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Ascot Group Implements Guidewire Cyence for Cyber Insurance Growth
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Guidewire Software, Inc. (NYSE: GWRE) has partnered with Ascot Group to enhance their cyber insurance business. Ascot will utilize Guidewire's Cyence risk selection and accumulation management products to leverage advanced cyber data analytics. This partnership aims to improve underwriting services and client protection against evolving cyber risks. CEO Matthew Kramer expresses confidence in the technology's role in supporting underwriting teams. Guidewire's Chief Innovation Officer, Paul Mang, commends the collaboration, emphasizing its potential for data-driven strategies.
Positive
Strategic partnership with Ascot Group enhances Guidewire's position in the cyber insurance market.
Use of Cyence's advanced cyber data analytics may lead to improved underwriting accuracy and client service.
Negative
None.
NEW YORK & SAN MATEO, Calif.--(BUSINESS WIRE)--
Ascot Group and Guidewire Software, Inc. (NYSE: GWRE) today announced that Ascot’s United States insurance company, Ascot U.S., is using Guidewire Cyence risk selection and accumulation management products to leverage market-leading, internet-scale cyber data listening and modeling capabilities to grow their cyber line of business.
Matthew Kramer, chief executive officer, Ascot U.S., said, “Ascot is delighted to partner with Guidewire to assist our underwriting teams with continued exceptional service for our clients. As the risk environment around cyber continues to evolve rapidly, this partnership ensures that we will continue to use the best technology available to protect our insureds.”
“The thousands of cyber data points and insights offered by Cyence help our underwriters erode the uncertainty when selecting risks,” said Drew Walter, U.S. executive vice president and head of cyber and professional liability, Ascot. “User feedback has been positive, especially around its intuitiveness.”
“We are excited by Ascot’s use of Cyence and admire the company’s mission of offering its clients the utmost financial security while delivering bespoke products and world-class service – pre- and post-claims,” said Paul Mang, chief innovation officer, Guidewire Software. “We are pleased by their vote of confidence in our cyber capabilities and look forward to working with Ascot to infuse data analytics to help the company achieve its strategic goals.”
About Ascot Group
Ascot Group is a global specialty insurance and reinsurance group with a record of underwriting excellence and superior claims service. Founded in 2001, Ascot provides a broad range of property and casualty products to customers worldwide through its Lloyd’s and Bermuda market platforms. In the United States, Ascot provides specialized insurance products to small and mid-sized businesses as well as offering underwriting services to high-quality carrier and syndicate partners through its MGU, Ethos Specialty.
Ascot Group is owned by CPP Investments, a global investment management organization that invests the assets of the Canada Pension Plan. CPP Investments is the largest pension plan in Canada with over C$500 billion in invested assets, representing the retirement contributions of over 20 million Canadians. CPP Investments is rated ‘AAA’ by S&P and Moody’s. For more information, please visit https://www.ascotgroup.com/usa/.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
