Having been partnered in North America, AXA XL will now extend the arrangement to the insurer’s underwriters globally
AXA XL has extended its partnership with Guidewire to use its risk modelling tool globally.
The tool, named Cyence Risk Analytics, helps to quantify the financial impact of cyber risk exposures.
Cyence was previously available only to AXA XL in North America.
Having deemed the collaboration a success, AXA XL has today announced it will renew the arrangement and expand the partnership to make Cyence available to its underwriters and pricing specialists globally.
John Coletti, chief underwriting officer, cyber & technology, media & telecommunications (TMT) for AXA XL in North America, explained that the partnership had enhanced its relationship with brokers and clients.
He 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 cyber threat in a live environment and, ultimately, to take insurance from an annual transaction to a real-time interaction.”
And Vincent Branch, chief executive of Accelerate, AXA XL’s innovation team, said he expected the global extension to bring further success due to similar shared values between the companies.
He added: “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.”
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