Cyber risk modelling platform for the insurance sector Cyence has partnered with Allianz Global Corporate & Specialty SE.
Silicon Valley-based Cyence providers the insurance industry with solutions to help manage cyber risks by context of dollars and probabilities. The platform blends economic/risk modelling, cybersecurity and bid data analytics to create a cyber risk platform to help protect a client’s business.
Through the partnership the company hopes to combine its cyber analytics platform with Allianz Global’s underwriting processes to analyse cyber exposures at company level for large businesses. Through this Cyence will be able to get a detailed understanding of cyber risks and tailor its coverage for specific clients.
The second stage of the partnership will be Allianz Global will integrate Cyence’s technology with new distribution platforms to automate underwriting of cyber policies for mid-size companies.
AGCS board member Hartmut Mai said, “The future of underwriting and practical risk management will be based on the intelligent use of technology and data.
“AGCS has always been known for its industry-specific expertise, but going forward we must complement our technical know-how and experience with extensive data-driven insight and predictive modelling if we want to keep ahead of new risks such as cyber, supply chain, or emerging liability exposures.â€
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