired a leading insurtech provider of API-driven property risk insights to boost its platform serving the property and casualty (P&C) insurance industry in the US.
Guidewire Software has acquired HazardHub, which is used by insurers, reinsurers, brokers, MGAs, and other insurtechs to underwrite micro-segment rating zones, manage risks profitably, and drive competitive advantage.
HazardHub curates, analyses, and distills vast amounts of data to deliver a comprehensive, national catalog of risks that may damage or destroy property, including perils from air (wind, hail, tornado, lightning), water (flood, freeze, coastal storm surge), earth (earthquake, brownfield, Superfund), and fire (wildfire and fire protection). HazardHub’s API provides risk scores in seconds and the supporting underlying information for any property in the US.
HazardHub’s team of Geographic Information Systems (GIS) data engineering, data science, hazard specialists, and technology veterans have more than a decade of combined experience creating, modeling, and deploying large geospatial databases.
Mike Rosenbaum (pictured), CEO of Guidewire Software, said: “Underwriters, agents, and claims adjusters will power smarter decisions with risk insights embedded directly into core workflows. Embedding HazardHub’s comprehensive property risk data service into Guidewire’s industry-leading platform will drive tremendous value for our customers and the P&C insurance industry.”
Roger Arnemann, general manager of analytics at Guidewire Software, added: “We are excited about what HazardHub has built and even more by their passion, bold vision, and the host of challenges that we can tackle in combining their data and expertise with our market-leading platform.
“Their deep GIS expertise is a perfect complement to our existing team of over 170 Guidewire Analytics specialists in data science, actuarial modeling, data provisioning, and application development. P&C insurers who have relied upon Guidewire Analytics’ robust casualty data and insights will now also have access to rich property data and scores from a single trusted partner.”
Bob Frady, co-founder and CEO of HazardHub, said: “We see joining Guidewire as the best way to get our hazard data and risk scores into more insurer workflows to positively impact more insurers and policyholders. We are eager to expand the power of our API-driven insights and bring innovative solutions to market as part of Guidewire, the technology leader serving the P&C insurance industry.”
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