Optio Selects Guidewire Cyence for Risk Management and Small Business Growth

Specialist provider of insurance products will use Cyence to enhance data warehouse capability and risk selection.

(Image credit: ItNeverEnds.)

Optio Group (Optio), a London-based comprising specialty MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services which together manage more than $250 million in gross written premium, has chosen Guidewire Software’s (San Mateo, Calif.) Guidewire Cyence for Cyber Risk Management to enhance its data warehouse capabilities and underwriting performance, and Guidewire Cyence for Small Business to support profitable small business growth.

Kevin Hastings, CEO, Optio.

Through its founding partners, Optio provides comprehensive insurance products, underwriting and broking services. The company has been writing cyber insurance since 2013, with a cyber proposition distributed through its proprietary broker platform.

“Optio is always looking to improve and transform across all areas of the business, both back-office and client-facing,” comments Kevin Hastings, CEO, Optio. “The decision to introduce a more data-driven approach to underwriting, claims and actuarial analysis, through Cyence, was driven by the desire to innovate and create new products based on insights and actionable information collected at scale and curated to better reflect the financial impact of a cyber event.”

Guidewire Cyence products will enable Optio to do the following, according to the vendor:

  • Augment its own data warehouse with curated external data and apply predictive data insights to the business;
  • Improve pricing granularity and accuracy to protect profitability;
  • Increase risk selection to improve key financial metrics; and
  • Introduce streamlined access to its product suite, increasing distribution opportunities.

    Paul Mang, Chief Innovation Officer, Guidewire Software.

“Guidewire Cyence will provide more granular, real-time views across our portfolio that will support us in identifying areas of untapped opportunity and further provide our distribution partners with information to assist their clients’ cyber risk exposure and risk management,” added John Merchant, managing director, cyber—U.S. & Canada, Optio. “Data-driven augmentation of our underwriting, actuarial, claims management and new product development capabilities will enhance our position as a leader in the global cyber insurance market.”

“We are delighted that Optio has chosen Cyence for their risk aggregation and small business risk selection services to support the delivery of expert insight and specialist protection to their customers,” comments Paul Mang, chief innovation officer, Guidewire Software. “At Guidewire we look forward to working with Optio as they grow their portfolio.”

Beazley Selects Guidewire Cyence Risk Analytics for Enhanced Risk Modeling

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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