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Property/casualty core system/platform vendor Guidewire Software (San Mateo, Calif.) and Advisen, a New York-based provider of data, media, and technology solutions for the commercial insurance market, have signed a multi-year agreement for Guidewire to continue leveraging Advisen data in the mix of the data used by the Guidewire Cyence Risk Management data model. Advisen data has been included in Cyence Risk Analytics since the product’s creation in 2015. Collectively, the data in the model provides insurers with the ability to measure the financial impact of cyber risks. By combining external data sources with Advisen’s proprietary fact-based cyber loss dataset, Cyence enables companies to evaluate exposure and face risks proactively through data science and economic modeling insights, according to a Guidewire statement.
Paul Y. Mang, General Manager, Analytics and Data Services, Guidewire Software.
“We are at the forefront of measuring probable maximum loss by harnessing a variety of key data sets to establish the correlation of cyber risk in a portfolio with the potential losses to that portfolio from disaster scenarios,” comments Paul Y. Mang, General Manager, Analytics and Data Services, Guidewire Software. “Understanding risk accumulation is crucial for insurers managing the long-term stability and soundness of their portfolios.”
Cyence’s differentiation resides in the completeness and sophistication of it end-to-end cyber-risk solution, according to George Ng, Cyence co-founder and chief technology officer, Analytics and Data Services, Guidewire Software. “Advisen’s Cyber Loss data, combined with data from our proprietary data collection and other sources, supports our ability to parameterize models and deliver the most comprehensive view of cyber risk to our customers,” he says. “This leads to greater confidence when selecting, assessing, and pricing risks, managing portfolio risk accumulations, and developing new insurance products.”
Comprehensive View of Cyber Risk
“Analytics firms are increasingly incorporating Advisen’s loss data to validate their risk accumulation models for cyber risk,” comments Jim Blinn, EVP Client Solutions at Advisen. “Guidewire’s application of our data is rather unique. We value our relationship and look forward to continuing to work with Guidewire and the Cyence team through their next wave of innovation in providing a comprehensive view of cyber risk for insurers’ cyber portfolios.”