Cyence: A Comprehensive Cyber Risk Analytics Tool
In today's digital world, cyber risks have become a major concern for businesses and insurers alike. To effectively underwrite, manage, and transfer cyber risks, insurance providers need accurate insights and robust risk analytics. That's where Cyence comes in. Cyence is an AI-powered cyber risk analytics tool developed by Guidewire that empowers insurers to make data-driven underwriting and enterprise risk management decisions with confidence.
Key Features
Cyence offers a wide range of features that enable insurers to evaluate and quantify cyber risks for individual companies and portfolios:
Data-Driven Underwriting : Cyence helps insurers underwrite more accurately by providing in-depth insights into cyber risks. With its exposure data and fortified insurance models, insurers can assess the risk and economic costs of cyber attacks effectively.
Quantify Cyber Risk : By utilizing advanced risk analytics tools, Cyence enables the insurance industry to quantify the risk and economic costs of cyber attacks for individual companies and portfolios. This information is crucial for making better cyber underwriting, portfolio management, and risk-transfer decisions.
Underwrite Better : Cyence empowers insurers to make better, data-driven underwriting and pricing decisions. With underwriter-designed dashboards and reports powered by sophisticated analytics, insurers can quickly understand the underlying financial risk of companies and their need for cyber insurance.
Understand Enterprise Risk : Cyence provides valuable insights for smarter enterprise risk management decisions. Insurers can evaluate portfolio risks, protect the overall profitability of the company, and drive business growth by leveraging Cyence's ERM-friendly tools and insights.
Cyence Model 6 : The latest version of Cyence, Model 6, offers an updated and comprehensive view of cyber risk. Insurers can stay ahead of the latest threats, improve underwriting decisions, and manage portfolios accurately with this advanced model.
Use Cases
Cyence is designed to cater to the specific needs of cyber insurers, reinsurers, brokers, and managing general agents (MGAs). Here are some key use cases of Cyence:
Evaluate Companies : Insurers can evaluate individual companies based on their exposure signals, the probability of a data breach or targeted ransomware incident, and the severity of an incident in financial terms.
Manage Portfolios : Cyence enables insurers to assess and quantify risks affecting portfolios and overall business performance. Insurers can view key performance indicators (KPIs) and benchmarks for their portfolio and drill down into specific segments and accumulation paths for better risk management.
Model Scenarios : Insurers can run simulations of common-to-catastrophic events to understand how these events would affect their entire portfolio or business. This allows insurers to proactively identify potential risks and plan mitigation strategies.
Risk Selection and Pricing : Cyence helps augment underwriting information with 40+ exposure signals, probability of incidents, and loss analysis. Insurers can use modeled loss estimates to ensure pricing adequacy for companies and portfolios.
Enterprise Risk Management : By leveraging Cyence's rich exposure data, modeled loss analyses, and accumulation risk insights, insurers can evaluate and track portfolio health. This enables effective enterprise risk management and supports profitable growth.
Conclusion
Cyber risk is a complex and evolving challenge for insurers, but with the help of Cyence, insurers can gain unprecedented insights and effectively manage and transfer cyber risks. By utilizing Cyence's advanced risk analytics tools, insurers can make data-driven underwriting decisions, evaluate portfolio risks, and protect the overall profitability of their business. With Cyence, insurers can stay ahead of the ever-changing cyber risk landscape and drive business growth with confidence.
To learn more about Cyence and its features, benefits, and the latest updates, you can visit the Guidewire Cyence Data Sheet or watch the Cyence Model 6 Demo video.
Trusted by top cyber insurers, reinsurers, brokers, and MGAs worldwide, Cyence is the go-to solution for comprehensive cyber risk analytics.
Note: Quotes from trusted industry professionals have been included to showcase the reputation and impact of Cyence in the industry.
