At-Bay, the insurance provider for the digital age, and Guidewire (NYSE: GWRE) today announced that At-Bay has chosen Guidewire’s cyber risk modeling and analytics product, Cyence, to further bolster its view, and management of, aggregation risk, within its growing cyber insurance portfoli
“Cyber risk aggregation is an important area of risk that every insurer should be actively monitoring and managing within their cyber portfolio. Investing in the right data capabilities, tools, and mechanisms for monitoring and sizing aggregation risk exposure is critical to managing cyber insurance risk in today’s fast changing threat landscape,” said Roman Itskovich, At-Bay’s Chief Risk Officer and Co-Founder.
With At-Bay’s steadfast focus on proactive risk management, Guidewire’s solution will help us to expand our data capabilities and toolkit for proactive risk management, so that we can continue to deliver great loss results,” Itskovich added.
By combining world-class technology with industry-leading insurance expertise, At-Bay aims to provide the clarity and confidence that businesses need to address digital risk head on. Founded in 2016, At-Bay protects tens of thousands of business customers from today’s ever growing cyber threat landscape. With its in-house data collection capabilities aimed at addressing attritional risk in the selection, pricing, and active risk management of its portfolio, At-Bay will now expand its focus to aggregated risk exposures.
“We selected Guidewire because it has a strong reputation for being one of the top cyber risk vendors, especially for transparency, in-house data collection, and market validation,” said Yoshifumi Yamamoto, Director of Cyber Risk Modeling, At-Bay. “By applying Cyence’s advanced risk models and detailed aggregated risk scenarios to our own active risk monitoring capabilities and claims experience, we believe that we will be able to further enhance our underwriting and portfolio risk management decisions, and maintain a strong loss performance as our book grows.”
Commenting on the news, Charles Clarke, Group Vice President, Analytics Sales & Advisory, Guidewire, said, “We admire At-Bay’s use of Cyence to expand its modeling capabilities to account for aggregated risk. We are pleased by their vote of confidence in our cyber capabilities and look forward to infusing data analytics to help At-Bay’s clients meet digital risk head-on.”