AXA XL has entered into an agreement with Guidewire Software to get access to its Cycene Risk Analytics platform.
Cycene, developed by Silicon Valley-based Guidewire, is a risk modelling solution designed to help quantify the financial impact of cyber risk exposures.
AXA XL’s Cyber insurance business has already used Cycene in North America to enhance its offering and will leverage the platform’s real-time analytics and expertise in predicting the probability of a cuber event for a company.
This agreement is a renewal of the first between AXA XL and Cycene, but it will be expanded to make Cycene available to AXA XL underwriters and pricing specialists globally and across business lines.
John Coletti, chief underwriting officer, cyber and technology, media and telecommunications at AXA XL in North America, explained: “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.”
He added: “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.”
Paul Mang, general manager, analytics and data services at Guidewire Software said: “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 individualised cyber modelling for 21st century risk.”
