Guidewire Software (San Mateo, Calif.) has acquired HazardHub, a San Diego-based InsurTech provider of API-driven property risk insights to the property/causalty insurance industry. HazardHub powers decisions for 110+ organizations, including insurers, reinsurers, brokers, MGAs, and other InsurTechs. Insurers use HazardHub to underwrite with confidence, micro-segment rating zones, manage risks profitably, and drive competitive advantage.
HazardHub describes its market role as curating, analyzing, and distilling vast amounts of data to deliver a comprehensive, national catalog of risks that may damage or destroy property, including perils from air (wind, hail, tornado, lightning), water (flood, freeze, coastal storm surge), earth (earthquake, brownfield, Superfund), and fire (wildfire and fire protection). In less than 2 seconds, HazardHub’s API provides risk scores and the supporting underlying information for any property in the United States, according to a statement about Guidewire’s acquisition of the firm.
HazardHub reports that its team of Geographic Information Systems (GIS) data engineering, data science, hazard specialists, and technology veterans have more than 100 years of combined experience creating, modeling, and deploying large geospatial databases.
“Underwriters, agents, and claims adjusters will power smarter decisions with risk insights embedded directly into core workflows” comments Mike Rosenbaum, CEO, Guidewire Software. “Embedding HazardHub’s comprehensive property risk data service into Guidewire’s industry-leading platform will drive tremendous value for our customers and the P&C insurance industry.”
“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,” says Roger Arnemann, general manager, Analytics, Guidewire Software. “Their deep GIS expertise is a perfect complement to our existing team of over 170 Guidewire Analytics specialists in data science, actuarial modeling, 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.”
Getting Data and Risk Scores into More Insurer Workflows
“We see joining Guidewire as the best way to get our hazard data and risk scores into more insurer workflows to positively impact more insurers and policyholders,” comments Bob Frady, co-founder and CEO, HazardHub. “We are eager to expand the power of our API-driven insights and bring innovative solutions to market as part of Guidewire, the technology leader serving the P&C insurance industry.”
Source: Insurance Innovation Reporter