Guidewire Software Inc., a provider of core operations software to property/casualty insurers, has agreed to acquire Cyence, a data science and risk analytics software company.
Guidewire will pay approximately $275 million in cash and stock. Cyence applies data science and risk analytics to enable P/C insurers to underwrite “21st century risks” including cyber, reputation and new forms of business interruption risk that have gone underinsured or uninsured. These risks are new and evolving rapidly and typically lack extensive claims history to inform underwriting and pricing. Also, according to Cyence, their complexity and non-obvious patterns of risk linkage and risk accumulation require more diverse and dynamic data sets to be modeled effectively. Cyence offers a “data listening and risk analytics solution” combining Internet-scale collection and curation of external data with machine learning and risk modeling. Its services support product management, actuarial, underwriting,and enterprise risk management functions.
http://www.insurancejournal.com/news/national/2017/10/06/466684.htm
