Axa XL moves to quantify cyber-risk impacts
Axa XL has entered into an agreement with Silicon Valley-based company Guidewire Software Inc to have global access to Guidewire Cyence Risk Analytics, a risk-modelling solution designed to help quantify the financial impact of cyber-risk exposures.
Axa XL’s cyber insurance business has 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 and technology, media and telecommunications for Axa XL in North America, said: “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 cyberthreat in a live environment and, ultimately, to take insurance from an annual transaction to a real-time interaction.”