AXA XL, the property & casualty and specialty risk division of AXA, has partnered with Guidewire Software to quantify the financial impact of cyber risk exposures.
Image: AXA XL partners with Guidewire to model cyber risk. Photo: Courtesy of Sai Kiran Anagani/Unsplash.
The deal will allow AXA XL to have global access to Guidewire Cyence Risk Analytics risk modelling solution designed to help quantify the financial impact of cyber risk exposures.
The cyber Insurance business of AXA XL has used the Cyence product in North America to strengthen its offering. By using Cyence’s real-time analytics and expertise in predicting the probability of a cyber event for a company, the team has significantly enhanced its underwriting process and has offered customized solutions to its clients.
With the new partnership in place, AXA XL will make Cyence available to its underwriters and pricing specialists globally and across several of its business lines.
AXA XL, cyber & TMT, international head James Tuplin said: “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.”
Guidewire Software, analytics and data services general manager Paul Mang 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 individualized cyber modelling for 21st century risk.”
Earlier this month, the company started working with Expert System, an Italian software company that develops cognitive computing software based on AI algorithms.
To help with the assessment of property site surveys, AXA XL is using Cogito, an AI platform that can identify the correct meaning of words and expressions in context and understands the relationship between different concepts.
By automating the process of reading site survey reports through natural language processing can help the risk consulting team in expanding its breadth of documentation and volume of accounts that can be reviewed.