AXA XL today announced it has entered into an agreement with Silicon Valley-based company Guidewire Software, Inc. to have global access to Guidewire Cyence Risk Analytics™ (Cyence), a risk modelling solution designed to help quantify the financial impact of cyber risk exposures.
AXA XL’s Cyber Insurance business has successfully used the Cyence product in North America to enhance its offering. By leveraging Cyence’s real-time analytics and expertise in predicting the probability of a cyber event for a company, the team has been able to significantly enhance its underwriting process and provide better tailored solutions to its clients.
Following this first successful collaboration, AXA XL has decided to renew and expand the partnership to make Cyence available to its underwriters and pricing specialists globally and across business lines.
John Coletti, Chief Underwriting Officer, Cyber & Technology, Media & Telecommunications (TMT) for 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. 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.”
James Tuplin, Head of Cyber & TMT, International at XL Catlin, now part of AXA XL, added: “I am very pleased at the extension of our relationship with Guidewire. Providing cyber underwriters globally access to Guidewire’s Cyence solution will allow the team to better support our clients across all jurisdictions and to keep our products and pricing at the forefront of this nascent industry as our cyber portfolio expands outside of the US.”
Vincent Branch, Chief Executive of Accelerate, AXA XL’s innovation team, explained: “Our collaboration with Guidewire Cyence is a great example of how we believe we can advance the way we look at risk and spark powerful innovation by thinking big but starting small. We let a team of underwriters in one geography partner with a technology company and build a use case so successfully that we are now expanding the partnership to the entire business. This worked, I am convinced, because Guidewire and AXA XL share similar values and both have a desire to drive our industry forward.”
Paul Mang, General Manager, Analytics and Data Services, Guidewire Software, noted, “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 individualized cyber modelling for 21st century risk.”
ABOUT AXA XL
AXA XL1, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL1 INSURANCE
AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com