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Allianz partners with Cyence for cyber risk modeling and analysis

Published 29 September 2017

Allianz Global Corporate & Specialty (AGCS) has partnered with Cyence of Silicon Valley to improve its global cyber risk analysis capabilities.

AGCS, a specialist carrier for corporate insurance business, plans to its combine its underwriting processes with the cyber analytics platform of Cyence to help it in analyzing cyber exposures at company level for large businesses.

This will provide AGCS a detailed understanding of the cyber risks and allow it to tailor coverage to fit specific customer profiles.

AGCS also plans to integrate cyber risk analytics of Cyence into new digital distribution platforms, which enable low-touch, automated underwriting of cyber policies for medium-size companies.

AGCS and Cyence will also develop a new predictive modeling tool for cyber-driven business interruption risks.

Using the predictive risk modeling platform, AGCS will be able to quickly produce individual cyber risk profiles to improve its underwriting of each customer.

The company will also be able to identify trends or growing risks or understand how customers would respond to cyber incident scenarios and model its cyber accounts worldwide in economic terms.

AGCS, Allianz’s center of competence for cyber insurance, is also developing automated underwriting capabilities to meet demand for cyber insurance from large corporations.

It is integrating its underwriting expertise with Cyence’s modeling expertise and technologies to create an automated underwriting process for a new digital self-service platform for distribution partners in selected countries.

AGCS and Cyence also intend to pool their knowledge on business interruption and cyber risks to develop a modeling tool for the risk of cyber business interruption, which has become a major element of cyber risk for companies in addition to data and privacy incidents.

Earlier, AGCS had announced a similar partnership with liability modeling specialist Praedicat, which focuses on analyzing big data to identify risk trends in liability.

Cyence, based in San Mateo, California, is a cyber risk modeling firm.

Image: The New agreement offers insight to complex cyber risks for companies as the global cyber insurance market is expected to grow exponentially. Photo: courtesy of Allianz.