Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, and Advisen, provider of data, media, and technology solutions for the Commercial Property and Casualty insurance market, today announced they 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 (Cyence) 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.
“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. Understanding risk accumulation is crucial for insurers managing the long-term stability and soundness of their portfolios,” explained Paul Y. Mang, General Manager, Analytics and Data Services, Guidewire Software.
“Our differentiation lies in the completeness and sophistication of our end-to-end cyber-risk solution. 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,” said George Ng, Cyence co-founder and chief technology officer, Analytics and Data Services, Guidewire Software. “This leads to greater confidence when selecting, assessing, and pricing risks, managing portfolio risk accumulations, and developing new insurance products.”
“Analytics firms are increasingly incorporating Advisen’s loss data to validate their risk accumulation models for cyber risk. 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,” added Jim Blinn, EVP Client Solutions at Advisen.
Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. Visit http://www.advisenltd.com to learn more.
About Guidewire Cyence Risk Analytics
Guidewire Cyence Risk Analytics are data listening and risk analytics products focused on understanding and modeling new and evolving 21st century risks. By combining external data sources, adaptive machine learning, and insurance risk modeling, Cyence Risk Analytics provides insights that help companies face new risks, take advantage of new opportunities, and develop new products.
About Guidewire Software
Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. We are privileged to serve more than 350 companies in 34 countries. For more information, please visit www.guidewire.com and follow us on twitter: @Guidewire_PandC.
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