Beazley Selects Guidewire Cyence Risk Analytics for Enhanced Risk Modeling

Global specialty insurer to leverage Internet-scale data collection capabilities to enhance operational, capital, and pricing efficiencies.

(Image credit: Ichigo121212.)

Specialist insurer Beazley (London) has selected Guidewire Cyence Risk Analytics (San Mateo, Calif.) to leverage its Internet-scale data collection capabilities to improve underwriting, capital and pricing efficiencies, and offer policy terms and premiums as quickly as possible to its customers. Beazley will implement Cyence data models to augment its existing data modeling applications for its cyber insurance line of business, with plans to expand to other lines of business in the future, according to a Guidewire Cyence statement.

Mike Rosenbaum, CEO, Guidewire.

“We are pleased that Beazley has expanded its Guidewire relationship with the selection of Cyence, and applaud the company’s global mission of providing its clients with the highest standards of underwriting and claims service,” comments Mike Rosenbaum, CEO, Guidewire Software. “Guidewire is committed to bringing smart insurance solutions to the market. We look forward to working with Beazley to infuse data analytics to help achieve its strategic goals around enterprise risk management and overall business growth.”

Addressing the Challenges of Today’s Data-Driven World

“After conducting a review of data analytics services available in the market, we found that Cyence’s data science capabilities and engineering expertise offered us the best solution to address the challenges of today’s data-driven world,” comments Adam Rich, Head of Underwriting Technology, Beazley.  “We have been a longtime Guidewire ClaimCenter customer and Cyence’s smart data collection will enhance our ability to capture and analyze claims data to deliver insight that can help design new products and go-to-market strategies.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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