AXA XL has entered into an agreement with Guidewire Software that will see the insurer roll out the software company’s Cyence Risk Analytics modelling solution across its cyber underwriting and pricing operations.
Chief underwriting officer of AXA XL’s North America cyber team, John Coletti said cyber risk is very different from the traditional risks the industry has long been covering in that it is continually evolving. “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.”
Chief executive of AXA XL’s innovation team, Vincent Branch 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. This worked, I am convinced, because Guidewire and AXA XL share similar values and both have a desire to drive our industry forward.”
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