AI-powered software developer Guidewire Software has acquired HazardHub, an API-driven property risk insights provider.
HazardHub helps more than 110 organisations, including insurers, reinsurers, brokers, MGAs and InsurTechs. Insurers use the platform to underwrite, manage risks profitably and improve their competitive advantage, it claims.
The technology curates, analyses and distils masses of data to provide a catalogue of risks that could damage a property, including wind, water and fire damage, as well as that caused by earthquakes. Clients can easily integrate the API solutions into their existing infrastructure.
Its co-founder, Bob Frady, said this deal will help HazardHub get its data to more insurers.
Guidewire Software general manager Roger Arnemann said, “We are excited about what HazardHub has built and even more by their passion, bold vision, and the host of challenges that we can tackle in combining their data and expertise with our market-leading platform.
“Their deep GIS expertise is a perfect complement to our existing team of over 170 Guidewire Analytics specialists in data science, actuarial modelling, data provisioning, and application development. P&C insurers who have relied upon Guidewire Analytics’ robust casualty data and insights will now also have access to rich property data and scores from a single trusted partner.”
Guidewire provides AI, analytics, and technology to help more than 400 insurers improve their digital operations. Its Guidewire PartnerConnect is comprised services from its vast selection of partners.
Last year, virtual claims technology company PLNAR joined Guidewire’s software marketplace.
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