Optio will use Guidewire Software to use Guidewire Cyence for Cyber Risk Management and Guidewire Cyence for Small Business
Optio has selected Guidewire Software to use its Guidewire Cyence for Cyber Risk Management and Guidewire Cyence for Small Business platforms.
Guidewire Cyence for Cyber Risk Management will enhance the data warehouse capabilities and underwriting performance, while Guidewire Cyence for Small Business will support small business growth for Optio.
Optio CEO Kevin Hastings said: “Optio is always looking to improve and transform across all areas of the business, both back-office and client-facing.
“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.”
Optio provides complete insurance products, ascent underwriting, cove programs and broker bay risk services through support from its founding partners. The company has been writing cyber insurance since 2013, with a cyber-proposition distributed through its broker platform.
Optio US and Canada cyber managing director John Merchant said: “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.
“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.”
Guidewire Cyence products will help Optio expand its data warehouse capabilities
Guidewire Cyence products are expected to enable Optio to enhance its data warehouse capabilities with curated external data and apply predictive data insights to the business.
Also, the technology will improve pricing granularity and accuracy to protect profitability, increase risk selection to improve key financial metrics and provide access to its product suite.
Guidewire Software chief innovation officer Paul Mang said: “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. At Guidewire, we look forward to working with Optio as they grow their portfolio.”